Metal Casting Market Size, Share, Analysis, Trends, Growth, 2032

Metal Casting Industry Prospective:

The global metal casting market size was evaluated at $145 billion in 2023 and is slated to hit $213 billion by the end of 2032 with a CAGR of nearly 7.5% between 2024 and 2032.

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Metal Casting Market: Overview

Metal casting is a production process that is utilized for creating metal components. The process includes pouring molten metal into a mold for creating a 3D piece of metal. After the metal and mold are cooled, the metal is derived, machined, deburred, and finished. Reportedly, metal casting is utilized for producing complicated shapes.

Key Insights

• As per the analysis shared by our research analyst, the global metal casting market is projected to expand annually at the annual growth rate of around 7.5% over the forecast timespan (2024-2032)
• In terms of revenue, the global metal casting market size was evaluated at nearly $145 billion in 2023 and is expected to reach $213 billion by 2032.
• The global metal casting market is anticipated to grow rapidly over the forecast timeline owing to an increase in the use of 3D printing processes along with automation & digitization of manufacturing processes.
• In terms of material, the aluminum segment is slated to register the highest CAGR over the forecast period.
• Based on application, the automotive & transportation segment is predicted to contribute majorly towards the global industry growth in the upcoming years.
• Region-wise, the European metal casting industry is projected to register the fastest CAGR during the projected timespan.

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Metal Casting Market: Growth Factors

An increase in the popularity of additive manufacturing processes to boost the global market surge by 2032

An increase in the use of 3D printing processes along with automation & digitization of manufacturing processes will steer the expansion of the global metal casting market. Escalating demand for vehicle parts such as structural and engine parts will soar the global market trends. Furthermore, the growth of the market is driven by the flourishing automotive sector, thriving aerospace sector, infrastructural growth, and technological breakthroughs. Innovations in the metal casting processes will further prop up the scope of the growth of the global market. Moreover, an increase in the global population has resulted in an escalation in construction activities, thereby promoting the expansion of the market globally. Additionally, rapid growth witnessed in the energy & power sector along with the rising focus on recycling and sustainability will promote the growth of the market globally. Focus of firms on the use of green manufacturing methods along with demand for increasing the product lines will contribute remarkably towards the global market revenue.

Metal Casting Market: Restraints

Escalating manufacturing costs can restrict the growth of the industry across the globe

Surging costs of production with a rise in the raw component and energy costs can restrict the growth of the metal casting industry globally. Apart from this, an increase in strict regulations and the need for resource sustainability can pose a huge threat to the expansion of the industry across the globe.

Metal Casting Market: Opportunities

A surge in the demand for hybrid vehicles and sustainable energy to open new growth avenues for the global market

A rise in the use of electric vehicles and innovations in additive manufacturing systems are likely to open new growth avenues for the global metal casting market. In addition to this, hybrid production and large-scale use of 3D printing in casting patterns will prop up the scope of the global market. Surging renewable energy trends and the use of solar energy and wind energy components can enhance the global market expansion within the next few years.

Metal Casting Market: Challenges

Stringent government regulations regarding the use of metal casting methods can challenge the global industry surge by 2032

Cut-throat competition from various other manufacturing processes can challenge the expansion of the global metal casting industry. Apart from this, stringent government laws governing the use of metal casting processes can prove detrimental to the expansion of the global industry.

Metal Casting Market: Segmentation

The global metal casting market is divided into material, application, and region.                                          

In terms of material, the metal casting market across the globe is bifurcated into iron, aluminum, and steel segments. Additionally, the aluminum segment, which accrued nearly 50% of the global market revenue in 2023, is slated to register the highest growth rate in the forecast time interval. The progression of the segment in the next few years can be due to the rise in the use of aluminum in construction, oil & gas, and automotive sectors. Apart from this, the product is lighter in comparison to other metals, thereby enhancing the product demand.

Based on the application, the global metal casting industry is divided into building & construction, automotive & transportation, and industrial segments. Furthermore, the automotive & transportation segment, which garnered approximately 70% of the global industry earnings in 2023, is anticipated to make key contributions towards the global industry expansion in the forecasting years. The surge of the segment in the analysis timespan can be credited to the rise in the use of metal casting methods in vehicle manufacturing.

Metal Casting Market: Report Scope

Metal Casting Market: Regional Insights

Asia-Pacific is expected to maintain leading position in the global market during the forecast timespan

Asia-Pacific, which accounted for 52% of the global metal casting market earnings in 2023, is projected to establish a key position in the global market in the coming eight years. In addition to this, the regional market growth in the forecast timespan can be attributed to the easy availability of a skilled workforce at reasonable wages. Moreover, giant firms in metal producing business are shifting their manufacturing bases to the emerging economies in Asia for expanding their production capacities in the region and such moves are likely to contribute notably towards the regional market size in the years ahead. Countries such as India and China are projected to be the key regional revenue pockets.

The European metal casting industry is expected to record the fastest growth rate yearly in the coming few years. The development of the industry in Europe can be due to the presence of key players in countries such as Germany, the UK, Russia, and France. The presence of key automotive giants such as Peugeot, Volkswagen AG, Bentley, Mercedes Benz, Renault, and Alfa Romeo in Europe will further contribute towards the industry growth in the continent.

Key Developments

• In the first half of 2020, Endurance Technologies Limited completely acquired Grimeca Srl, a key automotive manufacturer based in Italy. Such initiatives will prop up the expansion of the metal casting business globally.
• In the second half of 2023, The American Foundry Society declared the introduction of an initiative for promoting the usage of 3D printing in metal casting processes. These moves are likely to embellish the growth of the business space in the coming years.

Metal Casting Market: Competitive Space

The global metal casting market profiles key players such as:

• UNI Abex
• CALMET
• POSCO
• Dynacast
• MES Inc.
• Arconic
• Ryobi Limited
• Alcast Technologies
• Endurance Technologies Limited
• Hitachi Ltd.

The global metal casting market is segmented as follows:

By Material

• Iron
• Aluminum
• Steel

By Application

• Building & Construction
• Automotive & Transportation
• Industrial

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa