Resurgence in Manufacturing Activity Drives the Global Market for Industrial Castings, According to New Report by Global Industry Analysts, Inc.
San Jose, California (PRWEB) August 05, 2014 -- Follow us on LinkedIn – Casting represents a metal modification process in manufacturing where a molten metal is injected or poured into custom molds to get desired shapes, after solidification. While casting can also involve use of plaster, plastic resin or concrete as material, it is most often associated with use of metal as molten material. Given its role in the production of a range of semi-finished and finished goods, including machine tools, equipment, artifacts, jewelry, weapons, and host of parts used in automobiles/aircraft/locomotive and electronic applications, metal casting is of critical importance to the manufacturing sector. Growth in the industrial castings market is directly dependent on the health of the industrial and manufacturing sectors and level of production/manufacturing activity, which in turn is dictated by the overall health of economy, level of consumer spending on a range of goods, and credit availability, among others.
With metal substrates being omnipresent in the world of mechanical engineering, industrial castings find widespread applications in diverse industries across the globe. Since castings also play a major role in production of parts used in industrial/manufacturing machinery, investment in capital assets in industries such as automotive, construction, oil & gas, processing, and mining, also dictates growth prospects in the market. Automotive industry represents one of the major end-use sectors for industrial castings with cars and light trucks increasingly being assembled with a range of metal cast parts and components. Steady increase in automotive production as a result of increase in demand for passenger cars, particularly in developing markets such as China and India will fuel demand for a range of automotive parts and components, production of which will need industrial castings. Modernization and upgradation of assembly line machinery and equipment in automotive plants will also create demand for industrial castings. Increase in the number of vehicle miles traveled, parallel increase in the wear and tear of auto-parts and subsequent rise in replacement demand and production of aftermarket automotive parts will also help drive opportunities for growth. Light metal cast parts are expected to continue to replace iron castings in automotive applications.
As stated by the new market research report on Industrial Castings, Asia-Pacific represents the largest market worldwide. The Middle East ranks as the fastest growing market with a CAGR of 6.6% over the analysis period led by robust manufacturing and construction activity. Ferrous Castings represents the largest product market. Non-Ferrous Castings is projected to witness steady growth led by growing demand for lightweight aluminum castings in automotive and other transportation applications.
Major players in market include Alcoa Inc., Avalon Precision Metalsmiths, AvioCast Inc., Bradken Limited, Doncasters PLC, Doosan Heavy Industries & Construction Co. Ltd., Esco Corporation, Georg Fischer Ltd., GIW Industries, Great Lakes Castings LLC, Intercast & Forge Pty. Ltd., Kubota Corp., Meridian Lightweight Technologies Inc., Pace Industries, Precision Castparts Corp., Ryobi Ltd., Shiloh Industries Inc. and ThyssenKrupp AG.
The research report titled “Industrial Castings: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of major companies worldwide. The report provides market estimates and projections for all major geographic markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China, India and Rest of Asia-Pacific), the Middle East and Latin America (Brazil and Rest of Latin America). Key product groups analyzed include Ferrous Castings (Gray Iron Castings, Ductile Iron Castings, Malleable Iron Castings and Steel Castings) and Non-Ferrous Castings (Aluminum Castings, Copper Castings, Magnesium Castings and Other Non-Ferrous Castings).
For more details about this comprehensive market research report, please visit –
http://www.strategyr.com/Industrial_Castings_Market_Report.asp.
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes 1500+ full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.
Global Industry Analysts, Inc.
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