Published Date: 2021-07-06
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APAC Automotive Casting Market size is projected to surpass USD 90 billion by 2027, according to a latest forecast report by Graphical Research. The growing population, rising disposable incomes, supporting investments, and technology trends are expected to boost global auto production. These positive trends associated with the automotive industry coupled with the increasing importance of lightweight construction materials to reduce vehicle weight will stimulate the market demand.
The Asia Pacific automotive casting industry is growing at a CAGR of 6.5% from 2017 to 2027. The growth of small and medium-sized foundries in China and India, which are also auto parts production centers for Western automakers, is helping to open up the original market across the APAC region.
Driven by Japanese FDI, Thailand is becoming a major exporter of automobiles. The Chinese manufacturing industry is developing rapidly and is about to enter the international trade arena. India is solidifying its position with a strong domestic & foreign demand for high-quality products coupled with cheaper labor at lower prices. All these factors combined are triggering the market growth.
The aluminum material segment will generate over USD 55 billion by 2027. Aluminum cars have better acceleration and excellent braking & handling. The main benefit of using aluminum in the automotive industry is to improve fuel efficiency. Aluminum cars have safety advantages and require shorter braking distances, which significantly reduce the risk of potential collisions. It has significant environmental benefits as about 90% of the automotive scrap can be recycled, thus proliferating the demand for aluminum.
Browse detailed statistical insights from the report, “Asia Pacific Automotive Casting Market Forecast 2027 By Process (Sand Casting, Die Casting, Investment Casting), By Material (Iron, Steel, Aluminum), By Application (Engine, Transmission & Suspension, Brakes & Wheels), By Distribution Channel (OEM, Aftermarket), By Vehicle (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles, Two-wheelers), Research Report, COVID-19 Impact Statistics, Country Outlook, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share” along with the table of contents (ToC) @
https://www.graphicalresearch.com/industry-insights/1883/asia-pacific-automotive-casting-market
The sand-casting segment will be witnessing 6.3% CAGR over the projected timeframe. One of the main advantages of this technique is that it can process a variety of ferrous and non-ferrous metals. Another major advantage of this process is the low cost of the tool. In addition, this process requires a shorter lead time and provides excellent design flexibility, accelerating the growth of sand casting in the sector.
The brakes & wheels segment will witness significant growth over the forecast period due to the lightweight, easy use, and excellent durability of alloy wheels, the demand for alloy wheels continues to grow, which will support the growth of this segment. The innovative design of brake calipers, especially for high-performance cars, is being developed to significantly minimize the on-track operating temperature, thereby raising system performance. Improvements in the product will spur the automotive brake caliper market size over the forecast timespan.
The market share of the after-sales segment will be lower than that of the OEMs and will be around USD 23 billion by 2027. Growth in the region will be mainly driven by continuous research & development programs related to automobile manufacturing and the strict regulatory environment assessment to reduce vehicle weight & emission levels.
The APAC automotive casting market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Kilotons & revenue in USD Million from 2016 to 2027 for the following segments:
Asia Pacific Market, By Material
Asia Pacific Market, By Process
Asia Pacific Market, By Application
Asia Pacific Market, By Distribution Channel
Asia Pacific Market, By Vehicle
The above information has been provided for the following countries:
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