Selbyville, Delaware, August 24, 2021 (GLOBE NEWSWIRE) – According to the report published by Global Market Insights Inc., the Aluminum foundry market the size is expected to be worth over $ 120 billion by 2027. The report offers an in-depth analysis of the market size and estimates, opportunities and drivers, hesitant market trends, major pockets of investment, most successful strategies and an overview of the competitive scenario.
The cast aluminum market is largely driven by the increasing use of lightweight cast aluminum products in automotive and transportation applications. The demand for products is also increasing due to the growth of modern infrastructure in developing economies. In addition, the demand for high performance materials with superior impact resistance, anti-corrosion properties and flexibility in industrial tools and equipment will increase the market share during the forecast period.
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The aluminum casting industry share from industrial tools and equipment could increase at a CAGR of 7% over the period 2021-2027. This is due to the wide use of cast aluminum products in lawn mowers, small appliances, portable tools and other equipment.
Main reasons for the growth of the cast aluminum market:
- Growing demand for aluminum die casting products.
- Growing application in industrial tools and equipment.
- Strict energy efficiency standards in North America.
The 2027 forecast shows that the “aluminum die-casting” segment retains its predominance:
The aluminum die-casting market is expected to grow at a rapid rate during the forecast period of 2021 to 2027. The demand for the products is mainly driven by wide application in automotive, aerospace, construction and construction. ‘other areas.
North America to continue its leadership status in terms of turnover:
North America aluminum casting industry The size is estimated to be over US $ 19 billion by 2027, due to continued demand in the building and construction, automotive, and home appliance industries. The United States and Canada are expected to hold a significant share of the regional market due to more stringent energy efficiency standards in the aerospace and automotive sectors.
Impact of COVID-19 on Cast Aluminum Market Forecast:
The COVID-19 pandemic has had a slight impact on the aluminum smelting industry due to weakened product demand in key end-use verticals. The temporary shutdown of construction and manufacturing operations in the automotive and aerospace sectors resulted in lower product demand.
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Major market players:
The major market players analyzed in the Global Aluminum Casting Market report include Aluminum Corporation of China Ltd., Alcoa Corp., Endurance Technologies Ltd., Alcast Technologies, Ryobi Ltd., Dynacast, and Bodine Aluminum Inc. for n to name a few.
About Global Market Insights Inc.
Global Market Insights, Inc., headquartered in Delaware, USA, is a global provider of market research and consulting services. Offering syndicated and customized research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with insightful insights and actionable market data that aid strategic decision making.
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