Automotive Casting Market Report, Growth Forecast, Industry statistics Till 2027
The size of automotive casting market was registered at USD 107.2 billion in the year 2020 and is anticipated to cross USD 169 billion by 2027. Between the period 2021-2027, the market is expected to register a CAGR of 5.8%.
The SARS-CoV-2 pandemic has impacted the global automotive casting market for a short term. This is mainly due to the implementation of lockdown measures comprising complete as well as a partial shutdown of production facilities by governments across the globe.
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The industry is, however, expected to gain considerable momentum as lockdown and restrictions on transportation are lifted and the situation returns to normal. Amid this scenario, numerous automotive casting companies are focusing on product developments and the incorporation of technological advancements, enhancing the prospects of market expansion through the forthcoming years.
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.
Such stringent regulatory norms will make automobile manufacturers control the levels of CO2 emissions by decreasing the overall weight of vehicles. These will be attracting the demand for lightweight materials comprising aluminum among vehicle manufacturers in light of substantial benefits concerned with the reduction of weight.
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.
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Some Point from Table of Contents:
Chapter 4 Automotive Casting Market, By Material
4.1 Global automotive casting market material insights
4.2 Iron
4.2.1 Market estimates and forecast, 2017 – 2027
4.2.2 Market estimates and forecast, by region, 2017 – 2027
4.3 Steel
4.3.1 Market estimates and forecast, 2017 – 2027
4.3.2 Market estimates and forecast, by region, 2017 – 2027
4.4 Aluminum
4.4.1 Market estimates and forecast, 2017 – 2027
4.4.2 Market estimates and forecast, by region, 2017 – 2027
4.5 Others
4.5.1 Market estimates and forecast, 2017 – 2027
4.5.2 Market estimates and forecast, by region, 2017 – 2027
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
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