Global aluminium casting market is anticipated to grow at a considerable CAGR of 7.5% during the forecast period (2024-2031).A major factor supporting the market growth is the growing demand in the automobile industry. The production of motor vehicles is increasing every year at a stable rate globally, and it has created several opportunities for market growth. The Asia-Pacific countries such as China, Japan, and India have contributed the most to automotive production globally. Moreover, the demand is likely to increase further for aluminum cast products in the automobile industry over the forecast period.Aluminum is presently the second most commonly used metal in automobiles, and its use is growing at the fastest rate, a clear indication of the metal's increasing importance in automobile production. There has been a significant increase in the use of aluminum in vehicles, whether they are battery electric vehicles (BEVs), hybrids, or internal combustion engine (ICE) vehicles, due to a growing consumer awareness of sustainability and stricter emission standards. Due to the unique properties of aluminum, which lend themselves well to the automotive industry. Due to its high strength-to-weight ratio, aluminum makes vehicles significantly lighter, faster, more maneuverable, and high-performing.
Browse the full report description of “Aluminum Casting Market Size, Share & Trends Analysis Report by Process (Die casting, Sand Casting, and Permanent Mold Casting). and by End-Use Sector (Industrial, Transportation, and Building and Construction). Forecast Period (2024-2031).” at https://www.omrglobal.com/industry-reports/aluminum-casting-market
The Government of India encourages foreign investment in the automobile sector and has allowed 100.0% foreign direct investment (FDI) under the automatic route. Some of the recent initiatives taken by the Government of India are:
In the Union Budget 2021-2022, the government introduced the voluntary vehicle scrappage policy, which is likely to boost demand for new vehicles after removing old unfit vehicles currently plying on Indian roads.In February 2021, the Delhi government started the process to set up 100 vehicle battery charging points across the state to push the adoption of electric vehicles.The Union Cabinet outlaid Rs. 57,042 crore ($7.8 billion) for the automobiles and auto components sector in the production-linked incentive (PLI) scheme under the Department of Heavy Industries.
Market Coverage
• The market number available for – 2024-2031
• Base year- 2023
• Forecast period- 2024-2031
• Segment Covered-
o By Process
o By End-Use Sector
• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
• Competitive Landscape- Alcoa Corp., Aluminum Corp. of China Limited, Dynacast., and Endurance Technologies Ltd., among others.
Key questions addressed by the report.
Global Aluminium Casting Market Report Segment
By Process
By End-Use Sector
Global Aluminium Casting Market Report Segment by Region
North America
• United States
• Canada
Europe
• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe
Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
Rest of the World
• Latin America
• Middle East & Africa
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