London, 14 August 2015: Technavio, the independent tech-focused global research firm, has published a report on the industrial casting market in the US 2015-2019, which is expected to grow at a CAGR of 7.54% during the forecast period of 2014-2019.
The growing popularity of simulation-based castings is a critical factor that promotes growth in this market. The industrial casting manufacturers in the US have developed technologies that allow the use of genetic algorithms and neural nets for selecting optimum pressure die casting based on end-users’ requirements. As many industries require castings with precise dimensions, the metal casting manufacturers have introduced various simulation-based models that aid in the development of perfect castings during the manufacturing process.
“As the demand for high-quality casting products has increased, several companies have started offering high-precision aluminum and steel die castings. This leads to increased use of electricity and rise in carbon emissions. Thus, the need for electricity is increasing across the US and worldwide,” says Faisal Ghaus, Vice President of Technavio.
“Traditional casting methods need intense use of fossil fuels and these non-renewable sources of energy have started depleting. It also results in an increase in carbon emissions. As a result, government and private organizations across the US are trying to reduce emissions.”
Key Market Drivers:
- Increased use of simulation-based castings
- Recovery of manufacturing sector
- Growth of global wind turbine market
- Increased demand for non-ferrous castings
- Need for enhanced cost savings
- Need for superior-quality products
Key Market Trends:
- Development of lightweight casting products
- Steady shift from ferrous castings to non-ferrous castings
- Scope for development of green foundries
- Increase in M&A
- Growth of renewable energy castings
- Increased use of computer-integrated manufacturing systems
Key Market Vendors:
- Alcoa
- Amsted Industries
- Precision Castparts
- Fiat Chrysler Automobiles
To define the market circumstances in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges, and trends featuring data on product segmentations, vendor shares, growth rate by revenue, and an evaluation of the different buying criteria in the order of importance.
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