Aircraft and Aerospace Aluminum Casting Components Market Size, Share, and Growth Analysis, By Type (Sand Castings, Die Castings, and Investment Castings), By Application (Aircraft Engine Components, Airframe Components, and Others), Regional Forecast By 2031

Updated On: 01 April 2024

Aircraft and Aerospace Aluminum Casting Components Market Report Overview

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The global aircraft and aerospace aluminum casting components market size was USD 1035.9 million in 2022 and is expected to reach USD 1969.49 million by 2031 exhibiting a CAGR of 7.4%.

The global COVID-19 pandemic has been unprecedented and staggering, with aircraft and aerospace aluminum casting components experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

The term "aluminium casting" refers to a process used in the manufacturing of aluminium products that are sold as components of products or machines as part of commercial industrial production and used in the production of metal parts with precise details and quality. Molten metal is poured into molds that have been carved out in the shape of the desired final object.

sand casting, die casting, and permanent mold casting are the three primary categories of aluminium casting methods. Sales of aluminium by businesses (organizations, sole proprietors, and partnerships) that refer to a manufacturing procedure where molten metal is poured for preferred forms make up the die-casting market. By lowering weight, die casting increases the fuel efficiency of automobiles.

COVID-19 Impact: Halt in Supply Chain Hampered Mining Industry

The COVID-19 pandemic stopped the production of the swaging machine due to the lockdown, which has slowed the expansion of the market. Sales of continuous mining equipment were already impacted by COVID-19 at the beginning of 2020, and sales increased in 2021. Before the outbreak of the coronavirus, the US, Italy, Germany, the UK, and China were among the nations with the highest demand for continuous machinery equipment. However, this demand has since decreased. The upliftment of restrictions is making the market recover from the loss caused by the pandemic.

LATEST TRENDS

"Rising Use of the Product in Automobile Sectors to Revitalize Market Trends"

aircraft and aerospace aluminum casting components are used in the automobile sector, which is estimated to augment growth in the market. The population is steadily adopting electric vehicles, leading to increased aircraft and aerospace aluminum component market growth. The government is implementing various regulations to control environmental pollution. It is expected to be a major growth factor for the market. The demand for lightweight vehicles is constantly rising due to their higher efficiency and low pollution rate. The automobile sector is expanding due to growing environmental concerns, metal replacements, and lightweight vehicles, which boost the demand for aluminum casting components. It has high strength and is light in weight, which is likely to surge its adoption in the global market. 

Aircraft and Aerospace Aluminum Casting Components Market Segmentation

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• By Type Analysis

By type, the market is segmented into sand castings, die castings, and investment castings.

The die casting segment is estimated to lead aircraft and aerospace aluminum casting components market growth as it is an excellent alloy due to its strong electrical and thermal conductivity.

• By Application Analysis

Based on application, the market is classified into aircraft engine components, airframe components, and others.

DRIVING FACTORS

"Various Applications of the Product to Bolster Growth in the Market"

Due to its many applications and inherent qualities, such as lightweight, high strength-to-weight ratio, resistance to corrosion, thermal and electrical conductivity, nontoxicity, and others., aluminum plays a substantial part in today's society. Aluminum displaces castings made of bronze, stainless steel, gunmetal, and other castings made of malleable iron and grey iron. The market is expanding due to trends in the automotive industry, including electric mobility and lightweight automobiles. Aluminum has now taken the place of cast iron. Iron is heavier than aluminum, eventually boosting the demand for electric mobility in the market. 

"Adoption of Advanced Technology and Rising Per Capita Income to Boost Product Demand "

Technological advancements in the automobile industry are predicted to surge aircraft and aerospace aluminum casting components market growth. The demand for the product is escalating owing to the rising per capita income. Individuals wish to own a personal vehicle, which eventually surges the need for aluminum components from the automobile industry. The automobile sector is constantly launching advanced vehicles to gain constant growth in the market.

RESTRAINING FACTORS

"Inclination Towards Alternative Materials May Affect Market Growth"

The use of aircraft and aerospace aluminum casting components in various industries, including aerospace, automotive, construction, sports equipment, body armour and protection, and consumer products. However, magnesium alloys are replacing it as they are cheaper and possess same efficiency and features as of aircraft and aerospace aluminum casting components. These factors are anticipated to hamper the market growth.

Aircraft and Aerospace Aluminum Casting Components Market Regional Insights

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"Asia Pacific to Lead Market Due to the Rapid Expansion of Manufacturing Industries"

Asia Pacific is estimated to hold a leading position in aircraft and aerospace aluminum casting components market share due to the steady expansion rate of manufacturing industries in emerging countries such as India, China, and Japan.

North America is expected to register significant demand for the product owing to the rising demand for lightweight vehicles in the region. 

Europe is predicted to show sizable growth owing to the strict regulations by the government on the emission of CO2.

KEY INDUSTRY PLAYERS

"Key Companies to Emphasis On the Development of Advanced Technology"

Key market players are focused on strengthening their presence by adopting advanced technologies. The competitors are adopting strategies to gain mergers and acquisitions in the global market. Major players of the market are emphasis on gaining collaborations, mergers, and acquisitions is increasing among leading players. The major market players are striving to maintain partnerships with other key players in the same industry. Gaining partnerships with other companies will develop a strong consumer base in the global market. The key competitors are adopting organic and inorganic growth strategies to surge their market share in the global market. 

List of Market Players Profiled

• PCC (U.S.)
• Howmet Aerospace (U.S.)
• Consolidated Precision Products (CPP) (U.S.)
• Gaona (U.S.)
• Zollern (Germany)
• Impro Precision Industries (China)
• China Academy of Machinery Science and Technology (CAM) (China)
• Denison Industries (U.S.)

REPORT COVERAGE

The market research study offers thorough information on numerous market aspects. The growth drivers, restraints, geographical analysis, competitive environment, and challenges are a few of them. Additionally, it provides an analytical analysis of market trends and projections for various factors to show potential investment areas. From 2022 through 2031, the market is objectively assessed to determine its financial viability. The report's data was compiled using a variety of primary and secondary sources.