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has announced the addition of the "Global Industrial Castings Market 2016-2020" report to their offering.
The global industrial castings market to grow at a CAGR of 1.88% during the period 2016-2020.
The report covers the present scenario and the growth prospects of the global industrial castings market for 2016-2020. To calculate the market size, the report presents individual market size and forecasts by geography have been provided with detailed analysis for each segment. The report also includes a discussion of the key vendors operating in this market.
One of latest trends in the market is simulation-based castings. Simulation-based casting is used to produce cost-effective, reliable, and high-precision components. Also, simulation-based casting is used to increase casting yield and reduce the shop floor time. By using simulation-based casting, we can predict the defects and their location easily compared with conventional casting besides being able to analyze and optimize the feed ability of the casting process.
According to the report, one of the primary drivers in the market is augmented demand from aerospace, defense, and telecom sectors. Aluminum die casting process, along with forging techniques, is widely used in the aerospace and defense sectors. There has been a rise in demand for aluminum and other lightweight alloys over steel for use in the manufacture of aircraft bodies and the corresponding parts, as these metals reduce the weight of the overall aircraft to a great extent.
Further, the report states that one major challenge in the market is volatile raw material prices. Major steel casting manufacturers worldwide are under stress to improve their profit margins due to volatile prices of raw materials and declining prices of steel casting products. This has a greater impact on steel producers that maintain long-term raw material supply contracts. These producers are integrating their upstream operations vertically to overcome these concerns and remain competitive in the market. Also, this will allow them to gain more control over raw material prices.
-The
18th Guangzhou Die-casting, Foundry & Industry Furnace Exhibition
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