Latest News- Non-ferrous Castings Market: Aluminum is expected to lead the Type segment during 2024-2028

The Non-ferrous Castings Market is being driven by Increased simulation-based castings

The Non-ferrous Castings Market is expected to grow at a CAGR of 7.44% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 21.38 billion. The non-ferrous castings market has experienced significant growth in recent years, with aluminum castings leading the charge. End-user industries, including automotive, telecommunications, and industrial machinery, are increasingly favoring non-ferrous castings due to their lightweight, corrosion-resistant, and high-conductivity properties. Notably, the automotive sector is transitioning from traditional ferrous casting materials, such as iron and steel, to non-ferrous alternatives, like aluminum, zinc, and magnesium, for manufacturing components. This shift is driven by the demand for lighter, more efficient products, with several automakers replacing cast iron engine blocks with aluminum ones. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • Aluminum
  • Copper
  • Zinc
  • Magnesium
  • Others
• Application
  • Automobiles
  • Electrical and construction
  • Industrial machinery
  • Others
• Geography
  • APAC
    • China
    • India
    • Japan
  • North America
    • US
  • Europe
    • Germany
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increased simulation-based castings
• Rise in demand for aluminum
• Technological advancements in non-ferrous castings

However, the market also witnesses some limitations, which are as follows:

• Concerns related to maintaining quality control and defects
• Need for high initial investment
• Replacement of metals by plastics

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Market Scope in Non-ferrous Castings Market Research Report

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Research Analysis Overview

The Non-ferrous Castings Market is driven by the automotive sector, with electricity and gas as primary energy sources for production. Raw material costs, regulatory framework, and sustainability are key factors influencing market trends. Product segments include Electronics, Construction, Aerospace, and Automotive, with applications focusing on lightweight materials for fuel efficiency, emissions reduction, and lightweighting. Procurement and inventory management are crucial in this industry, utilizing Iron, Aluminum, and other non-ferrous metals. Innovation in material science and regulatory compliance are essential for market growth.

Market Research Overview

The non-ferrous castings market is a significant segment of the global commodity chemicals industry, which encompasses companies specializing in the production of industrial and basic chemicals, such as alloys, plastics, synthetic fibers, films, commodity-based paints and pigments, explosives, and petrochemicals. According to Technavio, the global commodity chemicals market's growth is primarily driven by the escalating demand for plastic packaging. As plastic is the most widely utilized material in the packaging sector worldwide, this trend is expected to significantly boost the market's turnover and production capacity. However, energy shocks and compression in production technologies may pose challenges to market expansion.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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Website: www.technavio.com/