This market research by Technavio provides a detailed segmentation of the global non-ferrous casting market by metal type (aluminum, copper, magnesium, zinc, and others), by application (automobile, electrical and construction, industrial machinery, and others), and by geography (Americas, APAC, and Europe, ROW). It also includes an insightful analysis of the leading vendors in this market, including Alcoa, Amcol Metalcasting, Dynacast, Hitachi, and Precision Castparts.
Technavio’s market research analysts estimate the global non-ferrous castings market outlook, to grow at a CAGR of 6% between 2016 and 2020. The rising preference for lightweight and fuel-efficient vehicles in the automotive industry will boost the demand for non-ferrous castings during the estimated period. Also, the recent increase in the usage of various casting methods for the manufacture of lightweight automotive components have increased the demand for non-ferrous castings. APAC is the largest market for non-ferrous castings, as the region is witnessing growing preference for new eco-friendly vehicles. Also, Japan’s green car incentive policy has increased the demand for non-ferrous castings to reduce greenhouse emissions.
The new market research report from Technavio provides a breakdown and analysis of the non-ferrous casting segments by technology.
“In order to reduce the GHG emissions, various governments are stressing on the use of high fuel-efficient vehicles. This has several automotive OEMs to focus on R&D to improve fuel efficiency and reduce weight of the vehicle, thereby boosting the use of lightweight non-ferrous metals such as aluminum and magnesium. Such metals not only reduce the weight but also provide better structural strength,” says Chandrakumar BJG, Lead Analyst, Chemicals & Materials, Technavio Research
Technavio market research analysts have estimated the aluminum-casting segment to account for a market share of more than 82% by 2020. The prospects for growth in this market segment will be heavily influenced by the recent increase in the demand for aluminum casting from the automotive industry. The implementation of the weight reduction strategy by manufacturers in the automotive sector will bolster the need for aluminum casting during the predicted period.
The key vendors in the global non-ferrous castings market outlook include Alcoa, Amcol Metalcasting, Dynacast, Hitachi, and Precision Castparts. The level of competition in this market is expected to intensify by 2020 owing to the recent increase in R&D innovations and M&A. Additionally, this market will witness a growing trend of local acquisitions by the leading players, which will help them to diversify their geographical presence.
A more detailed analysis is available in the Technavio report, Global Non-Ferrous Castings Market Outlook 2016-2020.
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