LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global non-ferrous castings market to grow at a CAGR of close to 6% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global non-ferrous castings market for 2017-2021. The report also lists automobiles, electrical and construction, and industrial machinery as the three application segments, of which the automobiles segment accounted for more than 49% of the market share in 2016.
“The global non-ferrous castings market is expected to grow at a significant pace during the forecast period, owing to high demand for castings from the automobile, industrial machinery, and electrical and construction segments. Also, the increasing demand from developing economies in APAC and ROW for emerging applications, such as aerospace and defense, and stringent government regulations on greenhouse gas emissions are expected to fuel the market during the forecast period,” says Kshama Upadhyay, a lead analyst at Technavio for metals and minerals research.
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global non-ferrous castings market:
- Increased simulation-based castings
- Rise in demand for aluminum
- Growing demand from automobile industry
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Increased simulation-based castings
Simulation-based casting technology is widely used in metal casting industries and foundries. It is a virtual software that gives a virtual casting process, such as mold filling, cooling, and solidification, with respect to direction and time. They also help in predicting and identifying the location of internal defects and optimizing the design and process methods of casting. They are useful in the production of economical, reliable, and high accuracy cast components.
Based on the needs of end-users, non-ferrous casting manufacturers adopt many advanced technologies. The requirement for casting, with specific dimensions, size, and weight, compels non-ferrous metal casting manufacturers to adopt simulation-based castings. These prototypes also help in reducing operating costs and decreasing wastage. Thus, simulation-based casting has triggered the demand for non-ferrous castings in major end-user segments, such as automobiles.
Rise in demand for aluminum
Aluminum is ranked second, based on the consumption volume among all metals in the casting industry, surpassed only by steel. The rapid growth of cities, recent developments in the motor industry, and new potential uses of aluminum as a substitute to copper in the power industry are the major factors that are increasing the consumption of aluminum.
The annual demand for aluminum is increasing, posting an average growth of 4%-6%. China was the world’s largest producer and consumer of aluminum. The increased consumption of aluminum in the transportation and construction industries has led to an increase in production. By 2030, the demand for aluminum is expected to exceed 80 million tons, which will elevate the demand for non-ferrous castings.
Growing demand from automobile industry
The global automobile industry has witnessed a significant growth in the past two decades. In 2016, the global automotive sales accounted for 75.53 million units. Aluminum casting is replacing steel in automobiles and transportation. By using different casting method components, crank cases, cylinder heads, engine blocks, pumps, transmission housings, bearings, and wheels are manufactured.
“Aluminum is gaining popularity in automobiles and transportation industries due to its durability, sustainability, safety, performance, efficiency, and cost-effectiveness. Also, it reduces fuel consumption and GHG emissions. This drives the automobile industry, in turn leading to the growth of the global non-ferrous castings market,” says Kshama.
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