Automotive Casting Market Analysis By 2027 Growth Drivers & Regional Statistics
Global automotive casting market is anticipated to depict a CAGR of 5.8% through 2027, having recorded a valuation of USD 107.2 billion in 2020. By 2027, the market is expected to hit a remuneration of USD 169 billion.
Technological advancements in automotive production is anticipated to drive the expansion of automotive casting market in the coming years. Strict regulatory norms and regulations are encouraging automobile manufacturers to control CO2 emission levels through reduction of overall vehicle weight. As a result, the demand for lightweight materials like aluminum is rising, since they provide notable weight reduction advantages.
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Some of the materials used for making automotive castings include steel, iron, aluminum and others like magnesium and zinc. Of these, zinc and magnesium are in high demand and are projected to exceed USD 13 billion in the upcoming years. The adoption of zinc in automotive casting is high given to its high corrosion resistance, low cost, superior strength, and exceptional stability, which are some important casting material properties.
The brakes and wheels segment is expected to hold more than 15% market share credited to the surging demand of cast wheels owing to easy workability, exceptional strength, and low weight. In 2019, manufacturer of steel wheels, Wheels India, announced its plan to launch a new cast aluminum manufacturing plant in India. While in 2021, Endurance Technologies, a Indian auto component manufacturer, announced commencement operations at its new plant that will manufacture aluminum die-castings and integrate disc brake components with control brake modulators.
Strict regulatory norms concerning environment as well as the levels of vehicle emissions are expected to support the growth of automotive casting market size over the forecasted span. For instance, regulatory bodies in Europe and North America have set up regulations for the minimization of levels of vehicular emission.
As part of these measures, European Parliament, as well as the Council, advised passenger car manufacturers to bring about a reduction in the average levels of CO2 emission from new cars by 37.5% through 2030.
This growth is attributed to the increasing demand for cast wheels owing to their easy workability, low weight, and excellent strength. In view of these advantages, the brakes and wheels segment is set to register a share of more than 15% through 2027.
Considering regional landscape, Europe is expected to capture over 15% of the overall automotive casting market share over the projected span. The regional growth is chiefly ascribed to continuous research and development initiatives related to automotive production and stringent regulatory environment related to the reduction of vehicle weight and levels of emission.
In the wave of strict regulatory rules, several players in the automotive industry are opting for improvements in casting techniques for consolidating market share and maintaining their position in the industry.
Speaking of an instance, in April 2021, Toyota Industries Corporation entered into a collaboration with Siemens for the development of AI (artificial intelligence) that can help in the prediction of product abnormalities in aluminum die casting. The method forms a key process in the production of automotive air conditioning compressors.
Considering another instance, in September 2020, Tesla announced plans for the replacement of 70 components that are riveted and glued into its car’s rear underbody by means of a single module made using an aluminum casting machine. The move replaces robots at Tesla’s new Germany-based car factory with giant aluminum automotive casting machines for building simpler chassis parts.
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Some Point from Table of Contents:
Chapter 5 Automotive Casting Market, By Process
5.1 Global automotive casting market process insights
5.2 Sand casting
5.2.1 Market estimates and forecast, 2017 – 2027
5.2.2 Market estimates and forecast, by region, 2017 – 2027
5.3 Die casting
5.3.1 Market estimates and forecast, 2017 – 2027
5.3.2 Market estimates and forecast, by region, 2017 – 2027
5.4 Investment casting
5.4.1 Market estimates and forecast, 2017 – 2027
5.4.2 Market estimates and forecast, by region, 2017 – 2027
5.5 Others
5.5.1 Market estimates and forecast, 2017 – 2027
5.5.2 Market estimates and forecast, by region, 2017 – 2027
Chapter 6 Automotive Casting Market, By Application
6.1 Global automotive casting market application insights
6.2 Engine
6.2.1 Market estimates and forecast, 2017 – 2027
6.2.2 Market estimates and forecast, by region, 2017 – 2027
6.3 Transmission and suspension
6.3.1 Market estimates and forecast, 2017 – 2027
6.3.2 Market estimates and forecast, by region, 2017 – 2027
6.4 Brakes and wheels
6.4.1 Market estimates and forecast, 2017 – 2027
6.4.2 Market estimates and forecast, by region, 2017 – 2027
6.5 Others
6.5.1 Market estimates and forecast, 2017 – 2027
6.5.2 Market estimates and forecast, by region, 2017 – 2027
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