Selbyville, Delaware, May 18, 2021 (GLOBE NEWSWIRE) --
Global Market Insights Inc. has recently added a new report on the automotive casting market which estimates the market valuation for automotive casting will cross US$ 169 billion by 2027. Favorable trends associated with the automotive production will benefit the industry expansion.
Stringent regulatory environment associated with vehicle emission levels will support the automotive casting market expansion. In North America and Europe, regulatory bodies have established a framework to minimize vehicle emission levels. These bodies set targets for vehicle manufacturers to cut down emission levels. European Parliament and the Council advised passenger car manufacturers to reduce average CO2 emission levels from new cars by 37.5% by 2030.
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Manufacturers have to strictly comply with these regulations and those who are failing to meet predefined norms will be charged with USD 107.69 per vehicle for every g/km. Such stringent regulatory norms will enable automobile manufacturers to control the CO2 emission levels by reducing overall weight of vehicles. Hence, it will attract the demand of lightweight materials such as aluminum among vehicle manufacturers as they offer significant weight reduction benefits. This in turn will spur the market growth during the forecast time span.
The COVID-19 pandemic will affect the growth of automotive casting industry for short term. Governments across the globe have implemented lockdown measures including the partial or complete shutdown of production facilities to combat the situation. However, market will gain momentum as lockdown and transportation restrictions are lifted and situation returns to normalcy.
The automotive casting market is segmented on the basis of material, process, application, distribution channel and vehicle. Other materials including zinc, magnesium, etc. are expected to cross USD 13 billion by the end of forecast period. The usage of zinc in automotive casting is likely to grow owing to low cost, excellent stability, high corrosion resistance and superior strength.
Brakes and wheels segment will capture over 15% of the automotive casting market share by 2027. Rising demand of cast wheels due to low weight, easy workability and excellent strength will support this segment’s growth. Aftermarket segment will capture less market share as compared to OEM and will cross USD 35 billion by 2027. Europe will capture more than 15% share by the end of forecast period. The region’s growth will be mainly attributable to continuous R&D initiatives associated with automotive production and strict regulatory environment associated with vehicle weight reduction & emission levels.
Some major findings of the automotive casting market report include:
- Th growth of die casting process will be mainly due to ist ability to produce complex parts with high dimensional accuracy.
- Transmission & suspension segment will grow steadily during the forecast period due to positive outlook of automotive production.
- Dawang Steel Castings, Sunrise Metal, Endurance Technologies, Ferrralloy Inc., Dynacast and Gibbs Die are some of the key players in the automotive casting market.
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Partial chapters of report table of contents (TOC):
Chapter 3 Automotive Casting Industry Insights
3.1 Industry segmentation
3.2 COVID-19 impact on industry landscape
3.3 Industry ecosystem analysis
3.3.1 Profit margin analysis
3.3.2 Value addition at each stage
3.3.3 Distribution channel analysis
3.3.4 Vendor matrix
3.4 Industry megatrends
3.5 Innovation & sustainability
3.5.1 Patent analysis
3.5.2 Technology landscape
3.5.3 Future trends
3.6 Industry impact forces
3.6.1 Growth drivers
3.6.1.1 Favorable trends associated with automotive production
3.6.1.2 Stringent regulations associated with vehicle emission levels
3.6.1.3 Rising use of lightweight materials in vehicle manufacturing
3.6.2 Industry pitfalls & challenges
3.6.2.1 High costs associated with few casting processes
3.6.2.2 Temporary shutdown of automotive production facilities due to COVID-19
3.7 Regulatory landscape
3.7.1 North America
3.7.2 Europe
3.7.3 Asia Pacific
3.8 Growth potential analysis
3.9 Competitive landscape, 2020
3.9.1 Company market share analysis, 2020
3.9.2 Strategy dashboard
3.10 Porter’s analysis
3.10.1 Supplier power
3.10.2 Buyer power
3.10.3 Threat of new entrants
3.10.4 Threat of substitutes
3.10.5 Industry rivalry
3.11 Price trends
3.11.1 Regional price trends
3.11.2 Cost structure analysis
3.11.2.1 R&D cost
3.11.2.2 Manufacturing & equipment cost
3.11.2.3 Raw material cost
3.11.2.4 Distribution cots
3.11.2.5 Operating cost
3.11.2.6 Miscellaneous cost
3.12 PESTEL analysis
3.13 Impact of COVID-19 on automotive sector
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.