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

The North America metal casting market was valued at US$ 25,810.14 million in 2022 and is expected to reach US$ 38,694.56 million by 2030; it is estimated to grow at a CAGR of 5.2% from 2022 to 2030.

Growing Automotive and Construction Industry Fuels the North America Metal Casting Market

According to a 2022 report by the International Energy Agency, the sales of electric cars doubled in the US in 2021; the sales share increased by 4.5%, and 6.6 million units sold in that year. According to the International Organization of Motor Vehicle Manufacturers (OICA), in 2021, North America registered vehicle production of 13.4 million units.

The construction sector in North America is witnessing growth due to a robust economy and increased federal and state financing for commercial and institutional structures in the region. According to a 2022 report by the USA Facts Institute, the federal government of the US passed the Infrastructure Investments and Jobs Act in 2021, allocating US$ 550 billion for new federal infrastructure, including the repair, or rebuilding of bridges, roads, rail, and airports, for the period of 5 years. A rise in investments by governments and private companies in infrastructure building and construction projects fuels the demand for construction materials, specifically metal castings.

Metal castings are crucial components in the manufacturing of engine components, transmission to gearbox components, suspension systems, braking systems, body components, wheels and rims, and other automotive components. Metal castings are also critical structural components in the production of expansion joints, columns, beams, and trusses in the building & infrastructure industry. The production of precise and durable metal casting through advanced manufacturing processes enables the cost-effective production of critical automotive and construction elements. Therefore, the growing automotive and construction industry drives the demand for metal casting.

North America Metal Casting Market Overview

North America has major automotive, aerospace, infrastructure & construction, and machinery companies, contributing significantly to the demand for durable and complex metal components. According to the American Foundry Society, highly engineered metal castings are used to produce most manufactured goods and machinery. North America consists of more than 1,900 metal casting facilities. Further, foundries serve industries such as automotive, construction, agriculture, heavy industrial machinery, aircraft & aerospace, railways, and pipelines in the US, Canada, and Mexico. The rising demand for metal casting from several end-use industries is prompting manufacturers to plan expansion strategies in the region. In 2020, a division of Raytheon Technologies Corp, Pratt & Whitney, announced its plan to invest US$ 650 million through 2027 in a turbine airfoil production facility in North Carolina, US. The production facility was planned to have an advanced casting foundry to produce turbine airfoils. In 2021, Mitsui Kinzoku Die-Casting Technology America built a US$ 20 million facility in Georgia. The facility will produce automotive products. In 2021, IBC Advanced Alloys planned to invest over US$ 5 million to build a copper casting facility. Thus, the expansion of end-use industries and strategic developments by metal casting manufacturers in North America are likely to boost the demand for metal casting during the forecast period.

North America Metal Casting Market Revenue and Forecast to 2030 (US$ Mn)

North America Metal Casting Market Segmentation

The North America metal casting market is segmented into product type, process, application, and country.

Based on product type, the North America 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 North America 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 North America 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 North America metal casting market is segmented into the US, Canada, and Mexico. The US dominated the North America metal casting market share in 2022.

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

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