The Die Casting Market is estimated to be valued at US$ 76.75 Bn in 2023 and is expected to exhibit a CAGR of 7.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Die casting involves the use of specialized aluminum or zinc-based alloys that have a lower melting point than the base metal. The molten metal is forced into reusable molds under high pressure to form complex geometries and tight tolerances compared to other manufacturing methods. Common applications include chassis and body components for automobiles, small electromechanical devices, and consumer goods. The die casting process allows for high production rates and precise replication of parts.
Market Dynamics:
Two key drivers contributing to the growth of the die casting market include the increasing adoption of lightweight materials in automotive manufacturing and the rapid growth of the consumer electronics industry. Aluminum die casting is prevalent in the automotive sector as it helps reduce vehicle weight and improve fuel efficiency to meet evolving emission standards. Similarly, precision die casting is used to manufacture housings, casings and structural components for consumer electronic products such as smartphones, laptops, gaming consoles and home appliances. Regions with large automotive and electronics manufacturing bases like North America, Europe and Asia Pacific are projected to be profitable markets.
Segment Analysis
The Global Die Casting Market is segmented into pressure die casting, vacuum die casting, squeeze die casting, and semi-solid die casting. Among these, pressure die casting dominates the market and accounts for over 60% share as it allows high production rates for complex geometries and tight tolerances. Pressure die casting is preferred for casting zinc, aluminum, magnesium, and copper-based alloys.
PEST Analysis
Political: Governments across regions are supporting the automobile industry through favorable policies and subsidies. This will drive the demand for die casted components from the automotive sector.
Economic: With rising disposable incomes, demand for consumer electronics and appliances is growing rapidly which use die casted parts. An economy's growth has a direct impact on the die casting market performance.
Social: People are increasingly adopting automobiles and appliances for convenience which is increasing the scope of die casting applications in various end-use industries.
Technological: Advancements in die casting machine design allow higher yield and quicker cycle times. Developments in alloy composition help reduce weight and improve mechanical properties of die cast parts.
Key Takeaways
The global die casting market is expected to witness high growth, exhibiting CAGR of 7.2% over the forecast period, due to increasing automotive production worldwide. The Asia Pacific region dominated the market and accounted for over 40% share in 2023 due to presence of emerging countries like China and India.
Regional analysis
The Asia Pacific region is projected to maintain its lead position during the forecast period, owing to rapidly expanding automotive and consumer electronics industries in China and India. China dominates the regional market aided by presence of key automakers as well as autoComponent manufacturers in the country.
Key players
Key players operating in the die casting market are Alcast Technologies, Arconic, Consolidated Metco, Inc., Dynacast International Inc., Gibbs Die Casting, Ryobi die casting Inc., Bodine Aluminum, Martinrea Honsel Germany GmbH, Leggett & Platt, Endurance Technologies Ltd., Empire Die Casting Company, Alcoa Inc., Hitachi Metals Ltd, Nemak S.A.B. de C.V., GF Casting Solution AG, Shiloh Industries Inc., Rheinmetall Automotive AG, Sigma Electric Manufacturing Corp., Pace Industries, and Guangdong Yizumi.
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The global Aluminum Die Casting Market research report, published by Value Market Research, is designed to offer various market framework such as market size, portion, trends, growth path, value and factors that impact the current market dynamics over the forecast period 2021-2027.
Most importantly, this report also provides the latest significant strategies adopted by major players along with their market share.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the aluminum die casting market include Walbro, Alcoa Corporation, Consolidated Metco, Inc., Dynacast, Gibbs Die Casting Corporation, Ryobi Ltd., Bodine Aluminum, Inc., Martinrea Honsel Germany GmbH, Aluminum Corporation of China Limited, Alcast Technologies and Endurance Technologies Limited.
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers& acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Aluminum Die Casting Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/aluminum-die-casting-market/download-sampleMarket DynamicsRising adoption of durability and lightweight cast, especially in the automotive sector is likely to augment the demand.
Apart from this, recycled aluminum has widely gained attention among end-users due to the high cost of using pure aluminum.
However, the requirement of the high cost to investment is the major factor that could hamper the market growth.The report covers Porter’s Five Forces Model, Market Attractiveness Analysis and Value Chain analysis.
