North America Automotive Casting Market Valuation to Hit USD 25 Billion Mark By 2027

September 08, 2021

According to the research report titled ‘North America Automotive Casting Market Forecast 2027 By Distribution Channel, By Material, By Process, By Application, By Vehicle, Research Report, COVID-19 Impact Statistics, Country Outlook, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share’, available with Market Study Report, North America automotive casting market valuation is expected to surpass USD 25 billion by the end of forecast period 2017-2027.

Increasing demand for commercial vehicles in e-commerce and logistics verticals, and transition of automobile manufacturing towards electrification in response to stringent emissions regulations are propelling North America automotive casting market growth.

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Considering COVID-19 impact, the viral outbreak and subsequent nationwide lockdowns caused a stagnation in manufacturing operations, which inhibited the demand for metals in the automobile sector. However, increasing use of die-casting materials as a weight-saving technique will positively sway the industry outlook in the upcoming years.

Based on material type, the industry is classified into iron, aluminum, steel, and others. Among these, iron segment is slated to record a CAGR of 4.5% over the forecast period, owing to characteristics such as stiffness, wear resistance, and high thermal conductivity. Variations such as grey cast iron and ductile iron are used to make automotive parts such as crankshafts, disc brakes, engine blocks, and cylinder heads.

Meanwhile, aluminum material segment is expected to be worth USD 15 billion by 2027, driven by factors such as superior acceleration and braking & handling systems in aluminum vehicles. Moreover, benefits of aluminum casting include enhanced fuel economy, lightweight, and environment friendly nature.

Moving on to distribution channel, North America automotive casting industry is split into OEM (original equipment manufacturer), and aftermarket. Of these, OEM segment is estimated to register 5% CAGR over the study duration.

From a regional frame of reference, the U.S. market is touted to garner a remarkable growth rate over 2017-2027, owing to the government initiatives aimed at empowering the automobile sector. For instance, the U.S. Energy Department has sanctioned loans of over USD 8 billion in order to boost the automobile sector through the ATVM (advanced technology vehicles manufacturing) program, assisting companies in redesigning vehicle parts for better fuel economy.

Prominent players in North America automotive casting market are Madison-Kipp Corp., Endurance Technologies Ltd., Ryobi Ltd., Georg Fischer Ltd., Bell Foundry Co., Gibbs Die Casting Corp., and Bocar S.A. de C.V.

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