At 6.0% CAGR, the Asia Pacific Metal Casting Market is projected to be worth US$ 1,55,214.79 million by 2030, says Business Market Insights

According to Business Market Insights’ research, the Asia Pacific metal casting market was valued at US$ 97,726.15 million in 2022 and is expected to reach US$ 1,55,214.79 million by 2030, registering a CAGR of 6.0% from 2022 to 2030. Growing automotive and construction industry and rising demand for industrial machineries are the critical factors attributed to the Asia Pacific metal casting market expansion.             

Industrial machinery enhances the productivity of manufacturing operations and positively impacts industrial competitiveness. As per the data released by The Observatory of Economic Complexity (OEC), China was top exporter of industrial machineries in 2021, with export valued at US$ 1540 billion. Industrial machineries perform diverse operations, from material handling, assembly, and welding to finishing and palletizing applications. Metal castings are widely used in the production of bearing housing and machine tool components, and machinery frames and bases. Also, they are used for structural support. Thus, rising demand for industrial machineries propels the growth of the metal casting market across the globe.

On the contrary, availability of metal casting alternatives hampers on the growth of Asia Pacific metal casting market. 

Based on product type, the Asia Pacific metal casting market is segmented into carbon steel alloys, stainless steel alloys, aluminum alloys, grey iron, ductile iron, and others. The grey iron segment held 31.9% market share in 2022, amassing US$ 31,128.11 million. It is projected to garner US$ 51,685.83 million by 2030 to expand at 6.5% CAGR during 2022–2030.

Based on process, the Asia Pacific metal casting market is divided into sand casting, investment casting, gravity die casting, and others. The sand casting segment held 57.6% share of Asia Pacific metal casting market in 2022, amassing US$ 56,328.83 million. It is projected to garner US$ 91,690.31 million by 2030 to expand at 6.3% CAGR during 2022–2030.

Based on application, the Asia Pacific metal casting market is segmented into automotive, aerospace, marine, textile, building and construction, oil and gas, industrial machinery, and others. The automotive segment held 29.5% share of Asia Pacific metal casting market in 2022, amassing US$ 28,787.33 million. It is projected to garner US$ 46,925.08 million by 2030 to expand at 6.3% CAGR during 2022–2030.

Based on country, the Asia Pacific metal casting market has been categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 66.1% share of Asia Pacific metal casting market in 2022. It was assessed at US$ 64,629.17 million in 2022 and is likely to hit US$ 1,05,629.73 million by 2030, exhibiting a CAGR of 6.3% during 2022–2030.            

Key players operating in the Asia Pacific metal casting market are Alcoa Corp, ArcelorMittal SA, Lucchini RS SpA, MEDEKO CAST Sro, Posco Holdings Inc, and Tycon Alloy Industries (HongKong) Co Ltd, among others.

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