Global Aluminum Castings Market 2014-2018 - a new market research report on companiesandmarkets.com
PR-Inside.com: 2014-04-11 22:37:01
Over the last four decades, a staggering number 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. Owing to these reasons, manufacturers are preferring setting up production facilities in emerging countries. The shift is also driven by rigid environmental stipulations and initiatives with regard to waste, energy, and environmental taxation by governments in Western countries. In emerging countries, 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.
The global aluminum casting market is driven by several factors, such as the industrialization and development in the APAC region. Following the recovery from the global economic recession, many organizations have been expanding their manufacturing operations across the world. This is especially the case in the APAC region where manufacturers plan to tap the potential of the rapidly growing market in countries such as China and India.
Further, despite the presence of several drivers, the growth of the Global Aluminum Casting market is curtailed by some serious challenges, including the increase in energy requirements for the production of aluminum castings.
The key players operating in the global aluminum castings market include Alcoa Inc., Dynacast Inc., Gibbs Die Casting Corp., and Ryobi Ltd.
The global aluminum castings market is forecast to grow at a CAGR of 9.96 percent over the period 2013-2018. One of the key factors contributing to this market growth is the industrialization and development in the APAC region. The Global Aluminum Castings market has also been witnessing the shift of manufacturing units to emerging countries. However, the increase in energy requirements could pose a challenge to the growth of this market.
Other vendors operating in the market are Alcast Co., Alcoa Howmet Castings, Bodine Aluminum Inc., and Consolidated Metco Inc.
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