2014-02-07 07:02:04 - Casting of Metals in Australia: ISIC 273 - a new market research report on companiesandmarkets.com
Australia´s metal casting industry recorded 52% revenue growth over 2000-2010, increasing from A$2.5 billion in 2000 to A$3.9 billion at the end of the decade. Metal casting in Australia is strongly linked to the health of car companies, with businesses such as construction and electronics also among key end-users.
The global financial downturn which started in the second half of 2008 severely hit manufacturing in the developed world, spiralling down to their suppliers. The world saw car-makers contract and go bankrupt, and the domino effect hit metal processors, rubber manufacturers and other suppliers, including casting firms.
In Australia the car manufacturing industry was hit severely in 2009. Local production slumped, with Mitsubishi closing down, Holden/Ford seeing major lay-offs, and Toyota also suffering.
In turn, the Australian metal casting business experienced a sharp slump, with turnover value plummeting 13% in 2009 compared with 2008.
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