Automotive Metal Casting Market: Overview
Metal casting processes have been practiced for thousands of years. They are widely used for preparing sculptures, especially in bronze, jewelry in precious metals, and weapons and tools. Casting is a process in which a liquid metal is delivered into a mold that contains a hollow shape. The global automotive industry is expanding rapidly. Metal casting is often used for making complex automotive structures and shapes that would be non-feasible to manufacture by other methods. Globalization, digitalization, and increasing competition for are changing the face of the metal casting industry.
Automotive Metal Casting Market: Trends & Demands
Manufacturers of automotive metal casting are increasingly focusing on developing metal castings with better durability and longer life. They are introducing newer inventions and the latest technologies in order to save manufacturing costs and improve product quality. Moreover, consumer spending has substantially increased all over the globe, due to a rise in urbanization and availability of new employment opportunities. This is likely to increase spending in the automotive sector. These factors are anticipated to propel the automotive metal casting market. However, rusting of iron and zinc metal castings is expected to be one of the major restraints of the automotive metal casting market. Nevertheless, rise in demand for aluminum metal casting due to its light weight and low cost is expected to offer attractive opportunities to the market in the near future.
Automotive Metal Casting Market: Segmentation
The automotive metal casting market can be segmented based on material, process, application, and region. Based on material, the automotive metal casting market can be classified into iron, aluminum, magnesium, zinc, and others. Zinc die casting and aluminum die casting are the two most popularly used processes to produce automobile casting equipment. In terms of process, the automotive metal casting market can be categorized into gravity, high & low pressure, and sand casting. Based on application, the automotive metal casting market can be divided into body assembly, engine, and transmission.
Automotive Metal Casting Market: Regional Outlook
In terms of region, the automotive metal casting market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Countries in Asia Pacific, such as India, China, and Japan, are investing significantly in the development of automotive metal casting. Demand for automotive metal casting from the automotive industry in India is expected to increase, owing to the Make in India initiative by the government of India. North America offers high potential for the automotive metal casting market. The usage of automotive metal casting is expected to increase in North America, due to a rise in demand for automobiles by an increasing population. The U.S. metal casting industry entered into a unique partnership with the U.S. Department of Energy’s Office of Industrial Technologies (OIT) Metal Casting initiative. The partnership aims at advancing the application of state-of-the-art practices and technologies for the growth of automotive metal casting. This is ultimately driving demand for automotive metal casting. The Cast Metals Coalition (CMC) and the U.S. metal casting industry are focusing on improving the strategy for transforming better and efficient metal casting processes. Countries in Europe such as Germany, France, Sweden, and the U.K. are increasing focus on their automotive sector and creating eco-friendly components. The European Foundry Association has promoted subsidies for manufacturers to develop efficient metal castings for the automotive industry. The automotive metal casting market in Middle East & Africa is anticipated to expand in the near future. Countries such as Saudi Arabia, Kuwait, Bahrain, and Qatar have invested significantly in automotive metal casting.
Automotive Metal Casting Market: Key Players
Key players operating in the automotive metal casting market include Nemak, Ryobi Limited, GF Automotive, Rheinmetall Automotive, Mino International, and Gibbs Die Casting.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.