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A new report by Global Industry Analysts, Inc. has indicated that the Global Industrial Castings Market to reach 93.5 Million Tons by 2015. The report further added that it was possible due to resurrection of automotive production and industrial activity worldwide is expected to promote the growth of Industrial Castings market in the long term. Market expansion would also be spurred by increased usage in innovative application areas for copper, aluminum and ductile iron castings. The highlights of the report are: • Prospects for industrial castings worldwide appear upbeat amidst gradual turnaround in the automotive sector, one of the most crucial end-use markets. • Though China is expected to lead the recovery and development process, the North American and European markets are expected to achieve speedier recovery from slowdown, as they are benefited from the rapidly growing wind turbine blades market. • There is continued trend of growing trend of migration from developed countries to evolving markets such as Asia. With • The shift apart from high wages and production cost is also driven by stringent environmental stipulations and initiation of waste, energy and environmental taxation by governments in the western regions. Metal casting industry • Metal casting industry is in a phase of continual transition. • The increasing number of novel applications for magnesium and aluminum castings, with ferrous castings giving way to nonferrous castings in the automotive sector is driving demand for metal casting. • Gray iron castings have been losing share to other metals such as aluminum and plastics. • Specific end-use markets such as internal combustion engines and commercial & defense are slated to grow at the fastest rate. • Some other major end-use areas include industrial machinery, paper, printing, aerospace equipment and textile & packaging machinery. • These sectors are projected to display strong growth prospects thereby fuelling expansion of the industrial castings market. The foundry industry • The foundry industry worldwide reeled under the impact of economic recession during the period 2008 & 2009, in line with other related industries such as refractory and construction. • The demand for castings in the US fell by over 8.5% in 2008 as compared to 2007 levels, despite maintaining status as the second largest castings producer worldwide. • The foundries industry is slated to witness a slow turnaround in demand post 2010, stemming primarily from the automotive industry. • Asia-Pacific represents the largest and fastest growing market for Industrial Castings • Europe and the US are the next largest consumers of industrial castings. Ref: http://www.prweb.com/releases/industrial_castings/ferrous_non_ferrous/prweb8055086.htm About Pacific Rim Enterprises Pacific Rim Enterprises manufactures wide range of casting and forging products. It is high quality low cost supplier due to its vast network of tie-ups across the globe. Call us or contact us for any order or assistance: Phone: (800) 928-9108 Fax: (516) 797-1819 Address: 1517 Lakeshore Drive Massapequa Park New York, 11762 Refer to http://www.pacriment.com/aluminum_castings for Pacriment’s aluminum casting and metal castings.
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