Increased Use of Simulation-Based Castings Will Boost the Global Non-Ferrous Castings Market Through 2020, Says Technavio
By Business Wire News
By Business Wire News
Technavio analysts forecast the global non-ferrous castings market outlook to post a CAGR of close to 6% by 2020, according to their latest report.
The research study states the preference for lightweight and fuel-efficient vehicles are the major growth factors of the non-ferrous castings market.
Technavio’s research study segments the global non-ferrous castings market based on metal, including aluminum, copper, zinc, magnesium, and others. The aluminum segment is the highest revenue generator of the market with almost 83% of the overall market share. Increasing demand from the automotive industry, parts of small appliances, lawn mowing equipment, and other machinery is propelling the growth of this segment.
The three major factors driving the global non-ferrous castings market according to Technavio analysts are:
- Growth in the automobile industry
- Increased simulation-based castings
- Industrialization and development in APAC
Growth in the automobile industry
Aluminum, which is one of the most common non-ferrous metals used for casting, is replacing steel in automobiles and transportation. Aluminum is preferred over other metals as it is lightweight, which helps in reducing fuel consumption and GHG emissions. Components such as cylinder heads, crank cases, transmission housings, engine blocks, pumps, bearings, suspension and bodywork parts, and wheels are manufactured using casting methods. In addition, aluminum is easily recyclable and resistant to corrosion, thus ensuring sustainability and durability of the vehicle.
Chandrakumar B J, Technavio lead research analyst, specializing in research on metals and mineralssays, “Ford has a joint venture with Sapa for the supply of aluminum tubing to be used in the production of F-150 trucks, making them ~700 lbs lighter than the 2014 model. Similarly, GM’s CT, a new luxury sedan, will have chassis consisting of more extruded and cast aluminum.”
Increased use of simulation-based castings
Simulation provides a virtual casting process like mold filling, cooling, and solidification with respect to direction and time. It also helps in predicting the location of internal defects and in optimizing the casting process method and designs. Simulation-based casting is highly suitable for the production of economical, reliable, and high accuracy cast components.
The ever-changing demand of end-users for specific casting dimension, size, and weight is compelling non-ferrous casting manufacturers to adopt simulation-based castings. Simulation-based models also help in reducing operation costs and decreasing wastage.
Industrialization and development in APAC
The report also states that the growth of the global industrial casting market has been promising in recent years because of growing demand for aluminum casting in APAC. APAC is the largest and strongest growing market for aluminum casting worldwide. The rapid increase in industrialization and development in China, India, and South Korea is the primary demand driver for industrial casting in APAC. China is the world’s biggest consumer and producer of non-ferrous metal casting and accounts for nearly one-third of the global aluminum casting output each year.
“Rapid urbanization and industrialization have generated a need for construction equipment in emerging countries such as China, India, and Indonesia, which is likely to propel the demand for castings over the next four years. Apart from this, reclamation of the global economy and recovery from the Eurozone crisis will fuel the growth of the market in the future,” says Chandrakumar B J.
Browse Related Reports:
- Industrial Casting Market in the US 2015-2019
- Global Aluminum Casting Market 2015-2019
- Global Ceramic Matrix Composites Market 2016-2020
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
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