Increase in applications of Cast Alloys by OEMs in various frameworks like bracket, oil pumps, radiator support, crankshaft, cylinder crankcase, and in automotive sector in vehicles body parts and interior parts are key factors contributing to high CAGR of Cast Alloys during the forecast period.
Cast Alloys Market Size – USD 3,969.0 Million in 2020, Growth - CAGR of 11.80%, Trends – Increase in applications of Cast Alloys through all sectors.
According to the current analysis of Reports and Data, the global Cast Alloys Market was valued at USD 3,969.0 Million in 2020 and is expected to reach USD 4,254.9 Million by 2028, at a CAGR of 11.80%. Owing to its ability to absorb energy, low density, extensive heat dissipation capacity, vibration absorption, high elasticity modulus, and high impact bearing capacity, Cast Alloys are considered unique. The demand of the consumers for light-weight vehicles to enhance the performance of these vehicles is expected to drive the market growth. An increase in the disposable income of consumers has led to an increase in demand for electronic equipment like cell phones, computers, laptops, cameras, and portable media device housing, which is expected to drive the market of Cast Alloys during the forecast period. Additionally, owing to its ability to form complex shapes, Cast Alloys are suitable in sports sector for producing various sports equipment like golf clubs, javelins, tennis rackets, and archery bows.
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Top Companies: Magnesium Elektron (UK), Nanjing Yunhai Special Metals Co. Ltd. (China), Ka Shui International Holdings Ltd. (China), US Magnesium (US), Meridian Lightweight Technologies (US), Shanghai Regal Magnesium Ltd. Co. (China), Magontec (Australia), Rima Group (Brazil), Smiths Advanced Metals (UK), Shanxi Fugu Tianyu Mineral Industry (China)
Further Key Finding from the Report Suggestion:
- Asia Pacific is considered to be the largest market shareholder in 2018 and stays the largest shareholder through the forecast period. In the Asia Pacific, the market is majorly driven by China and South Korea due to an increase of Cast Alloys in computers, cell phones, body structures, and power trains consumer electronics in these countries.
- Cast Alloys are non-toxic in nature, which makes it useful in healthcare and medical industry. For example, Cast Alloys are being used as biodegradable implants in the human body.
- Asia Pacific region is predicted to hold 28.3% of the global Cast Alloys market. Developing countries such China and India are likely to witness high growth in the Cast Alloys market.
- However, some drawbacks of Cast Alloys include poor corrosion resistance, elongation, and tedious process of completely removing the impurities like copper and nickel from the alloy.
- AZ-based Cast Alloys are produced by mixing aluminum and zinc elements in appropriate proportions in purified magnesium metal.
- Some of the most commonly used AZ based Cast Alloys are: AZ based Cast Alloys have excellent casting ability and mechanical strength while AZ 91 D-based alloys show properties of high corrosion resistance and high purity. They can aptly be used in production of telephones and car parts.
Market Overview:
Consumers are placing a higher importance on sustainability and, as a result, are choosing items based on factors like circularity and carbon footprint. Furthermore, consumer concern about carbon emissions has prompted increased investment in renewable energy, energy efficiency, and transportation decarbonization. These developments have had considerable impact on chemical end sectors, particularly in the automobile and construction industries. COVID-19 has exacerbated the situation by lowering the automobile and construction industries (as well as many others) and disrupting current supply lines.
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The global Cast Alloys market is segmented into:
Alloy Type (Revenue in USD Million; Volume in Tons, 2018–2028)
- Cast Alloys
- Wrought Alloys
- Others
End-Use Industry (Revenue in USD Million; Volume in Tons, 2018–2028)
- Automotive Transportation
- Electronics
- Aerospace Defense
- Power Tools
- Others
Regional Outlook:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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