LONDON--(BUSINESS WIRE)--The new metal casting market research from Technavio indicates Neutral growth in the short term as the business impact of COVID-19 spreads.
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"One of the primary growth drivers for this market is the increasing adoption of X-ray casting in defect recognition,” says a senior analyst for the Industrials industry at Technavio.
The increasing adoption of X-ray casting in defect recognition will be one of the key factors fueling the market’s growth during the next few years. With continuous upgradations in the X-ray technology used in metal casting industries, the demand for this technology has surged in recent years. Furthermore, technologies such as digital radiography and digital imaging allow process inspectors to detect any casting errors or anomalies, which will again boost metal casting market growth.
As the markets recover Technavio expects the metal casting market size to grow by 13.44 million tons during the period 2020-2024.
Metal Casting Market Segment Highlights for 2020
- The metal casting market is expected to post a year-over-year growth rate of 2.14%.
- Casting procedures are used for producing lightweight, easily maneuverable, and affordable accessories for automobiles. Zinc and aluminum are the most popularly used metals for casting procedures in the automotive industry.
- The metal casting market share growth is expected to increase over the forecast period owing to the rising number of vehicles.
- Metal casting market growth by the automotive segment will be slower than the growth of the market by the aerospace and defense segment.
- 55% of the growth will originate from the APAC region.
- The presence of a significant number of manufacturing and the growing construction activities will drive metal casting market growth in this region over the forecast period.
- China is the key market for metal casting in APAC. Market growth in this region will be slower than the growth of the market in MEA.
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- The metal casting market size is expected to accelerate at a CAGR of over 2% during the forecast period.
- The metal casting market is segmented by End-user (Automotive, Industrial machinery, Aerospace and defense, and Others) and Geographic Landscape (APAC, Europe, MEA, North America, and South America).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including Acast, Alcast Co., Alcoa Corp., Berkshire Hathaway Inc., Bühler AG, Form Technologies, Hitachi Ltd., Techtronic Industries Co. Ltd., thyssenkrupp AG, and TOSHIBA MACHINE Co. Ltd.
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