Automotive Metal Casting Market to Register the Highest CAGR in Terms of Value over the Forecast Period 2030
Automotive Metal Casting Market Highlights
Automotive Metal Casting Market has witnessed significant growth, mainly due to the current hype of mobility services, autonomous driving, digitization and automotive-dominated electric powertrains. With the boom in automotive manufacturing, automotive chassis and exterior worldwide account for a major share of automotive metal casting market growth. Vehicle weight reduction is another major trend on the market that is expected to boost demand, with producers opting for lightweight materials to ensure emission reduction rates.
As a result, in the automotive industry, the use of lightweight materials such as aluminum, magnesium and zinc has increased.With major manufacturers and suppliers competing at the global level in the automotive industry, competition intensity within the automotive industry has increased. Such intense competition is forcing diverse suppliers and manufacturers around the supply chain to establish high-quality metal casting solutions to gain greater market share. Moreover, consumer expenditure has considerably improved all over the globe, due to a growth in urbanization and the availability of new employment opportunities. This is likely to upsurge expenditure in the automotive sector.
The fluctuating cost of metals in the automotive casting industry is considered to be a significant retraining factor. The growing demand for steel is directly proportional to the growing demand for cars worldwide.
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Competitive Dynamics
The major players of global Automotive Metal Casting market are Rheinmetall Automotive (Germany), Nemak (Mexico), GF Automotive (Switzerland), Ryobi Limited (Japan), Ahresty Corporation (Japan), and Dynacast (U.S.).
Market Dynamics
The automotive metal casting market has seen a significant surge, primarily due to the current hype of mobility services, autonomous driving, digitization, and electric powertrains that dominate the automotive industry. With the boom in automotive production, the automotive chassis and exteriors worldwide have made a significant contribution to the growth of the automotive metal casting industry. Weight reduction in vehicles is another significant market trend that is expected to fuel demand, with manufacturers opting for lightweight materials to ensure a reduction in emissions. As a consequence, the use of lightweight materials like aluminum, magnesium, and zinc in the automotive industry has increased. With significant manufacturers and suppliers in the automotive sector competing globally, the level of competition within the automotive industry has grown.
Such intense competition involves numerous manufacturers and suppliers across the supply chain to develop high-quality metal casting solutions to grow their market share.
However, fluctuating metal prices are projected to be a significant retraining factor in the automotive metal casting industry. Increased demand for steel is directly proportional to the rising demand for automobiles worldwide.
Market Segmentation
The global metal casting market has been analyzed on the on the basis of application as Engine, Body Assembly, and Transmission.
On the basis of materials, the market has been segmented as cast iron, aluminum casting, magnesium casting and zinc casting.
Regional Outlook
In the Asia Pacific region the automotive metal casting market is booming. One of the primary driving factors for this area is increasingly growing vehicle output. Overall shift in the global automotive industry favors the entire Asia Pacific region in leading the charge to be the next powerhouse in the automotive sector. Improving infrastructure in this region, combined with enhancing living standards, has had a positive impact on the entire automotive industry.
In addition, a global shift has been witnessed in the Asia Pacific region, which offers major producers on the market opportunities in the form of tax cuts and government subsidies. Cheap labor supply in this area has also been a key influence on the casting market for automotive metals. China is the key driver of growth, as its body safety structures are expected to be adapted to European standards, including more extensive usage of metal casting components.
North America and Europe are the other two leading countries, due primarily to the automotive industry that has developed itself. The presence of major manufacturers in this area is also a primary driver of the casting industry for automotive metals. Heavy investment in R&D allows manufacturers in this region to develop new techniques and products to exploit future market trends. A significant trend in this region has been the expansion of the lightweight material so as to tackle the difficulty of high emission rates.
The automotive industry is in the bourgeoning stage in the Middle East and the South America. The market for automotive metal casting is expected to have a steady growth during the forecast period.
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