As cited by the research report titled ‘Automotive Casting Market Size By Material (Iron, Steel, Aluminum), By Process (Sand Casting, Die Casting, Investment Casting), By Application (Engine, Transmission & Suspension, Brakes & Wheels), By Distribution Channel (OEM, Aftermarket), By Vehicle (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles, Two Wheelers), COVID19 Impact Analysis, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027’, available with Market Study Report, global automotive casting market is projected to expand significantly over 2021-2027.
 

Increasing demand for lightweight transmission & suspension components in vehicle production coupled with technological advancements in automotive sector are the major factors driving the global automotive casting market growth.
 

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For the record, the automobile industry offers a huge market for casting products that make use of non-ferrous and ferrous metals along with its alloys. Several casting techniques are utilized to manufacture automobile accessories that are cheap, light in weight, and are easy to handle.
 

Based on material range, industry is segmented into iron, aluminum, and steel, among others. Among these, the steel segment is anticipated to acquire 9% market share over the forecast timeline.
 

On the basis of process, sand casting, investment casting, die casting, are the key segments covered in the report. Among these, global automotive casting market size from investment casting segment is likely to expand at a 3% CAGR over the analysis duration owing to its extensive use in manufacturing various vehicle parts. While, the others segment is anticipated to surpass 5,000 kilo tons by the end of the forecast duration.
 

Speaking of the application range, the market is divided into the transmission & suspension, brakes & wheels, engine, and others. Among these, the others segment is poised to grow at 3% CAGR though the projected timeline.
 

Considering the distribution channel, the business space is fragmented into OEM and aftermarket. Moving on to vehicle type, the industry space is categorized into light commercial vehicles, passenger cars, heavy commercial vehicles, and two wheelers among others.
 

As per geographical analysis, North America, Middle East & Africa, Asia-Pacific, Europe, and Latin America are the major contributors to the overall automotive casting industry value. According to the report, North America market is reckoned to showcase lucrative growth trends over the analysis timeframe on account of technological advancements and rising use of lightweight materials in automotive production.
 

Meanwhile, Latin America market is anticipated to witness a CAGR of 3.5% and generate huge returns over 2021-2027.  While, the automotive casting market in Middle East & Africa is likely to surpass USD 5 billion by the end of 2027.