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The metal casting market was valued at US$ 164,097.35 million in 2022 and is projected to reach US$ 253,220.00 million by 2030; it is expected to grow at a CAGR of 5.6% from 2022 to 2030. Metal casting manufacturers focus on increasing their product offering portfolio and targeting new customer base through geographical expansion strategies. Diversification in terms of geography reduces the company’s dependency on specific location for revenue generation and mitigates risk associated with market fluctuation.
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Companies Profiled in this report includes:
Companies seek opportunities to expand their geographic presence in several locations across the globe. In 2021, Kent Foundry planned a US$ 3.5 million expansion project to manufacture gray and ductile iron castings in the US. In 2021, Brinco Planning Indiana steel foundry planned to open a steel casting plant in Indiana, US, with an investment of US$ 35 million. The plant is aimed to produce rail components.
The report includes the segmentation of the global metal casting market as follows:
The global metal casting market, by type, by product type, is segmented into carbon steel alloys, stainless steel alloys, aluminum alloys, grey iron, ductile iron, and others. Based on source, the market is segregated into sand casting, investment casting, gravity die casting, and others. Based on application, the market is segmented into automotive, aerospace, marine, textile, building and construction, oil and gas, industrial machinery, and others. By geography, the global metal casting market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America.
Impact of COVID-19 Pandemic on Metal Casting Market
The global economy was hit hard due to the COVID-19 pandemic. Governments of various regions had taken possible steps to restrict the spread of SARS-CoV-2 by announcing country-wide lockdowns, which directly impacted the growth of manufacturing sector. The metal industry faced challenges procuring raw materials.
By geography, the global metal casting market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. The global metal casting market in North America is further segmented into the US, Canada, and Mexico. The global metal casting market in Europe is sub segmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. The global metal casting market in Asia Pacific is further segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. The market in the MEA is further segmented into South Africa, Saudi Arabia, UAE, and the Rest of MEA. The global metal casting market in South & Central America is studied on the basis of Brazil, Argentina, and the Rest of South & Central America.
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