LONDON--(BUSINESS WIRE)--According to the latest research study released by Technavio, the global metal casting market is expected to record a CAGR of over 6% until 2020.
This research report titled ‘Global Metal Casting 2016-2020’, provides an in-depth analysis of market growth in terms of revenue and emerging market trends. To calculate the market size, the report takes into account the revenue generated from ferrous metal casting and non-ferrous metal casting.
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“A tremendous growth in the demand for mechanical engineering products will likely foster the global metal casting market over the forecast period. China dominates the mechanical engineering sector. It is anticipated that by the end of 2018, revenues generated from mechanical engineering in China will surpass the total revenue generated by North America and rest of Asia taken together,” said Anju Ajaykumar, one of Technavio’s lead research analysts for heavy industries.
Global metal casting market by end-users 2015
- Automotive 36.51%
- Electrical and construction 24.26%
- Industrial machinery 19.25%
- Others 19.98%
Source: Technavio research
Global metal casting market by automotive sector
The metal casting market by the automotive sector was valued at 42.47 million metric tons in 2015. The buoyancy of the automotive sector in developed countries such as the US and Germany in the post-global recession period has seen the sales volume of passenger cars and commercial vehicles returning to the pre-crisis level. Factors such as significant reduction in the workforce and closure of manufacturing plants have not had any effect on production levels. Restructuring of production processes have made this possible. Therefore, automotive companies are no longer in the red but are showing increased profitability.
Global metal casting market by electrical and construction
The metal casting market by electrical and construction industry was valued at 28.22 million metric tons in 2015. Electrical industry is expected to grow at a moderate rate in EMEA and the Americas during the forecast period. The demand for metal casting from the electrical industry will arise from developing countries in APAC such as Indonesia and India due to a rise in industrialization and rapid infrastructural developments put in place to cater to the rising population of the region.
Technavio researchers predict that the global construction output will experience a meteoric growth and account for close to USD 14.5 trillion by 2025, growing at more than 70% when compared to 2015. This growth will subsequently augment the global metal casting market until 2020.
Global metal casting market by industrial machinery
The metal casting market was valued at 22.39 million metric units in 2015. Fall in oil prices is affecting direct as well as indirect demand for industrial machinery. The world economic outlook report published by the IMF in April 2015 highlights worsening operating conditions in some developed and developing countries. This will adversely affect industrial activities, posing a major problem for the growth of the machinery industry.
The world economy is likely to grow 3.5% in 2015 and 3.8% in 2016. While advanced countries are likely to have a growth rate of 2.4% in both 2015 and 2016, developing countries are projected to grow 4.3% in 2015 and 4.7% in 2016. These growth rates will have an impact on the demand for machinery, thereby boosting the demand for metal casting.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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