Global Metal Casting Market
Author: Date: 2016-4-5 15:26:02
The global metal casting market to grow steadily at a CAGR of 6% during the forecast period. The demand for commercial vehicles and construction equipment has been increasing for the past three years,and this trend is expected to continue during the forecast period,providing greater opportunities to vendors in this market. Also,there has been a surge in demand for commercial vehicles,construction equipment,and electrical and electronic products from emerging economies such as India and Indonesia,thereby offering tremendous potential for metal casting.
It is expected that the increase in stronger emission regulations and requirements for energy efficiency will result in the production of lightweight vehicles in the next 20 years. For instance,premier automobile manufacturer Mitsubishi has introduced XR-PHEV 2,which is a lightweight SUV concept vehicle. The new PHEV is lightweight,compact,and highly fuel efficient. The reduction in the weight of the vehicle will hit the market for conventional steel. Technavio expects that by the end of 2050 only one-fifth of the total materials used to manufacture a car will be conventional steel. High tensile steel and light metals (aluminum and magnesium) will gain significant importance. This factor will influence the rise in treatment of metals such as aluminum and high-tensile steel,thereby promoting the growth of the metal casting market.