New York, March 28, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Aluminum Casting Global Market Report 2022" - https://www.reportlinker.com/p06248254/?utm_source=GNW
The global aluminum casting market is expected to grow from $5.56 billion in 2021 to $ 59.89 billion in 2022 at a compound annual growth rate (CAGR) of 7.80%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $82.58 billion in 2026 at a CAGR of 8.36%.
The aluminum casting market consists of sales of various types of aluminum by entities (organizations, sole proprietors, partnerships) that refer to the process of moulding liquid aluminum under high pressure into a die cavity to create simple to complicated items.Aluminium casting is an industrial procedure used for the manufacturing of aluminum products and sold part of a machine/products or as part of commercial industrial production.
This process is used for manufacturing metal parts at specific details and quality.
The main types of processes of aluminum casting includes die casting, sand casting, and permanent mould casting.The die casting market consists of sales of aluminum by entities (organizations, sole traders, and partnerships) that refer to a manufacturing process in which molten metal is poured for desired shapes.
Die casting is used for improved automotive fuel efficiency by reducing weight. Aluminum casting are used in transportation, building & construction, industrial and other sectors.
Asia pacific was the largest region in the aluminum casting market in 2021.Asia pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Growing demand in the automobile industry propels the market growth in the aluminum casting market.An automobile, often known as a motorcar or a car, is a four-wheeled vehicle that is designed primarily for passenger transportation and is powered by an internal-combustion engine that runs on volatile fuel.
Currently, more than 50% of individual components in automotive vehicles such as transmission housings and pistons are made of aluminum casting.The global production of automobiles has increased year over year, creating new potential for market expansion around the world.
For instance, according to the European Automobile Manufacturers’ Association (ACEA), 77.9 million automobiles are manufactured worldwide in 2020. Therefore, the rising demand for aluminum products in the automobile industry drives the aluminum casting market.
The partnership between companies is a key trend gaining popularity in the aluminum casting market.Companies manufacturing aluminum products are undergoing partnerships to develop new technologies and products to meet the growing demand for innovating aluminum casting products from various end customers.
For instance, in June 2021, Rio Tinto, anglo Australian-based specialized in metals and mining operating worldwide created the alloys for the semi-solid Rheocasting process offered by Comptech.Comptech is an R&D institute specialized in supply know-how and equipment for aluminum semi-solid castings operating in Asia.
Rheocasting is a new semi-solid casting technique that enables the manufacturing of low-cost aluminum components with high strength, minimal porosity, and a wide range of alloys and has a major benefit in the production of 5G antennas. Through this partnership a new line of specialized alloys aimed at providing high-performance, low-cost solutions for sophisticated applications such as electric vehicles and 5G antennae.
In April 2021, RUSAL a Russian-based leading aluminum producer operating worldwide acquired Aluminum Rheinfelden GmbH, a Germany-based manufacturer of aluminum alloys, semis, and carbon-based components for an undisclosed amount. The acquisition strengthens RUSAL’s position as the supplier of choice to its international network of automotive customers and is expected to deliver strong commercial synergies, high-end niche products, and also produce innovative sustainable aluminum solutions and value-added products.
The countries covered in the aluminum casting market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06248254/?utm_source=GNW
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