Global industrial casting market to chart 7.88% CAGR growth over 2015-2019

A recently conducted research reveals the global industrial casting market is slated for growth at 7.88% CAGR over 2015-2019 period. Increased simulation-based castings and development of trends involving conducive government regulations have been identified as the major growth drivers in the report.

Manufacturing sector in many developed economies is being brought under scanner as environmental sustainability is gaining significance all across the world. The US EPA has imposed a number of restrictions on power plants to reduce emission levels, and most importantly, greenhouse gas (GHG) emissions. The governments have made it compulsory for the automobile industry players to manufacture automobiles which are adequately high on fuel efficiency.

The mandates have fuelled R&D activities among OEMs and their suppliers to improve fuel efficiency, reduce weight, and increase power of the critical inner components of automobiles. This has further necessitated the use of non-ferrous metals, especially aluminium, which are not only light-weight but are also capable of providing better structural strength to auto parts than the traditional metals such as steel.

Driven by this enhanced consumption of aluminium in automobiles, industrial casting market will chart an impressive growth over the next five-year period, the report forecasts.

The companies which have been named as the frontrunners in this growth story are Alcoa, Hitachi Metals, Precision Castparts, Dynacast International, ThyssenKrupp, Amcol Metal Casting, Georg Fischer, Bharat Forge, and Schuler Group.