At 5.2% CAGR, the North America Metal Casting Market is projected to be worth US$ 38,694.56 million by 2030, says Business Market Insights

According to Business Market Insights’ research, the North America metal casting market was valued at US$ 25,810.14 million in 2022 and is expected to reach US$ 38,694.56 million by 2030, registering a CAGR of 5.2% from 2022 to 2030. Growing automotive and construction industry and rising demand for industrial machineries are the critical factors attributed to the North America metal casting market expansion.             

Advancements in casting technologies can transform the metal casting industry by improving efficiency, precision, and quality of production. Technological developments are expected to address constraints about complex geometries, material properties, and environmental sustainability. Several advanced technologies include digital simulation and modeling, additive manufacturing, vacuum casting, lost foam casting, high-pressure die-casting, low-pressure mold casting, and permanent mold casting. Permanent mold casting is termed as gravity die casting, that involves molten metal poured into the reusable mold. Additive casting utilizes additive manufacturing to produce molds and patterns, to cast metal components. The approach reduces the requirement for tooling and ensures the manufacturing of complex components. In 2021, Gen3D and Enable collaborated to design and produce a complex lattice structure using Enable’s Additive Casting process, which is a hybrid production method combining additive manufacturing and conventional casting. Additive manufacturing in metal casting has a wide scope of application in several end-use industries such as automotive, aerospace, engineering, and machinery industries. Thus, the advancement of casting technologies is expected to become a major trend in the metal casting market during the forecast period.

On the contrary, availability of metal casting alternatives hampers on the growth of North America metal casting market. 

Based on product type, the North America 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 31.4% market share in 2022, amassing US$ 8,111.28 million. It is projected to garner US$ 12,765.09 million by 2030 to expand at 5.8% CAGR during 2022–2030.

Based on process, the North America metal casting market is divided into sand casting, investment casting, gravity die casting, and others. The sand casting segment held 62.0% share of North America metal casting market in 2022, amassing US$ 15,996.78 million. It is projected to garner US$ 24,533.21 million by 2030 to expand at 5.5% CAGR during 2022–2030.

Based on application, the North America metal casting market is segmented into automotive, aerospace, marine, textile, building and construction, oil and gas, industrial machinery, and others. The automotive segment held 30.7% share of North America metal casting market in 2022, amassing US$ 7,929.17 million. It is projected to garner US$ 12,190.14 million by 2030 to expand at 5.8% CAGR during 2022–2030.

Based on country, the North America metal casting market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 76.7% share of North America metal casting market in 2022. It was assessed at US$ 19,798.30 million in 2022 and is likely to hit US$ 30,031.71 million by 2030, exhibiting a CAGR of 5.3% during 2022–2030.            

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

• In 2020, Aluminum Foundry Busche Performance Group renamed itself Mobex Global following a recapitalization program, explaining that the new brand portrays its strategic initiatives, acquisitions, and divestitures and its role as a partner to automotive, agriculture, construction, and industrial customers.

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