Global Non-ferrous Castings Market 2017-2021
About Non-ferrous Castings
Metal casting is a manufacturing process in which a molten or a liquid metal is poured into a mold made of sand or ceramic plaster. The mold contains a cavity of the desired shape, allowing the formation of geometrically complex component shapes. Key metals used for non-ferrous castings are aluminum, magnesium, copper-based alloys, and zinc. These metal castings are used in various applications, such as automotive, mining, construction, pipes, electrical equipment, turbines, and others.The various techniques involved in non-ferrous casting are centrifugal casting, die casting, vacuum casting, high-pressure casting, and investment casting. Its production process includes fluxing, degassing, metal refining, grain refining, filtration, and pumping.
Technavio’s analysts forecast the global non-ferrous castings market to grow at a CAGR of 5.84% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global non-ferrous castings market for 2017-2021. To calculate the market size, the report considers the retail selling price as the average selling price for the product.The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Non-ferrous Castings Market 2017-2021
Technavio recognizes the following companies as the key players in the global non-ferrous castings market: Alcoa, Dynacast, Hitachi Metals, Minerals Technologies, and Precision Castparts.
Other Prominent Vendors in the market are: Alcast Technologies, Bodine Aluminum, CAF Innovative Shapecasting, Castwel Foundries, DM Foundries, FSE Foundry, Georg Fischer, Leggett & Platt Office Components, LEW Castings, Martinrea Honsel, MAGMA, MRT Castings, Norwood Foundry, Schuler, and voestalpine Giesserei Linz.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Shift from ferrous to non-ferrous casting. In recent years, the metal castings market has been shifting toward non-ferrous castings, especially aluminum castings, due to their favorable features. Also, end-user industries, such as automotive, telecommunications, and industrial machinery, are focusing on lightweight products to improve their quality and efficiency by reducing the overall weight. For instance, several auto components that are usually manufactured using ferrous casting materials, such as iron and steel, are being replaced by non-ferrous casting materials, such as aluminum, zinc, and magnesium. These materials are lightweight, resistant to corrosion, and have a high conductivity.”
According to the report, one of the major drivers for this market is Increased simulation-based castings. Simulation-based casting technology is widely used in metal casting industries and foundries. It is a virtual software that gives a virtual casting process, such as mold filling, cooling, and solidification, with respect to direction and time. They also help in predicting and identifying the location of internal defects and optimizing the design and process methods of casting. They are useful for the production of economic, reliable, and high accuracy cast components.
Further, the report states that one of the major factors hindering the growth of this market is Need for high initial investment. Casting products are developed by the effective deployment of high-quality casting equipment, metals, and dies that deliver high-precision products in a minimal time. The high cost of casting equipment limits the production volume of manufacturers. Therefore, these manufacturers are compelled to invest heavily in the deployment of a sizable number of casting machines, metals, and dies to increase their production capacity. In addition, the cost of developing and procuring complex dies and molds is expensive. Furthermore, fluctuating prices of non-ferrous metals impact the procurement cost of raw materials.
Alcoa, Dynacast, Hitachi Metals, Minerals Technologies, Precision Castparts, Alcast Technologies, Bodine Aluminum, CAF Innovative Shapecasting, Castwel Foundries, DM Foundries, FSE Foundry, Georg Fischer, Leggett & Platt Office Components, LEW Castings, Martinrea Honsel, MAGMA, MRT Castings, Norwood Foundry, Schuler, and voestalpine Giesserei Linz.