- The key vendors in the global industrial casting market 2015-2019 are Alcoa Inc., Dynacast International Inc., Hitachi Metals Ltd., Precision Castparts Corp. and ThyssenKrupp AG
London, 01 July 2015: Technavio, an independent tech-focused global research firm, has announced the publication of its market research report on the global industrial casting market 2015-2019. The governments of many developed countries are implementing stringent regulations on the manufacturing sector to preserve the environment. Consequently, OEMs and their suppliers are engaged in R&D activities to improve fuel efficiency, increase power, and reduce the weight of the core components of automobiles. This has also led to the use of non-ferrous materials such as aluminum and magnesium, which provide better structural strength and are lighter than parts made from traditional metals. The global industrial casting market is likely to grow steadily during 2014-2019, posting a CAGR of 7.88%.
Global industrial casting manufacturers have adopted many advanced technologies based on the needs of end-users such as the automotive and industrial machinery industries. Various industries require castings with exact dimensions of shape, size, and weight for their manufacturing purposes. This has compelled metal casting manufacturers to adopt simulation-based castings for developing perfect castings while manufacturing.
“Currently, several organizations across the automotive, industrial machinery, and telecommunications industries have started developing lightweight products to improve quality and reduce the overall weight of their products,” says Faisal Ghaus, Vice President of Technavio Research.
To define the market conditions 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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