The global industrial castings market is anticipated to grow at a steady rate and will post a CAGR of close to 2% during the forecast period. The increasing popularity of X-ray casting defect recognition technique in metal casting industries will drive the growth prospects for the global industrial castings market during the forecast period. In this system,a technique such as the automatic or assisted defect recognition (ADR) in X-ray applications is used in the automotive casting production process. This system is programmed to make either an “Accept” or “Reject” decision for the produced parts,based upon the system settings. Also,with the help of software tools,they help quality inspectors to find,characterize,and dispose anomalies. They are designed to function repeatedly in a reliable fashion and document the results independently without any human intervention. Moreover,since the digital imaging technology helps in increasing the overall efficiency and quality of the finished products,its demand among the end-users is increasing.
In terms of geography,APAC accounted for the maximum market share during 2015 and will continue to dominate the global industrial castings market during the forecast period. One of the major factors for their dominance includes the low-cost options for inexpensive labor and availability of cheaper raw materials in the region. Another important factor that drives the growth of the market is the increasing number of multi-national companies (MNCs) moving their production bases to the APAC region.
Competitive landscape and key vendors
The market is capital-intensive due to which the local players face challenges while the international players dominate the market. The major vendors compete on the basis of services,features,quality,and functionalities to expand their market shares. Also,the competition in the market intensifies based on the introduction of new products with advanced features and technologies.
Segmentation by material and analysis of the industrial castings market
Ferrous
Non-ferrous
According to analysts,the ferrous casting segment of the market accounted for the maximum market share and will continue to dominate the market in the forthcoming years. One of the factors that increase the demand for ferrous castings is that they can be produced at low costs using less specialized equipment. Furthermore,cast iron can be molded into complex shapes as it shrinks less while solidifying. However,with the onset of lightweight materials,non-ferrous materials like aluminium are likely to gain popularity,which might increase the market share of non-ferous casting over the next few years.
Segmentation by end user and analysis of the industrial castings market
Automotive industry
Industrial machinery
The automotive industry accounted for the maximum market share during 2015 and will continue to retain its leadership position during the next four years. The economic recovery of the US and Europe is a key factor that increases the demand for automotive products in the global industrial castings market.
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