The automobile industry offers a huge market for casted components made using non-ferrous and ferrous metals and its alloys. Casted automotive components offer better surface finish, highly complex designs and weight reduction for major automotive manufacturers worldwide. Different casting processes are used to produce automobile components with required physical and chemical properties.
As the casting method facilitates the formation of simple as well as complex designs and geometry with tighter angle tolerances, it is used to make various automotive components, such as engine blocks, door opening systems, flywheels, sunroofs, tank filling covers, etc. Also, in case of hard metals, such as titanium, for some high-end automobile engine blocks, casting is one of the only practical manufacturing methods as they are not malleable enough to be shaped in the solid state.
Casting also eliminates the need for assembly of multiple pieces as it converts this piece into a single stronger piece with required geometry and lighter weight. Casting of automotive components has a comparatively fast production cycle than other metal shaping methods, such as machining, extrusion, forging, stamping and welding. This makes casting an option for mass production applications.
The main factor behind the growth of the casted automotive components market is the rising expansion and production of the automotive industry. Also, increasing focus of automobile manufacturers on vehicle weight reduction is increasing the demand for lighter automotive components. With the help of casting processes, such as squeeze casting and investment casting, components with lightweight and high integrity and better finish components can be obtained easily, which can also be used for structural applications.
That apart, the growth of research and development and better technologies will significantly reduce the production cycle time of casting of automotive components. Also, increasing focus of various companies on decreasing the operational cost without compromising the quality of the product will increase the demand for casting products as casting has proven to be an economical process for high volume applications and design and materials engineers see it as an alternative to conventional metal shaping and assembly of multiple pieces.
However, high initial investment cost of setting up a casting plant can restrain the growth of the global casted automotive components market. Also, lack of awareness about various casting processes to select the most effective one can be a restraint to the growth of the casted automotive components market. However, the current trend to use a lighter material with high strength will increase the demand for lighter casted automotive components during the forecast period.
Casted Automotive Components Market Segmentation By Raw Material Type – Iron, Zinc, Aluminum, Magnesium, Others; By Production Process – Die Casting, Squeeze Die-Casting, Pressure Die-Casting, Semi-Solid Die-Casting, Vacuum Die-Casting, Investment Casting, Others; By Application Type – Engine Parts, Body Assemblies, Transmission Parts, Others
Europe holds a major share in the global casted automotive components market. It is followed by North America. Europe, North America and Asia Pacific are estimated to hold more than half of the total share of the global casted automobile component market. Europe and North America are projected to be major consumers owing to the established prominent OEM players in this region.
However, Asia Pacific is expected to show significant growth during the forecast period owing to the growing automobile industry and government initiatives in countries, such as India and China, to promote manufacturing, which will also contribute towards the growth of this market. The rest of the world is estimated to account for a relatively small share of the casted automotive components market.
Some of the examples of the market participants operating across the value chain of the global Casted Automotive Components Market are:, Precision Investment Castings Ltd, HICOM Diecastings Sdn. Bhd., ATEK Metal Technologies, LLC., Gibbs Die Casting Corp., Spark Minda, Ashok Minda Group, Diecasting Solutions GmbH, Endurance Technologies Limited, Rockman Industries Ltd., Lestercast Limited, Impro Precision Industries LimitedBarron Industries Inc
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