Die casting is widely utilized in the automotive industry for manufacturing components including engine parts, transmission components, wheels, and other exterior vehicle parts owing to benefits such as dimensional accuracy, repeatability, design flexibility, and ability to cast complex shapes. Rising automotive production globally is propelling the growth of the die casting market. For instance, cars have a large number of aluminum and zinc parts that can be die cast with accuracy and quality such as intake manifolds, housings, valve bodies, and thermostats.
The global Die Casting Market is estimated to be valued at US$ 76.75 Bn in 2023 and is expected to exhibit a CAGR of 14% over the forecast period 2023-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increased automotive production is one of the key trends driving the growth of the die casting market. The automotive industry has seen significant growth over the past few years owing to rising disposable income and growing demand for passenger vehicles especially in emerging economies of Asia Pacific and Latin America. As die casting technology assists in mass manufacturing complex automotive components economically, the automotive production growth directly increases the demand for die casting parts and machines. According to OICA, global passenger vehicle production reached over 73 million units in 2018 representing year over year growth of over 1.9%. This rising automotive output continues to push the need for die casting and support the market growth over the forecast period.
Segment Analysis
The global die casting market is dominated by the aluminum die casting segment. Over 60% of the overall market share is held by aluminum die casting as it offers advantages like lightweight properties, corrosion resistance and superior strength. Aluminum is extensively used in automotive components manufacturing where it helps reduce the overall vehicle weight and improves fuel efficiency. Other casting segments like zinc, magnesium and copper hold relatively smaller market shares.
Key Takeaways
The Die Casting Market Demand is expected to witness high growth over the forecast period of 2023 to 2030. The market is estimated to reach a value of US$ 76.75 Bn by 2023, expanding at a CAGR of 14% .
Regional analysis: North America leads the global die casting market with over 30% share. This can be attributed to large automobile production and presence of major OEMs in the US and Canada. Asia Pacific follows North America and is witnessing fastest growth in the die casting market. China, in particular, dominates the Asia Pacific region due to large manufacturing base of automobile as well as electronics and industrial machinery. Major automotive hubs like India and Japan are also driving the regional market growth.
Key players: The die casting market players operating in the include Akamai Technologies, Apple Inc., Google Inc., Amazon, Inc., Facebook, Inc., IBM Corporation, and Limelight Networks. Key players focus on innovations to develop new aluminum and magnesium alloys that can enable complex die casting of intricate automotive and machinery components. Companies also focus on capacity expansion plans and strategic collaborations to strengthen their presence across major global markets.
Explore more related article on this topic: https://www.newsanalyticspro.com/the-global-die-casting-market-driven-by-growth-of-automotive-industry/
