By 2017 the global industrial castings market is forecast to reach production of 169 million tons, driven by the resurgence in the global automotive industry and industrial production. Industrial castings market growth is also expected to stem from the spike in demand for energy efficient applications, and the increasing usage of castings in innovative application areas.
At present, the industrial castings market is becoming increasingly competitive and end-users are focusing extensively on economically priced and high-quality castings. Demand is increasing for ferrous and non-ferrous castings that are robust and lightweight.
Innovative applications are expected to fuel demand for castings in the years to come. Also, growing concerns for environment, which increases the requirement for energy-efficient applications, is expected to be a major industrial castings market growth propeller. Furthermore, increasing activity in the construction and engineering markets is expected to bode well for the future growth prospects.
Asia-Pacific represents the largest and the fastest growing region within the global industrial castings market. The rapid pace of industrialisation and development in regions, such as China, India, and Korea, are the primary demand drivers for industrial castings in Asia-Pacific. Mainland China and South East Asian countries are fast becoming the new hub for production in the industrial castings market.
These countries provide a competitive edge over European countries in terms of low-priced mass production of cast metals. Within these countries, small and medium casting enterprises are expected to retain a competitive niche for small quantity orders with high precision and complicated dimensions. Europe and the US are the next largest consumers within the industrial castings market.
For more information on the industrial castings market, see the latest research: Industrial Castings Market Report
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