Automotive Casting Market Size By Material (Iron, Steel, Aluminum), By Process (Sand Casting, Die Casting, Investment Casting), By Application (Engine, Transmission & Suspension, Brakes & Wheels), By Distribution Channel (OEM, Aftermarket), By Vehicle (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles, Two Wheelers), COVID19 Impact Analysis, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 - 2027
The automotive casting market is expected to witness a promising rate of growth by 2027 due to rising demand for light weight transmission & suspension components, technological advancements in automotive industry, and surging use of lightweight materials in automotive production.
The automobile industry provides an immense market for casting products that use non-ferrous and ferrous metals as well as its alloys. Numerous casting techniques are used to produce automobile accessories that are very light in weight, cheap, and are easy to maneuver.
Among others, aluminum die casting and zinc die casting are two of the most commonly used processes for producing automobile casting equipment. Casting is occasionally used for making complex shapes that will otherwise be difficult or extravagant to make by other techniques.
The automotive casting market is bifurcated into different segments in terms of material, process, application, distribution channel, vehicle, and regional landscape.
Based on material, the automotive casting market is classified into aluminum, steel, iron and others. Among these, the steel segment will capture more than 9% market share over the projected time period.
With respect to process, the market for automotive casting is categorized into investment casting, die casting, sand casting, and others. Investment casting segment is slated to grow at a CAGR of 3% over the analysis timeline. Investment casting utilizes a disposable wax pattern for every cast part. Here, the wax is injected straight away into a mold, detached, and then coated with refractory material as well as a binding agent, generally in various stages in order to build up a very thick shell. This casting process is mostly used to manufacture various parts for the automotive industry.
The others segment is expected to cross 5,000 kilo tons by the end of forecast period. Automotive industry has also used centrifugal casting processes to produce iron, steel as well as non-ferrous carbon alloy castings.
Talking of application, the brakes & wheels, transmission & suspension, engine, and others. Rising demand for light weight transmission & suspension components segment will propel the industry growth. The others segment is projected to show around 3% CAGR through the analysis timeline.
On the regional front, various technological advancements in line with surging use of lightweight materials in automotive production will drive the industry expansion within North America.
Meanwhile, Latin America area displays huge potential for the growth of automotive casting market and is estimated to witness more than 3.5% CAGR over the projected time period.
Automotive casting market in Middle East & Africa will cross more than $5 billion by the end of 2027.
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