According to a report available on Radiant Insights, Inc., the worldwide aluminum casting market is estimated to accrue lucrative gains by 2021.Increasing demand for lightweight and energy-efficient products in various industries including transportation, industrial equipment, and consumer electronics can propel the market during the forecast period (2017 to 2021).Rising demand for high strength components in medical prosthetics can also make a positive impact on the market.
Aluminum is afeasible material for manufacturing automobile parts such aschassis, cylinder heads, and powertrains due to several benefits such as high sustainability, versatility, recyclability, and strength-to-weight ratio.Replacingsteel and iron components in locomotives with aluminum is also a major driving factor for the market. Increasing demand of aluminum for casting body panels and several components in commercial and military airplanes and space vehicles can also drive the market. Moreover,research and development activitiesfocused on improving weight-to-strength ratio can increase the use of aluminum in military vehicles, machinery, and weapons.In contrast, fluctuations in London Metal Exchange (LME) prices may restrain market growth.As unstable prices of aluminium can directly affect the profit margin of manufactures, any fluctuations could prove to be detrimental to the market.
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Themedical sector is estimated to provide strong market opportunities due to the growing use of aluminum for manufacturing MRI and CAT equipment.Consumer appliances are also making increased use of aluminum casting in cookware, air conditioners, refrigerators, hand tools, and lawnmowers among others.
For instance, Gibbs Die Casting,a leading supplier of high quality aluminum die cast components,offersvacuum ladled, high and ultra-high pressure die casting for manufacturing components of commercial refrigerators and air conditioning compressors.
The worldwide aluminum market is segmented on the basis of process type, enduse, and region. Based on process type,the market is classified intodie casting, permanent mold casting, and sand casting.By casting process, the die casting segment is expected to dominate the market due to increasing demand for lightweight and fuel-efficient vehicles. Moreover, strict guidelines regarding fuel efficiency and emission standards as well as growing automobile production are predicted to have a positive impact on the segment’s growth.
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On the basis of end use, the prominent segments include transportation, industrial, building and construction, and others. The others segment includes household appliances, engineering tools, and telecom. The transportation sector is estimated to grow at a rapid rate over the forecast period.
Geographically, the worldwide aluminum casting market is fragmented intothe Americas, Asia Pacific (APAC), Europe, and Rest of the World (ROW). Asia Pacific has been dominating the market in terms of revenue and volume, followed by Europe and North America.
The growth in the Asia Pacific market is attributedto existence of numerous leading manufacturers and increasing use of aluminum casting in applicationssuch as automobiles, mass transport, building and construction, heavy machinery, and aerospace. In addition, steady economic development, growth in disposable income, and increasing demand for electronic devices and efficient appliances are considered as major factors driving the regional market. China is expected to be the fastest-growing market in the region. This growth is attributed to risingdemand for lightweight vehicles and growing construction industry.
Leading companies operating in the market include Alcoa, Consolidated Metco, Dynacast, and Gibbs Die Casting, and Ryobi.
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