Aluminium Casting Market in India to grow by 660.88 thousand tons from 2021 to 2026
NEW YORK, Aug. 24, 2023 -- The aluminium casting market in India is expected to grow by 660.88 thousand tons from 2021 to 2026, according to Technavio. As per the latest report, the market will progress at a CAGR of 6.83% during the forecast period. The growing use of aluminium casting in the automotive industry is one of the key factors driving growth in the aluminium casting market in India. In recent years, growing demand for energy-efficient and lightweight vehicles has augmented the demand for aluminium casting in the automotive industry resulting in replacing iron and steel with aluminium-cast products. The major factors influencing the automobile industry to become more design-oriented are the optimal corrosion resistance, durability, aesthetic appearance, and the low weight of aluminium.
However, the advantageous features of aluminium, such as good electrical and thermal conductivity, lightweight, complete recyclability, competitive cost, and attractive appearance, also impact the demand for die-cast aluminium parts. Additionally, the growth in the electric vehicles (EV) market is anticipated to drive the growth of the aluminium casting market in India. In addition, sustainability and energy efficiency are the other essential factors affecting the growth of the aluminium casting market. To reduce their weight and lower energy requirements, aluminium castings are increasingly used in electric automobiles. Also, aluminium is used in the compartment that carries electric batteries in EVs and its thermal transfer capabilities help to regulate the temperature around the battery modules in warm or cold weather. EVs are gradually emerging as the future of the automotive industry. Consequently, the growth of the electric car market is anticipated to fuel the growth of the aluminium casting market in India during the forecast period. View the new Sample Report within minutes!
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. Our aluminium casting market in India report covers the following areas:
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Alcoa Corp., Buhler AG, Dynacast, Endurance Technologies Ltd., Hackforth Holding GmbH and Co. KG, IBEX ENGINEERING PVT. LTD., Magna International Inc., Rio Tinto Ltd., Sandhar Technologies Ltd., and United Company RUSAL are some of the major market participants. Although the growing use of aluminium casting in the automotive industry will offer immense growth opportunities, the rising usage of advanced steels in automotive body parts will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The aluminium casting market in India's share growth by the die casting segment will be significant during the forecast period. Die casting is classified into two types: cold chamber and hot chamber. Cold chamber dies casting is preferred for aluminium castings as molten aluminium dissolves ferrous parts of the mould in hot chamber die casting. The huge demand for aluminium die casting among end-users is attributable to its numerous advantages, such as high dimensional accuracy and the ability to mould and produce thin wall sections.
Aluminium Casting Market in India 2022-2026: Challenge
The rising usage of advanced steel in automotive body parts will be a major challenge hindering the growth of the aluminium casting market in India during the forecast period. The increasing use of advanced steel for automotive body parts is one of India's major challenges for the aluminium casting market. For example, Audi, a major automaker, has shifted from a full aluminium body for its A8 model and uses steel instead. The model will be made up of over 40% steel. The steel used will be press hardenable steel (PHS), which has a yield strength of up to 1,500 MPa after press hardening. In addition, the strength-to-weight ratio of these steel grades is better than aluminium. Advanced High-Strength Steels (AHSS) are being increasingly used in vehicles, which can drop the demand for aluminium casting and pose a significant challenge to the growth of the aluminium casting market in India during the forecast period.
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We provide a detailed analysis of around 25 companies operating in the aluminium casting market in India. Backed with competitive intelligence and benchmarking, our research reports on the Aluminium Casting Market in India are designed to provide entry support, customer profile and M&As as well as go-to-market strategy support.
Aluminium Casting Market in India 2022-2026: Key Highlights
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Table Of Contents :
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
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