Non-ferrous Castings Market – Top 3 Drivers and Forecasts by Technavio

LONDON–(BUSINESS WIRE)–Technavio
market research analysts forecast the global
non-ferrous castings market
to grow at a CAGR of close to 6% during
the forecast period, according to their latest report.

The market study covers the present scenario and growth prospects of the
global non-ferrous
castings
market for 2017-2021. The report also lists
automobiles, electrical and construction, and industrial machinery as
the three application segments, of which the automobiles segment
accounted for more than 49% of the market share in 2016.

“The global non-ferrous castings market is expected to grow at a
significant pace during the forecast period, owing to high demand for
castings from the automobile, industrial machinery, and electrical and
construction segments. Also, the increasing demand from developing
economies in APAC and ROW for emerging applications, such as aerospace
and defense, and stringent government regulations on greenhouse gas
emissions are expected to fuel the market during the forecast period,”
says
Kshama Upadhyay, a lead analyst at Technavio for metals
and minerals
research.

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Technavio analysts highlight the following three market drivers that are
contributing to the growth of the global non-ferrous castings market:

  • Increased simulation-based castings
  • Rise in demand for aluminum
  • Growing demand from automobile industry

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Increased simulation-based castings

Simulation-based casting technology is widely used in metal casting
industries and foundries. It is a virtual software that gives a virtual
casting process, such as mold filling, cooling, and solidification, with
respect to direction and time. They also help in predicting and
identifying the location of internal defects and optimizing the design
and process methods of casting. They are useful in the production of
economical, reliable, and high accuracy cast components.

Based on the needs of end-users, non-ferrous casting manufacturers adopt
many advanced technologies. The requirement for casting, with specific
dimensions, size, and weight, compels non-ferrous metal casting
manufacturers to adopt simulation-based castings. These prototypes also
help in reducing operating costs and decreasing wastage. Thus,
simulation-based casting has triggered the demand for non-ferrous
castings in major end-user segments, such as automobiles.

Rise in demand for aluminum

Aluminum is ranked second, based on the consumption volume among all
metals in the casting industry, surpassed only by steel. The rapid
growth of cities, recent developments in the motor industry, and new
potential uses of aluminum as a substitute to copper in the power
industry are the major factors that are increasing the consumption of
aluminum.

The annual demand for aluminum is increasing, posting an average growth
of 4%-6%. China was the world’s largest producer and consumer of
aluminum. The increased consumption of aluminum in the transportation
and construction industries has led to an increase in production. By
2030, the demand for aluminum is expected to exceed 80 million tons,
which will elevate the demand for non-ferrous castings.

Growing demand from automobile industry

The global automobile industry has witnessed a significant growth in the
past two decades. In 2016, the global automotive sales accounted for
75.53 million units. Aluminum casting is replacing steel in automobiles
and transportation. By using different casting method components, crank
cases, cylinder heads, engine blocks, pumps, transmission housings,
bearings, and wheels are manufactured.

“Aluminum is gaining popularity in automobiles and transportation
industries due to its durability, sustainability, safety, performance,
efficiency, and cost-effectiveness. Also, it reduces fuel consumption
and GHG emissions. This drives the automobile industry, in turn leading
to the growth of the global non-ferrous castings market,”
says
Kshama.

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