The global non-ferrous castings market is expected to grow at a CAGR of over 8.5% during the forecast period of 2021-2026. This growth is attributed to the increasing demand for non-ferrous castings in various industries such as automotive, aerospace, and industrial machinery. Non-ferrous castings are produced by pouring molten metal into a mold, which is then cooled and solidified. The castings are then machined and treated to achieve the desired properties.
The global non-ferrous castings market is segmented based on type, application, and geography. By type, the market is divided into aluminum, copper, magnesium, zinc, and others. Aluminum castings are the most widely used type of non-ferrous castings and are expected to dominate the market during the forecast period. Aluminum castings are used in a wide range of applications such as automotive, aerospace, and industrial machinery.
By application, the market is segmented into automotive, aerospace, industrial machinery, and others. The automotive industry is the largest consumer of non-ferrous castings and is expected to drive the market growth over the forecast period. The increasing demand for lightweight components in the automotive industry is expected to drive the demand for non-ferrous castings.
Geographically, the global non-ferrous castings market is segmented into North America, Europe, Asia Pacific, and Rest of the World. Asia Pacific is the largest market for non-ferrous castings and is expected to maintain its dominance during the forecast period. The increasing demand for non-ferrous castings in the automotive and aerospace industries in the region is driving the market growth.
The major players in the global non-ferrous castings market are Alcoa Corporation, Arconic Corporation, Precision Castparts Corporation, Ryobi Limited, Sandvik AB, and ThyssenKrupp AG. These companies are focusing on expanding their production capacity and developing new products to meet the increasing demand for non-ferrous castings.
The global non-ferrous castings market is expected to witness significant growth during the forecast period, due to the increasing demand from various industries such as automotive, aerospace, and industrial machinery. The growing demand for lightweight components in the automotive industry is expected to drive the demand for non-ferrous castings. The increasing demand for non-ferrous castings in the aerospace industry is also expected to drive the market growth. Furthermore, the increasing demand for non-ferrous castings in the industrial machinery industry is expected to further boost the market growth.
The major players in the global non-ferrous castings market are focusing on expanding their production capacity and developing new products to meet the increasing demand for non-ferrous castings. The companies are also investing in research and development to develop new products and technologies to meet the changing customer requirements.
Overall, the global non-ferrous castings market is expected to witness significant growth during the forecast period, due to the increasing demand from various industries such as automotive, aerospace, and industrial machinery. The increasing demand for lightweight components in the automotive industry is expected to drive the demand for non-ferrous castings. The increasing demand for non-ferrous castings in the aerospace industry is also expected to drive the market growth. Furthermore, the increasing demand for non-ferrous castings in the industrial machinery industry is expected to further boost the market growth. The major players in the market are focusing on expanding their production capacity and developing new products to meet the increasing demand for non-ferrous castings.