Asia Pacific Metal Casting Market Forecast to 2030 - Regional Analysis - by Product Type, Process, and Application

The Asia Pacific metal casting market was valued at US$ 97,726.15 million in 2022 and is expected to reach US$ 1,55,214.79 million by 2030; it is estimated to grow at a CAGR of 6.0% from 2022 to 2030.

Rising Demand for Lightweight Materials Fuels the Asia Pacific Metal Casting Market

The rising demand for lightweight materials is a key opportunity influencing the growth and evolution of metal casting market. Industries such as automotive, aerospace, and even certain segments of consumer goods are increasingly prioritizing materials that offer high strength while being lighter in weight. This shift is primarily driven by the need to enhance fuel efficiency, reduce emissions, and improve overall performance.

Metal casting techniques play a crucial role in meeting this demand for lightweight materials by offering the ability to produce intricate and complex components from alloys like aluminum, magnesium, and their composites. These alloys possess favorable characteristics such as high strength-to-weight ratios, corrosion resistance, and excellent formability, making them ideal for applications requiring reduced weight without compromising structural integrity.

In the automotive sector, for instance, lighter metal cast components, particularly engine parts and structural elements, contribute to enhanced fuel efficiency and better overall vehicle performance. Similarly, in the aerospace industry, utilizing lightweight metal castings in aircraft components helps reduce fuel consumption and increases payload capacity.

The metal casting market’s response to this demand involves continuous research and development into innovative alloys, casting processes, and technologies to optimize lightweight materials’ properties and performance.

Asia Pacific Metal Casting Market Overview

Asia Pacific countries such as China and Japan are amongst the world’s top five countries in manufacturing of machines tools. Further, Asia Pacific is home to major and automobile players across the world, including Toyota Motor Corporation; Tata Motors Ltd.; Hyundai Motor Company; Nissan Motor Co., Ltd.; and Honda Motor Co., Ltd. These companies are focused on expansion, research and development, and product innovation.

According to a report published by the China Passenger Car Association, in 2022, Tesla Inc delivered 83,135 made-in-China electric vehicles, indicating growth in sales of electric vehicles from 2021. As per the data published by The European Automobile Manufacturers’ Association (ACEA), in 2022, the countries in Asia Pacific produced ~48.67 million units of motor vehicles. Hence, the demand for battery electric vehicles is increasing in Asia Pacific. In addition, machinery, and equipment (M&E) industry is one of the catalytic subsectors to spur the economic development in Asia. Asia is famous for producing industrial machinery, including CNC machines, lathes, and metalworking equipment. Thus, growth in end-use industries such as manufacturing, and automotive industries are expected to create favorable business opportunities for the metal casting market during the forecast period.

Asia Pacific Metal Casting Market Revenue and Forecast to 2030 (US$ Mn)

Asia Pacific Metal Casting Market Segmentation

The Asia Pacific metal casting market is segmented into product type, process, application, and country.

Based on product type, the Asia Pacific metal casting market is segmented into carbon steel alloys, stainless steel alloys, aluminum alloys, grey iron, ductile iron, and others. The grey iron segment held the largest market share in 2022.

Based on process, the Asia Pacific metal casting market is divided into sand casting, investment casting, gravity die casting, and others. The sand casting segment held the largest market share in 2022.

Based on application, the Asia Pacific metal casting market is segmented into automotive, aerospace, marine, textile, building and construction, oil and gas, industrial machinery, and others. The automotive segment held the largest market share in 2022.

Based on country, the Asia Pacific metal casting market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China dominated the Asia Pacific metal casting market share in 2022.

Alcoa Corp, ArcelorMittal SA, Lucchini RS SpA, MEDEKO CAST Sro, Posco Holdings Inc, and Tycon Alloy Industries (HongKong) Co Ltd are some of the leading companies operating in the Asia Pacific metal casting market.

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