Market Research Future (MRFR), predicts that the Global Metal Casting Market is anticipated to acquire a market value of USD 352.65 Billion while expanding at a CAGR of 7.55% during the assessment period from 2019 to 2024. Metal casting is one of the most adopted manufacturing processes and involves pouring molten metal into a die or sand mold to get the desired shape.
The growing demand for casting from the automotive sector is anticipated to make a significant contribution during the forecast period. The imposition of strict rules and regulations regarding pollution and energy efficiency in vehicles is expected to trigger the expansion of the industry in the assessment tenure. The rules have resulted in increased demand for lightweight vehicles, which is another salient cause that can grow the market significantly. The increasing vehicle production along with rising demand for premium vehicles, are predicted to augment the market in the assessment period. Furthermore, the growing production of electric and hybrid vehicles is anticipated to offer significant opportunities of expansion in the metal casting industry. On the contrary, the increasing preference for alternative metal processes is expected to be a significant factor that can hamper the market growth in the coming time. Furthermore, the high costs associated with casting metals is another cause that can hinder the market growth in the assessment tenure. However, the presence of various untapped markets in developing countries can provide lucrative opportunities of expansion in the forecast tenure.
Developments Post COVID-19 Outbreak:
The outbreak of COVID-19 has resulted in a negative impact on the casting market due to the temporary shutdown of manufacturing facilities and reduced demand. The imposition of lockdown affected the building and construction sector that brought a significant impact on the demand and supply chain. However, with the lifting up of lockdown across countries, the market is expected to gain momentum gradually.
Sources: FSC
ABOUT KEVA
Keva Casting is a professional casting company that focuses on Construction, Machinery, Automobile, Hardware, Pipeline and many other industries.
We provide top quality products with the best service based on our complete production chain including our own mold design, advanced production techniques, and full management of the supply chain. Keva Casting has two factories located in Zhucheng, China's Shandong province.
We use "shell molding", which is a new technique that has been developed in recent years.This new technique has simplified production procedures and reduced air pollution compared with traditional sand casting and investment casting. Shell making and core making are faster to ensure production in enormous quantities. The dimensions and surface finishing are satisfactory for all kinds of industrial requirements. Besides supplying our own formwork & scaffolding systems, our casting products also supply OEM services in various industries.