The information you’ve provided is from a report published by Allied Market Research on the global aluminum casting market. Here’s a summary of the key points from the report:
- Market Size and Growth: In 2022, the global aluminum casting market was valued at $72.9 billion, and it is estimated to reach $124.9 billion by 2032. The market is expected to exhibit a Compound Annual Growth Rate (CAGR) of 5.6% from 2023 to 2032.
- Factors Driving Growth: Several factors are driving the growth of the aluminum casting market, including increased demand for construction development, investments in building infrastructure, rising disposable income, technological advancements, a surge in original equipment manufacturers (OEMs), and the widespread use of aluminum castings in the automotive sector. However, the expensive nature of aluminum casting could be a restraint for manufacturers with limited investment potential.
- Opportunities for Growth: Despite challenges, the report suggests that increasing acceptance of aluminum castings in the electronics sector and rapid industrialization in developed and developing economies will offer lucrative opportunities for expansion in the aluminum casting market.
- Key Players: The report provides a detailed analysis of key players in the global aluminum casting market. These companies have adopted various strategies such as new product launches, collaborations, expansions, joint ventures, and agreements to increase their market share and maintain dominance in different regions.
- COVID-19 Impact: The COVID-19 pandemic disrupted supply chains, slowed down construction activities, and led to a decline in demand for aluminum castings. However, the market has since recovered rapidly due to increased dependency on aluminum castings in sectors such as automotive, aerospace, marine, and others.
- Segment Analysis:
- Die Casting: This segment accounted for the largest share in 2022 and is expected to continue leading in terms of revenue. Die casting is widely used in the automotive sector to produce components like pistons and engine parts.
- Permanent Mold Casting: This segment is projected to have the highest CAGR of 5.9% during the forecast period. It is employed in producing items like cylinder heads and wheel hubs, driven by growing disposable income and demand for personal vehicles.
- End User Analysis:
- Building and Construction: This segment accounted for the largest share in 2022 and is expected to maintain its leadership position. The rapid urbanization and increasing population are driving demand for aluminum castings in both residential and commercial construction for structural support.
- Regional Analysis:
- Asia-Pacific: This region held the highest market share in terms of revenue in 2022 and is expected to maintain its lead position during the forecast period. Factors contributing to this dominance include the growth of the electrical & electronics, building & construction, transportation, and industrial sectors, particularly in countries like China.
Overall, the report highlights the growth prospects and dynamics of the global aluminum casting market, emphasizing key drivers, challenges, and opportunities in various segments and regions.
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