GLOBAL NON-FERROUS CASTING MARKET 2016-2020
Author: Date: 2016-9-8 14:23:58
the global non-ferrous casting market will grow at a CAGR of approximately 6% by 2020. The rising preference for lightweight and fuel-efficient vehicles in the automotive industry will boost the demand for non-ferrous castings during the estimated period. In this industry,vehicle components like cylinder heads,crankcases,transmission housings,engine blocks,pumps,bearings,suspension and bodywork parts,and wheels are manufactured using various casting methods. This recent increase in the usage of various casting methods for the manufacture of lightweight automotive components will result in the growth of this market during the forecast period.
In terms of geography,the APAC region will be the largest market for non-ferrous castings during the forecast period. The introduction of the green car incentive policy by the government in Japan is a critical factor that will promote the purchase of new eco-friendly vehicles to reduce greenhouse emissions. This shift in the preference for new eco-friendly vehicles will bolster growth in the automotive market,which in turn will foster the prospects for growth in the non-ferrous casting market.
Segmentation by metal type and analysis of the non-ferrous casting market
Aluminum
Copper
Magnesium
Zinc
Technavio market research analysts have estimated the aluminum-casting segment to account for a market share of more than 82% by 2020. The prospects for growth in this market segment will be heavily influenced by the recent increase in the demand for aluminum casting from the automotive industry. The implementation of the weight reduction strategy by manufacturers in the automotive sector will bolster the need for aluminum casting during the predicted period.
Application-based segmentation of the non-ferrous casting market
Automobiles
Electrical and construction
Industrial machinery
In this market study,analysts have estimated the automobiles segment to be the largest market segment during the forecast period. This market segment currently dominates the global market for non-ferrous casting and is envisaged to account for a market share of more than 48% by 2020 owing to the automobile manufacturers’ increasing production capacity. This increase in the production capacity will result in the augmented usage of castings for various applications,which in turn will spur growth in this market segment.