Die casting, one of the segments analysed and sized in the study, is forecast to grow at over 6.7 percent and reach a market size of US$51.3 million by 2025.
The Global Aluminium Castings Market To Grow By US$32.1 Million Despite The Pandemic
Amid the COVID-19 crisis and the looming economic recession, the aluminium castings market worldwide will grow by a projected US$32.1 million from 2018 to 2025, driven by a revised compounded annual growth rate (CAGR) of 6.1 percent, according to a new report by Global Industry Analysts Inc.
Die casting, one of the segments analysed and sized in this study, is forecast to grow at over 6.7 percent and reach a market size of US$51.3 million by the end of the analysis period. An unusual period in history, the coronavirus pandemic has unleashed a series of unprecedented events affecting every industry. The die casting market will be reset to a new normal which, going forward in a post COVID-19 era, will be continuously redefined and redesigned. Staying on top of trends and accurate analysis is paramount now more than ever to manage uncertainty, change and continuously adapt to new and evolving market conditions.
The United States is forecast to readjust to a 4.9 percent CAGR, while within Europe, Germany will add over US$971.8 thousand to the region’s size over the next seven to eight years. In addition, over US$938.1 thousand worth of projected demand in the region will come from the rest of European markets. In Japan, the die casting segment will reach a market size of US$2.4 million by 2025.
Amid the growing push for decoupling and economic distancing, the changing relationship between China and the rest of the world will influence competition and opportunities in the aluminium castings market.
Against this backdrop and the changing geopolitical, business and consumer sentiments, the world’s second largest economy will grow at 10.2 percent over the next couple of years and add approximately US$8.5 million in terms of addressable market opportunity.
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