Castings are the foundation of the manufacturing industry, and the global casting industry market si

Mondo Finance Updated on 2024-01-28

An overview of the global castings industry market

According to Bergers Consulting, the market size of the global casting industry in 2023 will be 721$4.1 billion, growing at a CAGR of 3. 2023-202848%。The automotive industry is the largest downstream application field of the casting industry, and its development has a great impact on the casting industry.

Castings are the foundation of the manufacturing industry

The foundry industry is an important basic industry in the equipment manufacturing industry and plays an indispensable role in the equipment manufacturing industry. Castings are mainly used as blanks for machine parts, and some precision castings can also be directly used as machine parts. The upstream of castings is mainly steel, coke and other industries, and the downstream applications are relatively wide, including wind, solar, hydropower, and other energy sectors, injection molding machines and other general machinery plates, rail transit and other marine engineering sectors. Die casting has become the preferred choice in the machinery industry, and through product and technology innovation, the availability of the die casting industry is increasing, which further reduces the waste and scrap rate of metal.

The development status of China's casting industry

With the launch of the "Made in China 2025" strategy, China's manufacturing industry is entering a new period of development, and the foundry industry of the Chinese Mechanical Engineering Society is fully participating in this "critical period of transformation and upgrading". The "Made in China 2025" plan has identified ten key industries such as energy saving, new energy vehicles, aerospace and railway equipment, CNC machine tools and robots, and the development of these key industries is inseparable from castings.

According to data from the China Foundry Association, in 2021, driven by the downstream industry, the total output of castings in China will reach 54.05 million tons, a year-on-year increase of 404%, overall to maintain a growth trend. In 2022, due to the increasing downward pressure on the national economy, the output of castings will decline to a certain extent, with a total output of 51.7 million tons. As the core components, casting products are widely used in various manufacturing industries such as automobiles, internal combustion engines, mining and metallurgy, and construction machinery. According to the data of the China Foundry Association, from the perspective of downstream applications, the automotive field has always been the largest downstream application field of China's casting industry, accounting for 30% and 2853%;followed by cast pipes and fittings, accounting for 1605%;Mining and metallurgical heavy machinery accounted for 1006%。

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