The Aluminum Casting Market size is forecast to reach US$80.5 billion by 2026, after growing at a CAGR of 5.7% during 2021-2026. Casting is the process used to form aluminum into useful products across various end-use industry applications. Aluminum casting based items as power transmissions and car engines all produced through the aluminum casting process. In addition, the increased use of aluminum products in transportation applications is also expected to drive market growth during the forecast period. Similarly, the growing demand for and environment friendly vehicles will provide market players with a lucrative opportunity. The technique of pouring molten aluminum alloy into a sand mold chamber is known as aluminum sand casting. Die casting, on the other hand, is a casting method for aluminum components which is also known as Permanent Mold Casting.
COVID-19 Impact
Supply lines were disrupted, and building and construction projects were delayed all across the world as a result of the COVID-19 pandemic. Most countries enacted stringent lockdowns and curfews to prevent the spread of the coronavirus. Due to a scarcity of raw materials, labor, and government regulations that compelled ongoing projects to be suspended, this resulted in an economic depression, with construction being one of the hardest-hit sectors. While, in the third quarter of 2020, several local governments took steps to restart road, highway, and building construction projects. After April 2020, Germany's Federal Ministry of Transport and Digital Infrastructure (BMVI) have resumed building and road construction. Since the second half of 2020, countries such as Romania and India have resumed highway and road building. Although other infrastructure sectors were hit hard by the pandemic, the highway sector had a stellar year in 2020-21. A total of 13,298 km of highways were constructed in the fiscal year, compared to around 10,240 km in FY20, a 30 percent rise year over year and a speed of 36.4 km/day. As a result, when compared to the previous year, the construction sector is projected to expand rapidly in 2021.
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Report Coverage
The report: “Aluminum Casting Market – Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the Aluminum Casting Market.
By Type: Die Casting, Permanent Mold Casting, and Other
By Application: Building and Construction (Residential, Commercial, and Industrial), Automotive and Transportation, Energy and Power, and Others
By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, Italy, France, Spain, Russia, Netherlands, Belgium, and Rest of Europe), APAC (China, India, Japan, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia, and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), and Rest of the World (Middle East and Africa).
Key Takeaways
- Asia-Pacific dominates the Aluminum Casting Market, owing to the increasing road construction activities in APAC countries. For instance, road work worth Rs. 30000 crore (around US$4.0 billion) is under construction in Bihar, India. A total of Rs. 4600 crore (around US$621.8 million) has been set aside as reimbursement for land acquisitions.
- Casting is an industrial method of pouring liquid material into a mold, which contains a hollow cavity of the desired shape, and then allowed to solidify. In wind turbines, the primary parts that undergo casting are rotor hubs, rotor blades, axle pins, and rotor shaft.
- Future market opportunities are expected to include rising demand for HMA (Hot Mix Asphalt), the rising popularity of reclaimed asphalt pavement (RAP), production of bio-renewable modifiers, advancement of hot mix asphalt technologies, and research into using nanotechnology in asphalt modification (nano-clay).
- The market growth is likely to be impeded by high initial costs for the use of modified asphalt cement and occupational health hazards concerning asphalt.
Figure: Asia-Pacific Aluminum Casting Market Revenue, 2020-2026 (US$ Billion)
Aluminum Casting Market Segment Analysis – By Type
The warm mix asphalt segment held a significant share in the Aluminum Casting Market in 2020 and is growing at a CAGR of 6.1% during 2021-2026. Due to growing concern about environmental issues such as global warming and carbon footprint, the asphalt industry incentive to minimize greenhouse gas emissions has increased. This has prompted the development of Warm Mix Asphalt (WMA) and related technologies, which aim to reduce greenhouse gas emissions by lowering asphalt mix mixing and compaction temperatures. WMA has grown in favor as a result of the environmental benefits it provides without sacrificing the asphalt mix's qualities, performance, or quality. WMA is made at much lower temperatures (just around 100°C), resulting in decreased energy usage, fewer emissions, reduced aging, lower mixing and compaction temperatures, cold weather paving, and improved mix workability. The introduction of chemicals into WMA is responsible for the latter of these advantages. In comparison to traditional Hot Mix Asphalt (HMA) processes, WMA perform better, owing to which it is seeing a significant increase in its demand.
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Aluminum Casting Market Segment Analysis – By Application
The building and construction segment held the largest share in the Aluminum Casting Market in 2020 and is growing at a CAGR of 8.6% during 2021-2026. Casting materials are used in residential buildings to provide better construction and high-quality control standards along with the low cost. Applications of casting materials in residential buildings include precast concrete panels/roofs, precast walls, floors & staircases and many more. With growing residential urbanization along with the development and expansion of more modern housing stock, precast construction is anticipated to experience high growth in the near future. Additionally, rising standards of living as well as aging demography has a direct impact on the type of construction done, which demands high quality and precision along with low cost in construction work. To improve the durability of residential and commercial buildings, aluminum products are used to increase resistance to pavement discomfort, such as thermal cracking, rutting, stripping, and more, thus prolonging the service life. The enhancement of the road transport network and the upgrading of highway maintenance operations are projected to take place during the forecast timeframe to satisfy the additional demand, thus increasing the demand for aluminum based products.
Aluminum Casting Market Segment Analysis – By Geography
Asia-Pacific region held the largest share of more than 40% in the Aluminum Casting Market in 2020 and is growing at a CAGR of 6.4% during 2021-2026, because of the various government's drive for infrastructure spending as a way of maintaining economic development; the road and highway construction industry has grown rapidly. The Asia-Pacific government's substantial expansion of building and construction and infrastructure to withstand the expanding manufacturing and service sectors has contributed to significant growth in the construction sector in recent years. In February 2019, In Himachal Pradesh, India, the Union Minister for Road Transport and Highways laid the foundation stones for seven National Highway projects worth Rs 4,419 crore (US$627.5 million). Several new road projects are being planned in China’s Yunnan Province and Guizhou Province. A new expressway will connect Chengjiang and Huaning, featuring a design speed of 100km/h. The 63.3km expressway project will cost an estimated US$1.86 billion. Thus, it is expected that such investment and growth will drive the demand for aluminum products in the Asia-Pacific region.
Aluminum Casting Market Drivers
Growing Road Network Construction Projects in Developing Countries
In the developing region, road building and growth activities are projected to increase significantly. The demand for adhesion promoters, flux oil, crumb rubber, polyurethane resin, and phenolic resin based asphalt additives in these nations is projected to be driven by increasing road and highway building activities. The increase in expenditure on infrastructure in various countries can be attributed to the increasing construction of roads and highways for improved transportation and enhanced connectivity between important economic centers in these countries. For instance, according to India Brand Equity Foundation, the infrastructure sector has become one of the major focus areas for the Indian government. In the Union Budget 2020-21, the Indian government announced US$13.1 billion for road and highway construction. In March 2021, the project to rebuild an important road stretch has been awarded in Spain. The package of works is worth €244 million (US$293.8 million) and is for a 70km section of the A4 highway. In May 2021, Brazil announced a major new highway deal. Improvements to the route are expected to total US$1.42 billion. It is estimated that new road projects will strengthen the road network in both urban and rural areas, which would fuel the demand for asphalt modifiers.
Advantages of Aluminum casting drive the market growth
Aluminum’s strength, corrosion resistance, and heat dissipating properties offer mechanical designers significant advantages. Furthermore, aluminum based products offer various benefits like High operating temperatures, Outstanding corrosion resistance, Lightweight, Very good strength and hardness, Good stiffness and strength-to-weight ratio, Excellent EMI and RFI shielding properties, Excellent thermal conductivity, High electrical conductivity, Good finishing characteristics, and Full recyclability. The various advantages of aluminum makes them suitable to uses across various end-use industries like automotive, construction, and energy, which in turn drive the market growth.
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Aluminum Casting Market Challenges
High Cost of Casting:
High cost of the Casting coupled with low acceptance levels and lack of awareness among the people hinders the market growth. The high equipment costs and also the high risk of pressure sores or syndrome would serve as restrictions on Casting growth. Moreover, number of people demanding is not receiving the efficient services owing to the lack of awareness of services and belief about disability that influence the treatment seekers. Furthermore, middle-income countries are predicted to hamper the markets growth owing to their lower income profile and escalating cost of the Casting.
Aluminum Casting Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Aluminum Casting Market. Major players in the Aluminum Casting Market are:
- Arrmaz
- Arkema SA
- BASF Corporation
- Honeywell International Inc.
- Huntsman Corporation
- Kao Corporation
- Ingevity Corporation
- Kraton Corporation
- Nouryon
- Dupont De Nemours Inc.
- Sasol Limited.
Acquisitions/Technology Launches
In February 2021, NEWTLAC 5000, a patented asphalt modifier made from recycled PET materials (waste PET), was developed by Kao Corporation. Although traditional asphalt modifiers increase pavement durability, NEWTLAC 5000's durability is many times greater, resulting in less microplastic output.
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