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Albany, New York, July 29, 2019 (GLOBE NEWSWIRE) -- Transparency Market Research (TMR) predicts that the global aluminum castings market is likely to expand by exhibiting a steady 5.2% CAGR between the period 2017 and 2025. This is attributable to the upswing in the uptake of automobile manufacturing electric vehicles based on the aluminum material for lowering the weight of the vehicles. Thus, the OEMs are using aluminum for manufacturing chassis, the body of battery compartments, and wheels owing to its better corrosion resistance, reflectivity, electrical, thermal conductivity, and ductility. In addition, owing to the implication of strict norms by the U.S. are aimed to reduce the greenhouse gas emissions are encouraging the adoption of electric vehicles which lowers the emission.
Additionally, the desire of owing house and having better infrastructure buildings or office premises are augmenting construction industry. Especially in the developing countries of Asia Pacific, both the industries are increasing, which is benefiting the growth of the global aluminum castings market. This growth is estimated to remain the same for the next few years. Thanks to this, the aluminum castings market is estimated to be worth of a value of US$40.14 bn by 2025 from a revenue accumulated in 2016 of US$25.23 bn.
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Introduction of Newer Technologies Propels Market Growth
The global aluminum castings market hosts several key players that have gained popularity in the market and are making the vendor landscape highly fragmented and competitive. Thus, to remain in a profitable edge, the key players are taking strategic efforts such as establishing partnerships and mergers to fortify their businesses. Additionally, players are continuously introducing newer products and some of the key players have weaved it as their marketing strategy to expand their consumer base.
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The growth of these key players is poised due to the iconic brand image of some of the leading companies. Many of the consumers of the market are from the industrial sector where quality and durability of the aluminum casting are the most important criteria. To cater to this demand, the key players are continuously investing to elevate quality standards for gaining brand loyalty of the end-users. Some of the key factors in the global aluminum castings market are Arconic Inc., Endurance Technologies Ltd., Dynacast International, Ryobi Ltd., and Nemak.
Implication of Regulations Creates Turbulence in the Market
Regionally, the Asia Pacific region dominated the global aluminum castings market by accounting for more than half of the market share. The aluminum castings market in the region is estimated to expand by exhibiting a CAGR of 5.3% during the forecast period from 2017 to 2025. Among the countries in the region, China is estimated to be worth US$22.67 bn by 2025 owing to change in the Environmental policy. The regulations implicated by the Chinese Ministry of Ecology and Environment for a three-year action plan in June 2018, which is known as 2020 plan. This is implemented to reduce pollution and in turn reduce aluminum production, which has affected production, prices, and businesses in the region.
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However, Europe and North America stand at a significant position in the global aluminum castings market owing to regulations implemented by the World Harmonized Light Vehicle Testing Procedure (WLTP) to lower carbon dioxide emission from vehicles. Thus, Europe is estimated to expand by exhibiting a CAGR of 5.1% in the forecast period while North America is likely to expand at 4.9% CAGR during the forecast period from 2017 to 2025.
This information is encompassed in the report by TMR, titled, “Aluminum Castings Market (Source - Primary and Secondary; Process - Die Casting, Permanent Mold Casting, and Sand Castings; Application - Automotive (Passenger Cars & LCV, Commercial Vehicles, and Motor Bikes) and Non-Automotive (Infrastructure and Industrial)) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025.”
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For the study, the aluminum castings market has been segmented as follows:
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