High Use of Aluminum as a Substitute for Steel to Stoke Demand
Increasing replacement of steel with aluminum because of its high strength and lightweight properties is expected to boost the demand in the global aluminum casting market. The advantage of cost reduction and tight regulations that encourage the adoption of recycled aluminum for waste reduction are foretold to push the global market growth. On the other hand, the demand for aluminum casting is prognosticated to gain strength with the rising demand for top-end cars with resistant and robust bodies.
However, the labor-intensive and time-consuming casting process is anticipated to slow down the supply of products in the global aluminum casting market. Nonetheless, the inexpensive cost of aluminum casting is envisaged to sustain the demand in the global market. Furthermore, the low availability of a proper substitute for aluminum casting could be another factor supporting the demand.
Automotive Industry to Continue to Collect a Higher Market Share
By application, the global aluminum casting market is classified into general industrial machinery, engineering machinery, aerospace and military, automotive, and others. Among these, the automotive application is foretold to significantly increase the demand in the global market. Globally, it secures a total downstream consumption share of 51.72%.
On the basis of type, the global market is categorized into sand casting, permanent molding casting, die casting, and others.
Global Aluminum Casting Market: Forecast by Region
The authors of the report segment the global aluminum casting market into Japan, China, Europe, and North America to study two important factors, viz. production and consumption. Although not a strong consumer of aluminum casting, China is one of the prominent markets in terms of consumption.
Global Aluminum Casting Market: Key Players
The report includes company profiling of some of the prominent names in the global aluminum casting market such as United Company Rusal, Leggett & Platt, Martinrea Honsel, Bodine Aluminum, Ryobi, Gibbs Die Casting, Dynacast International, and Alcoa. All of the manufacturers profiled in the report are studied on the basis of market share, revenue, ex-factory price, production capacity, and other key factors.
According to the analysts, European and America manufacturers are mostly among major companies operating in the global aluminum casting market. Players are prophesied to improve their profit margin and sales with the introduction of cost-effective products in the global market. They are also expected to stay ahead of the curve by focusing on diversified product portfolios.
Full Report Overview@ https://www.qyresearch.com/index/detail/960735/global-aluminum-casting-market