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Industrial Castings Market Share, Size, Key Players, Research and Forecasts to 2025 | Hexa Research
“The global industrial castings market size is anticipated to expand at a healthy CAGR over the forecast period.�
The global industrial castings market size is anticipated to expand at a healthy CAGR over the forecast period. It is prominently due to an increase in manufacturing activity coupled with high demand from automobile industry. Metals such as magnesium, aluminum, copper-based alloys, zinc, steel, and iron are widely used for industrial castings. These products are used in engine blocks, crankshafts, turbochargers, and other automotive parts. Apart from automobile industry, it is used in telecommunication mobile phone casing, aerospace, oil and gas, and chemical industries. This factor is anticipated to positively influence market growth in the forthcoming years. Excellent bearing properties and suitability for mass production are expected to drive demand in future. However, key disadvantages such as shrinkage, development of cracks, and metal projections may restrain growth to an extent. Metal castings are used to produce over 90% goods and equipment worldwide. Increasing demand for light metal cast parts in automobile industry is expected to drive the industrial castings market. Also, dem and for magnesium dye castings is on the rise. Rising focus of Original Equipment Manufacturers (OEM) and suppliers is encouraging the use of magnesium parts in vehicle. This factor is anticipated to boost demand in the forthcoming years.
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