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.
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