The North America and Europe metal casting market size was valued at US$ 22.37 billion in 2022 and is projected to reach US$ 34.00 billion by 2030; it is expected to grow at a CAGR of 5.6% from 2022 to 2030.
Metal casting manufacturers focus on expanding their product portfolio and targeting new customer base through geographical expansion strategies. Diversification in terms of geography reduces the company’s dependency on specific location for revenue generation and mitigates risk associated with market fluctuation. Companies seek opportunities to expand their geographic presence in several locations in North America and Europe. In 2021, Kent Foundry planned a US$ 3.5 million expansion project to manufacture gray and ductile iron castings in the US. In 2021, Brinco Planning Indiana steel foundry announced plans to open a steel casting plant in Indiana, US, with an investment of US$ 35 million. The plant is aimed to produce rail components. In 2021, The CA Lawton Co acquired Penn-Mar, a gray and ductile iron foundry in Pennsylvania, the US. Penn-Mar manufactures multi-cored, gray, and ductile iron castings ranging from 68 to 2,268 kgs. In 2021, Neenah Enterprises acquired an 18.7-acre manufacturing facility for US Foundry & Manufacturing Corp, for US$ 17.43 million, in Florida, the US. Further, collaborative efforts with research institutions, universities, and other companies allowed metal casting businesses to access expertise and develop novel solutions. In 2021, Qualcomm, a semiconductor supplier, announced interest in working in partnership with foundries in Europe, if incentive programs to drive automotive chip production in Europe attract the right partners. Therefore, strategic expansion strategies by several market players are expected to create lucrative opportunities in the North America and Europe metal casting market during the forecast period.
The North America and Europe metal casting market has been segmented based on product type into carbon steel alloys, stainless steel alloys, and aluminum alloys. The aluminum alloys held the largest share in the North America and Europe metal casting market in 2022. Stainless steel segment is another attractive segment in North America and Europe metal casting market. Stainless steel alloy is the most suitable choice for investment casting applications for corrosion resistance and high strength. The alloy is used to create components for various industries, including aerospace, petrochemical, medical, automotive, and food & dairy.
Based on region, the North America and Europe metal casting market has been segmented into the Asia Pacific and Middle East & Africa. In 2022, Europe held the largest revenue share of the North America and Europe metal casting market. Italy, Germany, and Turkey are three major producers of light-metal castings, accounting for 61.2% of total production. In Finland, the production of castings increased by 9% in 2021 compared to 2020. The ferrous and nonferrous metal foundries produced 1.56 million metric tons in 2021 compared to 1.39 million metric tons in 2020. German mechanical companies reported a growth of 32% in 2021 compared to 2020. The construction sector in Germany recorded significant growth and reached US$ 158.55 billion in 2021. Thus, constant developments in construction, mechanical engineering, and metal casting companies in Europe are expected to create lucrative opportunities for the metal casting market in the region over the coming years.
ArcelorMittal SA, Posco Holdings Inc, Alcoa Corp, Lucchini RS SpA, RYOBI Aluminium Casting (UK) Ltd, Allard-Europe NV, FONDERIA AUGUSTA Srl, MEDEKO CAST Sro, Tycon Alloy Industries (HongKong) Co Ltd, Novacast Ltd, Lestercast Ltd, Dean Group International Ltd, Hadleigh Castings Ltd, Tritech Group Ltd, and Aeromet International Ltd are some of the major players operating in the North America and Europe metal casting market. Players operating in the North America and Europe metal casting market are adopting different strategies, such as investments in research and development activities and new product launches, to stand out as strong competitors in the market. Market players are highly focused towards the development of high quality and innovative product offerings to fulfil the customer’s requirements.
The size of overall North America and Europe metal casting market has been derived using both primary and secondary source. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the North America and Europe metal casting market.
Reasons to Buy
Metal casting manufacturers focus on expanding their product portfolio and targeting new customer base through geographical expansion strategies. Diversification in terms of geography reduces the company’s dependency on specific location for revenue generation and mitigates risk associated with market fluctuation. Companies seek opportunities to expand their geographic presence in several locations in North America and Europe. In 2021, Kent Foundry planned a US$ 3.5 million expansion project to manufacture gray and ductile iron castings in the US. In 2021, Brinco Planning Indiana steel foundry announced plans to open a steel casting plant in Indiana, US, with an investment of US$ 35 million. The plant is aimed to produce rail components. In 2021, The CA Lawton Co acquired Penn-Mar, a gray and ductile iron foundry in Pennsylvania, the US. Penn-Mar manufactures multi-cored, gray, and ductile iron castings ranging from 68 to 2,268 kgs. In 2021, Neenah Enterprises acquired an 18.7-acre manufacturing facility for US Foundry & Manufacturing Corp, for US$ 17.43 million, in Florida, the US. Further, collaborative efforts with research institutions, universities, and other companies allowed metal casting businesses to access expertise and develop novel solutions. In 2021, Qualcomm, a semiconductor supplier, announced interest in working in partnership with foundries in Europe, if incentive programs to drive automotive chip production in Europe attract the right partners. Therefore, strategic expansion strategies by several market players are expected to create lucrative opportunities in the North America and Europe metal casting market during the forecast period.
The North America and Europe metal casting market has been segmented based on product type into carbon steel alloys, stainless steel alloys, and aluminum alloys. The aluminum alloys held the largest share in the North America and Europe metal casting market in 2022. Stainless steel segment is another attractive segment in North America and Europe metal casting market. Stainless steel alloy is the most suitable choice for investment casting applications for corrosion resistance and high strength. The alloy is used to create components for various industries, including aerospace, petrochemical, medical, automotive, and food & dairy.
Based on region, the North America and Europe metal casting market has been segmented into the Asia Pacific and Middle East & Africa. In 2022, Europe held the largest revenue share of the North America and Europe metal casting market. Italy, Germany, and Turkey are three major producers of light-metal castings, accounting for 61.2% of total production. In Finland, the production of castings increased by 9% in 2021 compared to 2020. The ferrous and nonferrous metal foundries produced 1.56 million metric tons in 2021 compared to 1.39 million metric tons in 2020. German mechanical companies reported a growth of 32% in 2021 compared to 2020. The construction sector in Germany recorded significant growth and reached US$ 158.55 billion in 2021. Thus, constant developments in construction, mechanical engineering, and metal casting companies in Europe are expected to create lucrative opportunities for the metal casting market in the region over the coming years.
ArcelorMittal SA, Posco Holdings Inc, Alcoa Corp, Lucchini RS SpA, RYOBI Aluminium Casting (UK) Ltd, Allard-Europe NV, FONDERIA AUGUSTA Srl, MEDEKO CAST Sro, Tycon Alloy Industries (HongKong) Co Ltd, Novacast Ltd, Lestercast Ltd, Dean Group International Ltd, Hadleigh Castings Ltd, Tritech Group Ltd, and Aeromet International Ltd are some of the major players operating in the North America and Europe metal casting market. Players operating in the North America and Europe metal casting market are adopting different strategies, such as investments in research and development activities and new product launches, to stand out as strong competitors in the market. Market players are highly focused towards the development of high quality and innovative product offerings to fulfil the customer’s requirements.
The size of overall North America and Europe metal casting market has been derived using both primary and secondary source. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the North America and Europe metal casting market.
Reasons to Buy
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the North America and Europe metal casting market.
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the North America and Europe metal casting market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth North America and Europe market trends and outlook coupled with the factors driving the metal casting market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution
Table of Contents
1. Introduction
2. Executive Summary
3. Research Methodology
4. Metal Casting Market Landscape
5. North America and Europe Metal Casting Market - Key Market Dynamics
6. Metal Casting Market - North America and Europe Market Analysis
7. Metal Casting Market Analysis - Product Type
8. Metal Casting Market Analysis - Process
9. Metal Casting Market Analysis - Application
10. Metal Casting Market - Geographical Analysis
11. Impact of COVID-19 Pandemic on North America and Europe Metal Casting Market
12. Competitive Landscape
13. Industry Landscape
14. Company Profiles
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- ArcelorMittal SA
- Posco Holdings Inc
- Alcoa Corp
- Lucchini RS SpA
- RYOBI Aluminium Casting (UK) Ltd
- Allard-Europe NV
- FONDERIA AUGUSTA Srl
- MEDEKO CAST Sro
- Tycon Alloy Industries (HongKong) Co Ltd
- Novacast Ltd
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 130 |
| Published | September 2023 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value ( USD | $ 22.37 Billion |
| Forecasted Market Value ( USD | $ 34 Billion |
| Compound Annual Growth Rate | 5.6% |
| Regions Covered | Europe, North America |
