The global industrial castings market was valued at more than 105 million metric tons in 2015 and is expected to surpass 115 million metric tons by 2020, says Technavio.
Technavio has announced its latest market research report on industrial castings for the forecast period, 2016-2020. This market analysis, under the paints, coatings, pigments vertical discusses the major drivers and key emerging trends that will influence the growth of the global industrial castings market during the forecast period. Some of the top vendors listed in this industry analysis include AkzoNobel, Axalta Coating Systems, BASF, PPG Industries, and Sherwin-Williams.
In terms of geographical analysis, APAC is expected to account for the largest share of the global market and is expected to surpass 75 million metric tons by 2020. China, India, and Japan will emerge as the key revenue-generators.
“Global die casting machinery manufacturers are increasingly incorporating several simulation-based software with their offerings to cater to the needs of end-users such as the automotive industry more efficiently. Simulation-based casting can be used to produce cost-effective, reliable, and high-precision components. Besides, simulation-based casting also finds application in increasing the casting yield and reduce the shop floor time,” says Ajay Adhikhari, a lead analyst at Technavio for paints, coatings, pigments.
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The new industry research report from Technavio analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
CO₂ emissions spurring demand for lightweight feature
Government regulations on vehicle emission standards have encouraged global automotive manufacturers to shift their focus to the use of lightweight metals for producing parts of an automobile. The overall trend of the automotive industry is to produce complex cast parts that are lightweight and yet involve lower production costs. Lightweight vehicles result in less fuel consumption and as a result, low carbon emissions.
Augmented demand from aerospace, defense, and telecom sectors
Aluminum die casting process, along with forging techniques, is used increasingly in the aerospace and defense industry segments. The increased demand for the manufacture of lightweight aircraft is propelling the demand for aluminum and other lightweight alloys. Furthermore, aluminum is used in a wide range of infrastructure and networking equipment in the telecom as well as the computing industries. Electronic handheld devices such as smartphones make use of aluminum castings as they shield against electromagnetic interference (EMI)/frequency interference (RFI) signals and provide rigidity and durability along with significant weight reduction.
X-ray casting defect recognition
Digital imaging technology makes it possible to process images using automation technology in the production processes and ultimately decide on the acceptance or rejection of produced parts, thus increasing the overall efficiency and quality of the finished products. Casting errors, which were previously difficult to inspect, can be identified with ease through the use of x-ray casting. With the additional help of software tools, these systems can help quality inspectors to find, characterize, and dispose anomalies and at the same time assist in automatic acceptance or rejection of the casting based upon the system settings.
Some of the other prominent vendors identified in this report are Jotun, Kansai Paint, Nippon Paint, RPM International, and Sika.
This research report includes an in-depth analysis, market shares, and sizes of the sub-segments and geography. It provides a comprehensive analysis of the key companies, including their market shares, business overview, and key financials. The market study also offers a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Industrial Castings Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
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