Metal casting is a process which is being practiced for thousands of years now. They are broadly used for preparing bronze sculptures, precious metals like jewellery, weapons and tools. Casting is a process in which a liquid metal is transferred into a mould that contains a hollow shape. This shape is the one which the maker desires. Complex automotive structures & shapes are also made through metal casting. These are generally made through these methods because it is often non feasible to manufacture them by any other methods. The change in this industry is being brought in by the globalization, digitalization, and increasing competition. The global automotive industry is flourishing rapidly. Recently automotive metal casting industry has witnessed a sudden rush mainly due to the ongoing hype about the mobility service industry, electric powertrains, autonomous driving & digitization which are dominating the automotive industry.
Market Research comprises of:
Historic Data: 2015 - 2019
Base Year: 2020
Future Forecast: 2021 – 2025
Prominent Market Players:
Nemak
Ryobi Limited
Rheinmetall Automotive
GF Automotive
Ahresty Corporation
Dynacast
Gibbs Die Casting
Mino International
Market Dynamics:
Rising Factors:
Focus on continuous development in making metal casting with a longer durable life.
With increase in new employment opportunities the standard of living is also increasing therefore there is an increase in consumer spending.
Increasing demand due to light weight and low cost.
Threats:
The increasing competition and also the fact of trust towards the material.
Opportunities:
Factors such as boom in automobile production where autonomous driving is also gaining popularity etc. are the factors which are supposed to drive the growth of the automotive metal casting market.
“Improved living standards”- Great opportunity for growth
As the world is moving towards high end technology it is also looking at ease of doing things which would make them indulge less of their energy and use robots for other functioning. This is a great turning point for many emerging technologies. One of them would be automobile metal casting market. This market is already been flourishing since years as metal casting is prevalent since many years and has gained a lot of population because of costs and light material. Similarly, as the earning capacity of people is increasing, it is contributing towards the growth. People are more interested in buying auto motors. Therefore, this can be an opportunity.
Market Segmentation:
Based on material:
Iron
Aluminium
Magnesium
Zinc
Based on application:
Body assembly
Engine
Transmission
Based on Process:
Gravity Casting
High-Pressure Die Casting (HPDC)
Low-Pressure Die Casting (LPDC)
Sand Casting
Based on Electric & Hybrid Vehicle Type:
BEV
HEV
PHEV
Regional Analysis:
Asia Oceania
China
India
Japan
South Korea
Europe
France
Germany
Italy
Spain
UK
North America
Canada
Mexico
US
RoW
Brazil
Russia
South Africa
Current boom in the automotive metal casting industry can be seen in the Asia Pacific region
Rapidly increase in the vehicle production in the Asia pacific region is one of the primary driving factors for this boom. As many countries in this continent are moving towards development, they also improving infrastructure along with improvement in living standards, have impacted the automotive industry in a positive way, as a whole. Because of various factors which are turning into opportunities are the tax cuts and government subsidies. This is being considered to be a global shift and is supposed to help the industry grow and provides opportunities to major manufacturers. Labour has been available in this area at a cheaper rate from a long time as compared to other regions and it has also been a key factor. The major growth driver in this region is China and is expected to widen its usage of metal casting components.
Conclusion:
It is quite evident that various factors are in favour of the Asia pacific region but one thing is also to be kept in mind which is the dip in the auto motors sectors which is being experienced all over the world. It somewhere or the other has a greater impact in Asian region as well. Transport sector has been suffering in the economy from a long time. People are becoming more aware of the advantages of the public transport facility because of its availability. They are preferring to utilize that instead of buying their own vehicles, this shift in thinking could act as a challenge for the industry growth.