North America Metal Casting Market
No. of Pages: 90 | Report Code: BMIRE00029404 | Category: Chemicals and Materials
No. of Pages: 90 | Report Code: BMIRE00029404 | Category: Chemicals and Materials
According to a 2022 report by the International Energy Agency, the sales of electric cars doubled in the US in 2021; the sales share increased by 4.5%, and 6.6 million units sold in that year. According to the International Organization of Motor Vehicle Manufacturers (OICA), in 2021, North America registered vehicle production of 13.4 million units.
The construction sector in North America is witnessing growth due to a robust economy and increased federal and state financing for commercial and institutional structures in the region. According to a 2022 report by the USA Facts Institute, the federal government of the US passed the Infrastructure Investments and Jobs Act in 2021, allocating US$ 550 billion for new federal infrastructure, including the repair, or rebuilding of bridges, roads, rail, and airports, for the period of 5 years. A rise in investments by governments and private companies in infrastructure building and construction projects fuels the demand for construction materials, specifically metal castings.
Metal castings are crucial components in the manufacturing of engine components, transmission to gearbox components, suspension systems, braking systems, body components, wheels and rims, and other automotive components. Metal castings are also critical structural components in the production of expansion joints, columns, beams, and trusses in the building & infrastructure industry. The production of precise and durable metal casting through advanced manufacturing processes enables the cost-effective production of critical automotive and construction elements. Therefore, the growing automotive and construction industry drives the demand for metal casting.
North America has major automotive, aerospace, infrastructure & construction, and machinery companies, contributing significantly to the demand for durable and complex metal components. According to the American Foundry Society, highly engineered metal castings are used to produce most manufactured goods and machinery. North America consists of more than 1,900 metal casting facilities. Further, foundries serve industries such as automotive, construction, agriculture, heavy industrial machinery, aircraft & aerospace, railways, and pipelines in the US, Canada, and Mexico. The rising demand for metal casting from several end-use industries is prompting manufacturers to plan expansion strategies in the region. In 2020, a division of Raytheon Technologies Corp, Pratt & Whitney, announced its plan to invest US$ 650 million through 2027 in a turbine airfoil production facility in North Carolina, US. The production facility was planned to have an advanced casting foundry to produce turbine airfoils. In 2021, Mitsui Kinzoku Die-Casting Technology America built a US$ 20 million facility in Georgia. The facility will produce automotive products. In 2021, IBC Advanced Alloys planned to invest over US$ 5 million to build a copper casting facility. Thus, the expansion of end-use industries and strategic developments by metal casting manufacturers in North America are likely to boost the demand for metal casting during the forecast period.
The North America metal casting market is segmented into product type, process, application, and country.
Based on product type, the North America metal casting market is segmented into carbon steel alloys, stainless steel alloys, aluminum alloys, grey iron, ductile iron, and others. The grey iron segment held the largest market share in 2022.
Based on process, the North America metal casting market is divided into sand casting, investment casting, gravity die casting, and others. The sand casting segment held the largest market share in 2022.
Based on application, the North America metal casting market is segmented into automotive, aerospace, marine, textile, building and construction, oil and gas, industrial machinery, and others. The automotive segment held the largest market share in 2022.
Based on country, the North America metal casting market is segmented into the US, Canada, and Mexico. The US dominated the North America metal casting market share in 2022.
Alcoa Corp, ArcelorMittal SA, Lucchini RS SpA, MEDEKO CAST Sro, Novacast Ltd, Posco Holdings Inc, and Tycon Alloy Industries (HongKong) Co Ltd are some of the leading companies operating in the North America metal casting market.
Strategic insights for the North America Metal Casting provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 25,810.14 Million |
| Market Size by 2030 | US$ 38,694.56 Million |
| Global CAGR (2022 - 2030) | 5.2% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2030 |
| Segments Covered |
By Product Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The geographic scope of the North America Metal Casting refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
The North America Metal Casting Market is valued at US$ 25,810.14 Million in 2022, it is projected to reach US$ 38,694.56 Million by 2030.
As per our report North America Metal Casting Market, the market size is valued at US$ 25,810.14 Million in 2022, projecting it to reach US$ 38,694.56 Million by 2030. This translates to a CAGR of approximately 5.2% during the forecast period.
The North America Metal Casting Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Metal Casting Market report:
The North America Metal Casting Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Metal Casting Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Metal Casting Market value chain can benefit from the information contained in a comprehensive market report.
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