Aluminum Casting Market worth $100.5 Billion by 2026 - At a CAGR of 7.4%
Aluminum Casting Market Leaders
The global aluminum casting market size is estimated at USD 70.4 billion in 2021 and is projected to reach USD 100.5 billion by 2026, at a CAGR of 7.4%, between 2021 and 2026. Aluminum casting is a type of metalworking process that involves pouring liquid metal into a mold or form. Aluminum casting is a variation of this that uses only aluminum and aluminum alloys as the liquid metal that is poured into the mold. Aluminum castings are used to make complex and detailed parts very efficiently. Traditionally, aluminum casting was achieved using a process called green sand casting. This involved the use of wet sand in the creation of casting molds. As a method, it was efficient and cost-effective, but not without its drawbacks. The die casting method of aluminum casting is ideal when large numbers of simple or complex castings are required. This casting process results in an aluminum casting with smoother surfaces and good dimensional accuracy. This means that less fettling and finishing is required.
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Browse 285 market data Tables and 51 Figures spread through 228 Pages and in-depth TOC on "Aluminum Casting Market by Process (Die Casting, Permanent Mold Casting, Sand Casting), End-use Sector (Transportation, Industrial, Building & Construction), and Region (APAC, Europe, North America, South America, MEA) - Global Forecast"
Recent Developments in Aluminum Casting Market Industry
1. In June 2021, Rio Tinto has partnered with Comptech to introduce new aluminum alloys to the market, which can be used in advanced technologies such as electric vehicles and 5G antennas. This partnership was done to be able to allow Rio Tinto to deliver a new range of specialized alloys designed to deliver high-performance, lower-cost solutions for advanced applications like electric vehicles and 5G antennas.
2. In May 2021, China Hongqiao Group Limited is doing a joint project along with Germany's Scholz Recycling. As a result of this joint venture, recycled aluminum production line will be put into operation in Shandong at the end of 2021. China Hongqiao Group Limited aims to use more scrap and tap cleaner power sources to make the smelting process more energy-intensive to cut down its own environmental footprint and reduce emissions. As the company’s sustainable initiative, the company will also process mixed scrap metal and end-of-life vehicles starting from June 2022.
3. In April 2021, RUSAL has completely acquired Aluminium Rheinfelden GmbH after the approval by the German Federal Cartel Office and the German Federal Ministry for Economic Affairs and Energy. As a result of this acquisition, the position of United Company RUSAL has strengthened as a supplier to match its customer’s requirements and deliver commercial synergies by matching Aluminium Rheinfelden’s high end, niche product focus with RUSAL’s global scale low-carbon aluminum alloy production. United Company RUSAL will deliver sustainable aluminum solutions.
4. In September 2020, Alcoa Corporation announced the expansion of its Sustana line with the introduction of EcoLum aluminum, which will perform 3.5 times better than the industry average and is offered in a full range of primary products, including billet, foundry, slab, unalloyed high purity, and P1020. With this, the company was able to extend its product portfolio.
5. In February 2021, Arconic Inc. has announced to make an investment to expand its hot mill capability along with adding downstream equipment capabilities to manufacture industrial and automotive aluminum products in its Alcoa, Tennessee facility. This project started in early 2019 and was complete at the end of 2020.
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6. In November 2020, Kaiser Aluminum Corporation entered into an agreement to purchase Alcoa Warrick LLC, containing all the assets of the Warrick Rolling Mill (“Warrickâ€), from Alcoa Corporation (“Alcoaâ€) for USD 670 million Alcoa will retain ownership of the related smelting assets, power plant, and land. As part of the transaction, Kaiser Aluminum entered a market-based molten aluminum supply agreement, and a long-term ground lease that includes provisions for utility services. This agreement has helped the company to ensure an uninterrupted supply of molten aluminum, which will aid the company to timely deliver the products to its customers.
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The key players in the aluminum casting market are Alcoa Corporation (US), Ryobi Limited (Japan), Aluminum Corporation of China Limited (China), Rio Tinto (UK), United Company RUSAL (Russia), and others. The aluminum casting market report analyzes the key growth strategies adopted by the leading market players, between 2017 and 2021, which include expansions, mergers & acquisition, new product developments/launch, and collaborations.
ç¾Žé“ Corporation is a leading manufacturer and supplier of bauxite, alumina, and aluminum products. The company functions through three business segments, namely, Engineered Products and Solutions (EPS), Global Rolled Products (GRP), and primary metals. The company serves markets such as aerospace, automotive, building & construction, commercial transportation, consumer electronics, defense, industrial products & services, medical, oil & gas, and packaging. It is also engaged in mining of bauxite and refining of alumina. It also produces value-added products made of titanium, nickel, and aluminum. The company manufactures and supplies a wide variety of aluminum casting products worldwide, such as aluminum billets, foundry ingots, rolling slabs, rods, and powder.
Ryobi Limited is a company engaged in the manufacturing and sale of die casting products, power tools, architectural products, and printing equipment. The Printing Equipment offers multi-functional offset printing presses that produce catalogs, posters, magazines, packaging and other high-quality graphic printed material speedily and to high precision levels. The Housing Equipment segment provides hardware to make homes and offices safe and comfortable, including door closers that shut doors quietly and securely every time, and air-conditioning controllers that ensure comfortable room temperatures are maintained in hotels and other facilities. The die casting segment manufactures and sells die-casting products and aluminum molds for the automobile industry. Owing to the technological expertise and experience accumulated over many years, Ryobi uses its collective strength and corporate agility to supply high-quality die casting products mainly to the automobile industry. It offers over 2,500 types of die-cast products, including cylinder blocks, transmission cases and subframes, used in over 300 types of vehicles.
Aluminum Casting Market New Revenue Pockets
The aluminum casting market size is projected to grow from USD 70.4 billion in 2021 to USD 100.5 billion by 2026, at a CAGR of 7.4%. Growth in the aluminum casting market can primarily be attributed to the growing involvement of aluminum in the transportation sector, industrial sector and building & construction sector. There is a continual demand from the automotive industry as it helps in fuel efficiency improvement and reduces environment degrading events like carbon dioxide emission. These are the key factors driving the demand for aluminum casting during the forecast period.
The aluminum casting market is segmented on the basis of process into die casting, sand casting and permanent mold casting. The die casting process segment accounted for a larger market share. Die casting is also projected to be the fastest-growing process segment. This growth is attributed to its growing in the automotive industry and is backed up by the high cost and the capability to mold dry cast into desired shape during the ongoing casting process.
On the basis of end-use the market is segmented into the transportation sector, building & construction sector, industrial sector, and others. The transportation sector segment led the market in terms of both value and volume. It is attributed to the use of aluminum casting into small and big applications in the automotive industry. Owing to the rising popularity of lightweight engineering components and the need for better fuel efficiency in automobiles, the demand for aluminum cast products is expected to grow.
The APAC region is projected to be the largest market, in terms of value. APAC is also expected to grow at the highest CAGR during the forecast period. Growth in APAC is backed by the efficient demand and supply cycle of the automobile sector majorly in countries like China, India, and Japan among others. A periodic and significant increase in infrastructure development is driving the market in the area. APAC is also an industrial hub with a significantly large market size. Other factors, such as the increasing consumer goods demand, innovation in aerospace, etc are expected to support the growth of this regional market during the forecast period.