Although the global economy is on the slowdown particularly of the United States of America, there has been a robust growth and higher industrial investments. Casting industry is not outside those investments although there has been a shift in the demand of the materials cast. With the auto industry looking forward to electric cars, the trend is being shifted from heavy iron castings to lightweight material like aluminum more and more casting industries are moving from iron casting to casting aluminum and other lightweight material business. Although the industry experts believe that the global slump down shall continue till 2020 but casting industry will grow at a stable rate as to change the economic conditions heavy industry is must and countries are looking forward to taking up the challenges with their vision statements. Many factors govern the casting industry trends of 2019 throughout the globe.
The market trends
As already described briefly, that the auto industry is shifting towards electric vehicles and growing at a rapid pace, the casting experts are focusing on lightweight yet sturdy alternative materials of castings. Qualified Steel Casting Foundries are adopting the methods of additive manufacturing, converting forms of productions and even importing from other countries. Countries like India, China, USA, Germany, and Japan are controlling the market of castings. Again infrastructural growth in the developing countries like India are boosting up the sales of heavy construction equipment, and it has become a boon to the casting industry as these types of machinery are of high demand.
The political trends
Although China is the leading exporter of castings, recent US taxation on many items of China had boosted up the casting productions in other countries. There is no shortfall of labors in India who are in the youths; the country is observing a rising demand for castings and exports gradually picking up. The two major users of castings like the automobile and industrial machinery have shown significant growth in the past years and the graph will rise more in 2019.
The price trends
The market is quite volatile and competitive the prices fluctuating almost daily the suppliers of the raw materials for the castings are getting high bargaining opportunity. The regional trends and macroeconomic factors are influencing the market dynamics and impacting costs and supply.
Overview – Although the markets are volatile and the demand for alternative casting materials rising with a steady demand for iron castings, the industry is sure to reach its peak in 2019 and the years ahead.