Industrial Casting Market in the US 2015-2019
About industrial casting
Industrial casting is a manufacturing process in which molten or liquid metal is poured into a mold that contains a hollow cavity of the desired shape to form geometrically complex parts. A mold can be of various materials such as sand and ceramic plaster, and it is like a cup on which the molten metal is poured. The most common metals used for casting are iron, aluminum, magnesium, zinc, steel, and copper-based alloys.
Technavio's analysts forecast the industrial casting market in the US to grow at a CAGR of 7.54% over the period 2014-2019.
Covered in this report
This report covers the present scenario and the growth prospects of the industrial casting market in the US for the period 2015-2019. For ascertaining the market size and vendor share, the report considers revenue generated from the sales of two types of casting products: ferrous castings and non-ferrous castings.
Technavio's report, Industrial Casting Market in the US 2015-2019, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects in the coming years. The report includes a discussion of the key vendors operating in this market.
Technavio Announces the Publication of its Research Report – Industrial Casting Market in the US 2015-2019
Technavio recognizes the following companies as the key players in the Industrial Casting Market in the US: Alcoa, Amsted Industries, Chrysler Group and Precision Castparts
The other prominent vendors are: Bharat Forge, Georg Fischer, Schuler Group and ThyssenKrupp
Commenting on the report, an analyst from Technavio’s team said: “Many developed countries are applying stringent environmental regulations for manufacturing sectors. It is mandatory for manufacturers of automobiles that offer high fuel efficiency to reduce GHG emissions. Therefore, OEMs and their suppliers have intensified their R&D to reduce the weight of core components of automobiles, and improve fuel efficiency and power. This has also led to the use of non-ferrous materials such as aluminum and magnesium, which provide better structural strength and are lighter than traditional metals. These non-ferrous products are usually casting outputs that determine the specific weight and shape as per the end-user's requirements.”
According to the report, industrial casting manufacturers in the US have implemented many advanced technologies, which enable the use of genetic algorithms and neural nets for selecting optimum pressure die casting based on end-user requirements. Various industries require castings with precise dimensions, i.e., size, shape, and weight. As a result, metal casting manufacturers are implementing simulation-based models to facilitate the development of perfect castings during the manufacturing process. These models also reduce operational costs and help avoid wastage of resources. The use of simulation-based castings has become a standard in the casting industry in the US.
Further, the report states that the high cost of raw materials is affecting market growth.
Alcoa, Amsted Industries, Chrysler Group, Precision Castparts, Bharat Forge, Georg Fischer, Schuler Group, ThyssenKrupp