Global metal casting market remains hot

DUBLIN – The Global Metal Casting market is to grow at a CAGR of 7.89% over the period 2012-2016, reports a new offering from from Research and Markets. The key vendors dominating this space include Alcoa Inc., Precision Castparts Corp. and ThyssenKrupp AG.

One of the main drivers in this market is industrialization and development in the APAC region, according "Global Metal Casting Market to 2016".

Since the global economic recession many organizations have been expanding their manufacturing operations across the globe, especially in the APAC region to tap the potential of the rapidly growing market in countries such as China and India.

During the last four decades, a staggering percentage of foundries in developed countries have closed down because of high labor, production, and raw material costs, and recently, the low demand triggered by the global recession. The shift is also driven by rigid environmental stipulations and initiatives with regards to waste, energy, and environmental taxation by governments in Western countries. In emerging nations, raw material is abundantly available though sometimes inferior in quality, and in addition, the availability of cheap labor in these countries hints at the untapped potential of these markets.

Further, the report states that one of the key challenges is the increase in energy requirements for the production of metal castings. The prices of metal castings are also increasing due to the increasing raw material costs. (BUSINESS WIRE)