Global Metal Casting Market 2018-2022
About Metal Casting
Metals are used in different forms. Metal castings are needed to mold metals into diverse shapes and sizes as per the requirements. Transportation and heavy equipment account for most of the casting products. Metal castings are used for applications like automobiles, aircraft, railways, mining, construction, electrical equipment, oil wells, pipes, space shuttles, wind turbines, nuclear plants, and other applications like household appliances, kitchen and gardening equipment, furniture, idols, sculptures, and decorative items.
Technavio’s analysts forecast the global metal casting market will register a CAGR of 2.18% by 2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global metal casting market for 2018-2022. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Metal Casting Market 2018-2022
Technavio recognizes the following companies as the key players in the global metal casting market: Alcoa, Berkshire Hathaway (Precision Castparts), Buhler, Dynacast, Thyssenkrupp, and THOSHIBA MACHINE.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is incorporating casting process simulation technology. Simulation technology is used to produce reliable, high-precision, and cost-effective components through the casting method. It also aids in enhancing casting yield and reduce the overall processing time.”
According to the report, one driver in the market is increasing adoption of X-ray casting defect recognition increases efficiency. Metal casting industries use automatic or assisted defect recognition (ADR) in X-ray applications. With the X-ray technology undergoing several technological upgradations in its tubes or software incorporated with improved algorithms, the demand for this technology is increasing in the production process.
Further, the report states that one challenge in the market is significant energy consuming technology increases overall production costs. The overall metal casting process consumes a significant amount of energy. During casting, the use of natural gas is common to treat metals, followed by the use of coal, coke, breeze, and electricity.
Berkshire Hathaway (Precision Castparts)
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook