The market's historical growth trajectory is assessed in detail in the report in order to understand the major factors underlying the market's growth in the study period. The major drivers and restraints affecting the global Automotive Metal Casting Market Size's growth are also studied in the report to familiarize readers with the economic conditions likely to aid and hamper the market, respectively. Leading players and their strategies in the global Automotive Metal Casting Market Size are also studied to provide readers with a complete overview of the competitive dynamics of the market. The hierarchy within the Automotive Metal Casting Market Size is also elaborated upon in the report with the help of a detailed analysis of the market's leading segments.
Automotive metal casting is a highly popular process used to form automotive components such as body, chassis, and drivetrain components. The growing production of automobiles around the world is likely to drive the global Automotive Metal Casting Market Size over the forecast period. Trends related to automated vehicles and electric powertrains are likely to determine the future direction of the Automotive Metal Casting Market Size over the forecast period, as these trends are likely to dominate the global automotive industry in the coming years.
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The rising demand for lightweight vehicles is likely to be a major factor shaping the global Automotive Metal Casting Market Size's trajectory in the coming years. Lightweight vehicles consume less fuel, due to which reducing the weight of vehicles has become a popular topic among governing bodies around the world. Lightweight metals such as aluminum, magnesium, and zinc are likely to dominate the global Automotive Metal Casting Market Size in the coming years. The growing competition within the automotive industry, driven by the growing automotive sales in emerging regions, is likely to drive automotive manufacturers to develop innovative and better metal casting solutions to improve their performance and gain a decisive edge over competitors in terms of production costs and final product quality.
On the other hand, the fluctuations in the prices of metals could hinder the growth of the global Automotive Metal Casting Market Size in the coming years.
The global Automotive Metal Casting Market Size is segmented on the basis of application, material, and region.
By application, the global Automotive Metal Casting Market Size is segmented into body assembly, engine, and transmission.
By material, the global Automotive Metal Casting Market Size is segmented into aluminum casting, cast iron, magnesium casting, and zinc casting.
Regionally, the global Automotive Metal Casting Market Size has been segmented into North America, South America, Europe, Asia Pacific, and the Middle East and Africa.
Asia Pacific is likely to remain the major regional market for automotive metal casting processes over the forecast period due to the booming automotive industry in the region. Several governments in the region have come up with tax incentives, subsidies, and other economic initiatives to lure major automotive manufacturers. Countries such as India, China, and Taiwan have emerged as major players in the global automotive industry in recent years, in addition to the strong presence of Japan and South Korea in the global automotive market and the steady emergence of the automotive industry in Southeast Asian countries such as Indonesia and Malaysia. The abundant availability of labor in Asia Pacific is a major favorable factor for Automotive Metal Casting Market Size players. The increasing prosperity of consumers in Asia Pacific is also likely to be a major driver for the automotive industry in the region, as increasing domestic sales have given the industry a steady outlet.
The strong presence of the automotive industry in North America and Europe is also likely to be a major factor in the Automotive Metal Casting Market Size's growth over the forecast period, with the two regions expected to retain major shares in the global market in the coming years.
Key players in the global Automotive Metal Casting Market Size include Nemak, Rheinmetall Automotive, Ahresty Corporation, Dynacast, GF Automotive, and Ryobi Limited.
Acknowledging the need to shift towards lighter materials for automotive construction, GF Casting Solutions divested two iron casting plants in Germany to Fondium BV & Co. KG in December 2018.
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