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According to Research Layer, the global Automobile Metal Castings Market is expected to surpass USD 94.11 Billion by 2030 with a CAGR rate of 6.1% during the projected period.
The market for cast products made from ferrous, non-ferrous metals, and their alloys is enormous in the automotive industry. Processes for casting metal have been around for a very long time. A liquid metal is injected into a mould that has a hollow shape during the casting process. Metal casting is used for manufacturing of complex automotive structures and shapes that would be non-feasible to manufacture by other methods.
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The World started experiencing the impact of Coronavirus/COVID-19 in January 2020 which grew severely in February 2020 and is still attacking people in its full glory with stoppage of even the world’s largest economies including North America and Europe. Overall automobile industry across the globe has been severely hampered with increasing impact of Coronavirus/COVID-19, week over week. Demand for automobile has crashed down in a week due to shut down of all the bookings. With the shutdown of all the manufacturing units in the high automobile manufacturing regions including Asia Pacific, North America, and Europe, the production has been severely disrupted affecting state of machineries and equipment.
Automobile supply chain is down since all of the manufacturing units were locked down in China, India, Germany, the U.K, and the U.S. since February. Automobile supply chain will take atleast 6 months to get on track and to get over the lag which is a huge time period for further disruption of automobile manufacturing and supply chain across the globe. Foundry industry is one of the industries disastrously hit by the automobile sale crashing down due to which, demand for metals castings including body, chassis, and powertrain went down and the manufacturing units went off. Foundry industry will be running again soon as the China has started its manufacturing plants to get over both the economic crisis i.e. U.S.-China trade war and Coronavirus/COVID-19 impact.
As soon as the impact of Coronavirus/COVID-19 reduces, manufacturing units across the globe are expected to get on track and work normally in few months, which is expected to change the face of the automobile and foundry industry for the good.
Automobile Metal Castings Market Driver:
Rapidly Rising Automobile Demand
Global automobile metal castings market is primarily driven by rapidly rising automobile demand across the globe. Automobile demand in the developed countries is driven by the continuous technological advancements in the automotive industry and demand in developing regions is driven by rising status and disposable income of the middle-class population. To maintain status in the society, demand for automobiles in the middle class families has increased by several folds in the last 5 years, which is the major factor driving the automobile metal casting market in the developing regions including Asia Pacific, Middle East, and South America. Over the last five years, the export from the U.S. automotive sector was valued at USD 691.8 billion, where the U.S. automotive sector alone contributed more than 3% in regions total GDP.
Technological advancements in the automobile sector including launch of electric vehicles supported by the strict government regulation of using electric vehicles instead of petrol and diesel vehicles especially in the North America and Europe, has dramatically increased demand for automotive, which is expected to support the overall automobile metal castings market growth.
Automobile Metal Castings Market Restraint:
Automobile Industry Inclining Towards More Body Strength with Flexibility
Nowadays, automobile industry is fascinated with the miracles of carbon fiber and joint and bolt less body and chassis. Carbon fiber material is used in the body manufacturing of high end cars including sports car, where it provides phenomenal strength with flexibility. To keep the automotive prices in the range and affordable for the middle class people, automobile manufacturers are hesitant in adopting the carbon fiber material so soon, but the day will surely come when the affordable car manufacturers will indulge themselves in the use of carbon fiber for body casting. Threat of carbon fiber being used in the middle range cars is expected to hamper the global automobile metal castings market growth in the long run.
On the other hand, joint less and bolt less chassis is already been used in several middle range brands to increase its safety points, which is expected to change the way the metal castings design for chassis which may slow the growth rate of global automobile metal castings market a bit.
The global automotive casting market has been segmented based on material type, application, and region/country.
Based on material type, the global automobile metal castings market is segmented into steel casting, aluminum casting, zinc casting, and other material types.
Based on application, the global automobile metal castings market is segmented into body, powertrain, chassis, and other applications. Interior system and wheels are the other applications in the automobile metal castings market. Powertrain held the largest share for the market.
The global Automobile Metal Castings Market has been analyzed for five regions—North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
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The geographic analysis of the global Automobile Metal Castings Market has been conducted for North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
North America, being one of the largest automobile manufacturing hubs across the globe is dominating the global automobile metals castings market. Large number of automobiles manufactured in North America year over year has ultimately increased demand for automobile metal castings, primarily driving the North American automotive metal castings market. Increasing cost of building an automobile is driving the automobile industry towards the outsourcing of the automobile metal castings for obtaining metal casted body, chassis, and powertrain including engine. The presence of leading automotive manufacturers in North America with increasing number of automotive component manufacturers is driving the North American automobile metal castings industry.
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· In order to create offshore carbon dioxide (CO2) transport and storage infrastructure in the UK North Sea, Equinor, National Grid, Shell, and Total announced on October 2020 that they had formed a new venture, the Northern Endurance Partnership (NEP), with bp serving as operator.
· On February 2021, Clearlake announces the formation of Newfold Digital and completes the acquisition of Endurance International Group and strategic investment transactions with Web.com and affiliates of Siris.
· GF Automotive, a branch of GF, announced in August 2017 that it has acquired Eucasting Ro SRL, a specialist in high-pressure aluminium die casting with two production facilities in Romania. The purchase is in line with GF Automotive's objective to increase its market share in the expanding light metal components industry.
· On September 1, 2020, a number of sizable aluminium casting machines will be installed at Tesla's new auto manufacturing facility near Berlin, Germany, allowing it to produce easily crafted chassis components.
· In order to blend with their scrap and recycle the cleaned and crushed wheels, North American vacuum die casters will employ a series of high-performance alloys that Rio Tinto released in December 2020.
The key players in the global Automobile Metal Castings Market are Nemak (ALFA, S.A.B. de C.), Ryobi Limited, GF Casting Solutions, Rheinmetall Automotive AG (Rheinmetall AG), Mino International, GIBBS (Koch Enterprises Inc.) and Meridian Lightweight Technologies.
This study estimates revenue growth at global, regional, and country levels and offers an overview of the latest developments in each of the sub-sectors from 2022 to 2030. For this analysis, Research Layer segmented the global Automobile Metal Castings Market has based on component, communication infrastructure, device usage, end use, and region/country.
· Potential Investors
· Regulatory & Government Bodies
· Research & Consulting Firms
· Upstream & Downstream Vendors
· End Users
· Others
Report Scope
The global Automobile Metal Castings Market is expected to exhibit 6.1% during the projected period.
The North America region is expected to dominate the global Automobile Metal Castings Market in 2030.
The Powertrain System application segment is expected to be lucrative for the market during the forecast period.
Nemak (ALFA, S.A.B. de C.), Ryobi Limited, GF Casting Solutions, Rheinmetall Automotive AG (Rheinmetall AG), Mino International, GIBBS (Koch Enterprises Inc.) and Meridian Lightweight Technologies are the key companies of the global Automobile Metal Castings Market.
Report Code :
RL6526
Published on :
Dec 2022
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