Aluminum Castings Market Insights
Aluminium castings are produced by a metalworking process called aluminium casting process in which liquid aluminium and aluminium alloys is poured into molds with desired shape and details. Generally, three types of aluminium castings are made by three casting processes including die casting, permanent mold casting and sand casting.
The market for aluminium castings has gained momentum in the past decade on the back of increasing popularity of aluminium metal in the automotive industry which is replacing heavy metals with aluminium to meet the demand for lightweight and fuel-efficient automobiles.
Owing to their ideal properties suitable for aerospace components, aluminium castings also find application in the aerospace sector. However, ongoing trade disputes and increased aluminium tariffs are impacting the cost of aluminium castings, thereby projects a significant influence on the future outlook of aluminium castings market.
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Automotive Industry Presents a Surge in Demand for Aluminium Castings
The automotive industry has witnessed a significant surge in demand for aluminium material in the past several years. Among different types of automotive materials, the popularity of aluminium is growing at a faster rate owing to a higher proportion of aluminium in new models of automobiles as compared to their traditional models. Also, increasing demand for light-weight and fuel-efficient automobiles has gained significant momentum in the recent past, thereby increasing important of aluminium castings in the automotive industry.
An ever higher demand for aluminium castings is projected from the electric vehicles segment. Production trend of electric vehicles is on the rise wherein a number of auto industry giants have ramped up their EV production capacities. As aluminium presents potential benefits in terms of future weight reduction and high strength demand from the auto industry, the market for aluminium castings is highly likely to witness an optimistic outlook in the future.
Aluminium and Aluminium Alloy Castings Highly Valued in Aerospace Sector
Although a niche application, aluminium castings are highly valued in the aerospace industry for their specific characteristics. In particular, aluminium castings deliver a combination of functions such as precision and strength. These characteristics fit well in the evolving landscape of the aerospace sector which presents a significant demand for reliable, high-precision and cost-effective aerospace components.
With the advancements in aircraft technologies, increased sophistication has created a need for complex aerospace components wherein castings play a vital role. Further, increasing sales of aircraft on the back of increasing airline passengers and growth in the international air traffic. Owing to their critical role in aerospace technologies, aluminium castings will witness a steady demand in the aerospace sector.
Aluminium Casting Manufacturers to Face Surge in Prices on the Back of Trade Disputes
Increased import tariffs on aluminium are likely to impact the associated industry such as die casting or aluminium casting. Increased cost of aluminium is expected to translate into pricing surge of aluminium castings. Traditional practice of aluminium casting involved a lower cost, however, increased trade duties are likely to impact the cost of aluminium castings.
Increased tariffs on aluminium can also lead to shortage of aluminium and aluminium alloy supply required to meet the demand from the aluminium casting industry. Thus, increased tariffs of aluminium are likely to have a significant influence on the downstream aluminium industry manufacturers including aluminium casting manufacturers.
Aluminium Castings Market Segmentation
Aluminium castings market is segmented based on source, process and application.
Based on source, the aluminium castings market is segmented in:
Based on process, the aluminium castings market is segmented in:
- Die Casting
- Permanent Mold Casting
- Sand Castings
Based on application, the aluminium castings market is segmented in:
- Passenger Cars & LCV
- Commercial Vehicles
- Motor Bikes
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