Aluminum Casting Market Worth $86.5 Billion By 2025 by gauravgvr89 · December 9 Anthony Nelson Camo Jersey , 2019
The global聽aluminum casting market聽size is expected to reach USD 86.5 billion by 2025, according to a new report by Grand View Research, Inc., registering a 9.1% CAGR during the forecast period. The growth of aluminum content in automobiles and increasing demand from the building and construction sector in Asia Pacific are key factors driving the market.
Automobile manufacturers are under increasing pressure to meet regulatory requirements pertaining to the environmental impact of vehicles. Corporate Average Fuel Economy (CAFE) has doubled its target for average fuel-efficiency from 2012 to 2025 owing to increasing emission of greenhouse gases. Weight reduction in vehicles through the use of aluminum is set to play a crucial role in these conditions in order to meet regulatory requirements.
The building and construction sector in Asia Pacific is largely driven by developing countries in the region, such as China Mike Edwards Camo Jersey , India, Malaysia, and Indonesia. In 2018, the Malaysia residential and non-residential sector observed a growth of nearly 4.4% in real terms. Similarly, the building sector in Indonesia registered a growth of around 6.2% during the same timeline.
Environmental policy changes in China is projected to critically impact market growth over the coming years. The Chinese Ministry of Ecology and Environment launched a three-year action plan (2020 action plan) in June 2018 to curb pollution in the country. In line with this Jamel Dean Camo Jersey , the government is pursuing a winter policy that aims to reduce aluminum production from November to March every year until 2020. This has severely affected businesses of small and medium aluminum enterprises.
As per the China Non-Ferrous Industry Association, medium-sized aluminum smelters take a hit if prices of aluminum are as low as USD 2,206 per ton while complying with new pollution norms or policies. The current price scenario of aluminum in China reached nearly USD 1,988 per ton in the Shanghai Metal Exchange as of February 2019, hinting at the challenge the market faces.
Lightweight materials are becoming crucial in industries such as automotive Sean Murphy-Bunting Camo Jersey , aviationaerospace, and wind energy, and are likely to receive increasing attention in the coming years. In the automotive industry, demand for lightweight material is projected to grow at an unprecedented rate and its use in manufacturing is expected to double by 2030.
Carbon fiber is one of the lightweight materials with high potential across various applications. At present, the cost of carbon fiber is enormous as compared to other materials Devin White Camo Jersey , which has restricted its use to premium products. However, the price is anticipated to decline over the next two decades, bringing carbon fiber significantly closer to aluminum in terms of accessibility to the average consumer.
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Further key findings from the report suggest:
In terms of revenue, the die casting process segment is anticipated to reach USD 48.9 billion by 2025 at a predicted CAGR of 10.1% Based on type O. J. Howard Camo Jersey , the high pressure die casting segment was pegged at 4,217.5 kilotons in 2018 By volume, the transportation end-use segment dominated the global market with a share of 59.0 % in 2018 Europe aluminum casting market is anticipated to reach USD 17.6 billion by 2025, emerging as the second largest regional market by revenue In terms of revenue, Middle East and Africa is anticipated to witness a CAGR of 5.7% over the forecast period Vita Vea Camo Jersey , fueled by demand for casting products within the building and construction segment Some of the key companies present in the market are Consolidated Metco, Inc.; Alcoa Corporation; Dynacast; Ryobi Ltd.; Endurance Technologies Limited; Walbro; and Alcast Technologies.
About Grand View Research:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports Mike Evans Camo Jersey , and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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27.12.2019 06:12
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