At 3.8% CAGR, the Middle East & Africa Metal Casting Market is projected to be worth US$ 10,319.40 million by 2030, says Business Market Insights

According to Business Market Insights’ research, the Middle East & Africa metal casting market was valued at US$ 7,655.49 million in 2022 and is expected to reach US$ 10,319.40 million by 2030, registering a CAGR of 3.8% from 2022 to 2030. Growing automotive and construction industry and rising demand for industrial machineries are the critical factors attributed to the Middle East & Africa metal casting market expansion.             

The Dubai Water and Electricity Authority (DEWA) projects that there will be 12,852 electric vehicles (EVs) in Dubai by 2025, up from an estimated 7,331 in 2023. This backs Dubai's Green Mobility Strategy 2030, which calls for 10% of all vehicles purchases and 30% of cars used in the public sector to be electric or hybrid by 2030. Furthermore, half of the taxi fleet in Dubai has been successfully converted to hybrid cars by the Dubai Roads and Transport Authority (RTA). By 2027, it plans to have converted every taxi in the fleet to an electric or hybrid car. By 2030, RTA wants to see 25% of all trips in Dubai made via various forms of public transportation be autonomous. Additionally, Saudi Arabia established Ceer, the nation's first manufacturer of electric vehicles, in November 2022. In May, a US$ 6 billion investment in an electric vehicle (EV) battery facility and steel plate mill complex was announced. Additionally, the US-based EV manufacturer Lucid Group announced plans to construct its first overseas plant in Saudi Arabia within the next ten years. The MEA is projected to witness a rapid rise in industrialization, urbanization, which in turn, will propel the overall economy the region. The Gulf countries are economically advanced, while the African countries are yet to level up to their economic conditions. Most GCC countries are experiencing economic diversification and improvements required to enhance business environments and encourage foreign direct investment (FDI). According to the Economist Group, the construction sector in the GCC is expected to grow ~3.5–4% a year on average in 2023–2024. Thus, the strong growth in the construction industry is a crucial factor propelling the construction accounting software market in the region. Metal castings are crucial components in the manufacturing of engine components, transmission to gearbox components, suspension systems, braking systems, body components, wheels and rims, and other automotive components. Metal castings are also critical structural components in the production of expansion joints, columns, beams, and trusses in the building & infrastructure industry. The production of precise and durable metal casting through advanced manufacturing processes enables the cost-effective production of critical automotive and construction elements. Therefore, the growing automotive and construction industry drives the demand for metal casting.

On the contrary, availability of metal casting alternatives hampers on the growth of Middle East & Africa metal casting market. 

Based on product type, the Middle East & Africa 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 45.9% market share in 2022, amassing US$ 3,512.57 million. It is projected to garner US$ 4,899.85 million by 2030 to expand at 4.2% CAGR during 2022–2030.

Based on process, the Middle East & Africa metal casting market is divided into sand casting, investment casting, gravity die casting, and others. The sand casting segment held 72.1% share of Middle East & Africa metal casting market in 2022, amassing US$ 5,515.95 million. It is projected to garner US$ 7,573.95 million by 2030 to expand at 4.0% CAGR during 2022–2030.

Based on application, the Middle East & Africa metal casting market is segmented into automotive, aerospace, marine, textile, building and construction, oil and gas, industrial machinery, and others. The automotive segment held 27.4% share of Middle East & Africa metal casting market in 2022, amassing US$ 2,094.62 million. It is projected to garner US$ 2,885.82 million by 2030 to expand at 4.1% CAGR during 2022–2030.

Based on country, the Middle East & Africa metal casting market has been categorized into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. Our regional analysis states that the Rest of Middle East & Africa captured 38.2% share of Middle East & Africa metal casting market in 2022. It was assessed at US$ 2,923.89 million in 2022 and is likely to hit US$ 3,817.04 million by 2030, exhibiting a CAGR of 3.4% during 2022–2030.            

Key players operating in the Middle East & Africa metal casting market are ArcelorMittal SA, Lucchini RS SpA, MEDEKO CAST Sro, Novacast Ltd, and Posco Holdings Inc, among others.

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