Industry Outlook: Modest Sales Growth Expected for 2024

Casting Source Staff

US. metalcasters finished strong in 2023, with overall revenues for the casting industry estimated at $50.1 billion, a 5.2% increase over 2022, according to the AFS 2024 Forecast & Trends Report. (
From 2018 to 2023, industry revenues have been growing at an annual average rate of 3.9% per year, although  lower casting sales in early 2020 did skew the five-year trend. Nevertheless, casting remains in the top 40% of all manufacturing industries.

In 2023, operating expenses were 82.3% of revenue for foundries, with total operating expenses growing 4.6% year over year. 

Foundry operating expenses break down as follows: 32.8% for employee expenses, 51.1% for cost of materials, 7.3% for buildings and expenses, and 8.9% for other expenses.

Under current circumstances governing the macroeconomic climate and industry dynamics, the forecasted industry revenue growth rate for 2024 through 2028 is 4.6% per year for the industry.

In 2023, the average revenue per company for the industry was approximately $30.7 million, which grew at a 11.1% annual rate from 2020 to 2023.

Eighty-nine percent of foundries are profitable, with an average net income of 9.2% of revenues. In 2023, the sales per employee grew 2.3%.

More details are shared in the charts on these pages. The AFS 2024 Forecast & Trends Report is developed from core data sourced from comprehensive business surveys from the Census Bureau, Bureau of Labor Statistics, and other government agencies. 

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