Global Industrial Castings Market to Reach 93.5 Million Tons by 2015, According to New Report by Global Industry Analysts, Inc.
GIA announces the release of a comprehensive global report on Industrial Castings market. Global Industrial Castings market is forecast to reach 93.5 million tons by 2015. Resurrection of automotive production and industrial activity worldwide is expected to promote the growth of Industrial Castings market in the long term. Market expansion would also be spurred by increased usage in innovative application areas for copper, aluminum and ductile iron castings.
San Jose, CA (Vocus/PRWEB) January 11, 2011
Prospects for industrial castings worldwide appear upbeat amidst gradual turnaround in the automotive sector, one of the most crucial end-use markets. China is expected to lead the recovery and development process. The country accounts for over one-third of global industrial castings output every year. The North American and European markets are expected to achieve speedier recovery from slowdown, as they are benefited from the rapidly growing wind turbine blades market. Over the last few years, the industrial castings industry has been witness to a growing trend of migration from developed countries to evolving markets such as Asia. In the last four decades, a staggering 72% of all foundry facilities in the developed regions have shut down on account of high labor, raw material and production costs and recently, low demand triggered by the worldwide recession. The shift is also driven by stringent environmental stipulations and initiation of waste, energy and environmental taxation by governments in the western regions.
Metal casting industry is in a phase of continual transition. While some segments of the industry are mature or declining, the others are emerging to evolve into new ones. A major factor driving demand is the increasing number of novel applications for magnesium and aluminum castings, with ferrous castings giving way to nonferrous castings in the automotive sector. The rising demand from the automotive industry is expected to propel growth in aluminum die-castings market worldwide. Gray iron castings have been losing share to other metals such as aluminum and plastics. The average weight of gray iron per unit used in motor vehicles is on a declining note. Specific end-use markets such as internal combustion engines and commercial & defense are slated to grow at the fastest rate. Some other major end-use areas include industrial machinery, paper, printing, aerospace equipment and textile & packaging machinery. These sectors are projected to display strong growth prospects thereby fuelling expansion of the industrial castings market.
The foundry industry worldwide reeled under the impact of economic recession during the period 2008 & 2009, in line with other related industries such as refractory and construction. The industry slowdown began in late 2008, and worsened in 2009 as the economic crisis deepened. Production of global industrial castings eroded by about 2.0% in 2008 to 93.5 million metric tons, from a higher 94.9 million metric tons recorded in 2007. The decrease would have been steeper, but for China, which posted over 7.0% growth in castings production in the same year. In addition, countries including Poland, South Korea and Brazil also recorded about 1% – 5% increase in production during 2008. However, industrialized markets such as US and Japan suffered heavy declines in production by 9% and 19% respectively. The demand for castings in the US fell by over 8.5% in 2008 as compared to 2007 levels, despite maintaining status as the second largest castings producer worldwide.
In the early phase, the economic crisis affected short lead-time castings or automotive foundries and later moved on to impact the more specialized industry segments that produce infrastructure castings. End-use industries were also severely affected, with automobile demand severely decreasing, and postponement or cancellation of big infrastructure projects in several countries, especially Eastern Europe. However, the foundries industry is slated to witness a slow turnaround in demand post 2010, stemming primarily from the automotive industry. Although the castings market in Europe is beginning to recover, the shortages in raw materials and shifting inventories are creating obstacles to speedier recovery.
Asia-Pacific represents the largest and fastest growing market for Industrial Castings, as stated by the new market research report on Industrial Castings. Rapid pace of industrialization and development in regions such as China, India and Korea are the primary demand drivers for industrial castings in the region. Europe and the US are the next largest consumers of industrial castings. In terms of size, the Ferrous Castings product group clearly rules the industrial castings market. Within the group, demand for ductile iron castings is expected to precede gray iron castings, over the long term. The most promising growth overall is however expected from the aluminum castings segment, a part of the Ferrous Castings product group, forecast to expand at the highest CAGR over the analysis period.
Key players profiled in the report include Bradken – Engineered Products, Esco Corp, GIW Industries, Intercast and Forge Pty Ltd, Kubota Corp, Precision Metalsmiths, Ryobi Ltd and Wyman-Gordon Company.
The research report titled “Industrial Castings: A Global Strategic Business Report” announced by Global Industry Analysts, Inc., provides a comprehensive review of market trends, product overview, end-use markets, product innovations, recent industry activity and profiles of market players worldwide. The study analyzes market data and analytics in terms of volume demand for regions including The United States, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Latin America, and Middle East by the following segments – Ferrous Castings (Gray Iron Castings, Ductile Iron Castings, Malleable Iron Castings, and Steel Castings) and Non-Ferrous Castings (Aluminum Castings, Copper Castings, Magnesium Castings and Other Non-Ferrous Castings).
For more details about this comprehensive market research report, please visit ““ http://www.strategyr.com/Industrial_Castings_Market_Report.asp
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a reputed publisher of off-the-shelf market research. Founded in 1987, the company is globally recognized as one of the world’s largest market research publishers. The company employs over 800 people worldwide and publishes more than 1200 full-scale research reports each year. Additionally, the company also offers thousands of smaller research products including company reports, market trend reports, and industry reports encompassing all major industries worldwide.
Global Industry Analysts, Inc.
Web Site: http://www.StrategyR.com/
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