Rising Focus on Lightweight Vehicles Drives the Global Aluminum Castings Market, According to New Report by Global Industry Analysts, Inc.
San Jose, California (PRWEB) November 12, 2014 -- Follow us on LinkedIn – Metal castings are strong, sturdy and lightweight, and find applications in the manufacture of industrial and automotive components. Aluminum represents the metal of choice in castings where stiffness, strength, durability, corrosion resistance, formability and lightweight characteristics are preferred. The transportation industry represents the dominant user of aluminum castings. Body parts and components for automobiles, aircrafts, helicopters, naval, commercial marine, rail, trailers, cars, trucks and other vehicles constitute key end-use applications in the transportation sector. Strong demand for fuel efficient, lightweight vehicles is driving demand for aluminum castings in vehicle production. Stringent fuel efficiency and emission norms along with projected rise in automotive production are also expected to benefit market prospects in the near term.
Replacement of iron and steel components in locomotives with aluminum alloy is expected to drive future growth in the market. Key material benefits driving the adoption of aluminum alloy include high strength-to-weight ratio, lower density, corrosion resistance, higher payload capacity, lower fuel consumption, and zero porosity. Aluminum is also becoming the preferred material for casting body panels and components for commercial and military aircraft as well as space vehicles. R&D focus on weight-to strength ratio will additionally help expand use of aluminum castings in military vehicles, weapons and equipment. The medical sector is also poised to provide strong opportunities, supported by the growing installed base of CAT and MRI equipment. Porosity-free, high-strength and superior finish aluminum casting components will therefore find increased use in the manufacture of imaging equipment, which require precision, reliability, strength and aesthetics. Consumer appliances also represents a strong end-user market for aluminum castings. Cookware, lawnmowers, and hand tools, among others utilize aluminum castings. Rapid urbanization, increasing disposable income, higher per capita spends on lifestyle products such as air conditioners and refrigerators present a sizeable opportunity for demand growth in this sector.
As stated by the new market research report on Aluminum Castings, Asia-Pacific represents the largest and the fastest growing market worldwide with a CAGR of 7.1% over the analysis period. Strong manufacturing activity, steady economic development, growing automotive production, expanding population, growth in personal income and spending power, booming consumer demand for high-performance appliances and electronic devices, and relocation of manufacturing plants to low-cost economies of China and India, represent key growth drivers in the region.
Key players covered in the report include Alcast Company, Alcoa Howmet, Bodine Aluminum, Inc., CAF Holdings Ltd., Cosma International, Consolidated Metco Inc., Dynacast International Inc., Gibbs Die Casting Corp., Martinrea Honsel Germany GmbH, Nemak, S.A. de C.V., Pace Industries, Rochester Aluminum Smelting Canada Ltd., Rockman Industries Ltd., Ryobi Limited, and Shanghai Cosmopolitan Automobile Accessory Co. Ltd., among others.
The research report titled “Aluminum 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), Latin America (Brazil and Rest of Latin America), and Rest of World. Casting methods analyzed in the report include Permanent Mold, Diecasting, and Others. Key end-use applications analyzed include Transportation (Passenger Cars, Commercial Vehicles, and Others) and Consumer/Industrial (Consumer Appliances and Others).
For more details about this comprehensive market research report, please visit –
http://www.strategyr.com/Aluminum_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.
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