Description
The global die casting market is expected to grow from USD 61.1 billion in 2021 to USD 96.6 billion by 2030, at a CAGR of 5.9% from 2022 to 2030. The market is largely driven by supply chain complexities in the die casting industry, with an expanding automotive market, increasing penetration of die casting parts in industrial machinery, growing constructional sector, and employing aluminum casts in electrical and electronics.
The COVID-19 pandemic profoundly impacted manufacturing operations and the market witnessed a slowdown due to supply chain disruptions and trade restrictions worldwide. However, as economic activities resume worldwide, the market is expected to witness steady growth over the forecast period.
CAFÉ standards and EPA policies to reduce automobile emissions and increase fuel efficiency drive automakers to reduce automobile weight by employing lightweight non-ferrous metals. Subsequently, employing die-cast parts as a weight reduction strategy is a major driver for the former market in the automotive segment.
Get Full PDF Sample Copy of Report: https://www.marketstatsville.com/request-sample/die-casting-market
Die Casting Definition
Die casting is a permanent mould casting where the molten metal fills the mould cavity due to the gravitational force or external pressure. The mould cavity uses two hardened steel dies shaped according to the desired product. Die casting is generally made of no-ferrous material like Zinc, Tin based alloy, aluminium, copper, etc. It works similarly to injection moulding.
For Instance, In July 2021, The European Commission approved a set of legislative proposals outlining how the EU plans to achieve climate neutrality by 2050, with an intermediate goal of a net reduction of at least 55 percent in greenhouse gas emissions by 2030.
Global Die Casting Market Dynamics
Drivers: Stringent EPA Regulations and Café Standards
The automobile regulatory framework in Europe and North America has been instrumental in creating a sustainable environment for the automobile industry. The latest regulatory frameworks and standards like Euro 6 across the world are anticipated to play a crucial role in determining the dynamics of the automotive market, with a major influence being on the manufacturing of parts through the die casting process.
Apart from these, recently growing legislative standards across major nations to encourage the adoption of lighter vehicles are, in turn, expected to push the die casting market’s growth in the long run. The regulatory frameworks imposed by the National Highway Traffic Safety Administration (NHTSA) and Environmental Protection Agency (EPA) in the United States have also been instrumental in creating an evolving and challenging environment for the automobile industry.
Restraints: Volatility in Prices of Aluminium
Base metal prices have been under pressure due to the looming trade war between the United States and the rest of the world. Furthermore, the COVID-19 pandemic worsened the situation by aggravating disruptions in the supply chain. The alumina market in 2019 witnessed surplus supply, which in addition to the lower demand from smelters, adversely impacted price movement in the spot markets. In the short-term, alumina prices will continue under pressure due to excess supply and weaker demand across the aluminum value chain.
The imposition of tariffs on imports from US allies (including the European Union, Mexico, and Canada) on aluminum (10%) and steel (25%) is expected to boost the prices of aluminum in the domestic market. Some manufacturers are focusing on finding more cost-effective alternatives to die casting. It is expected that the tariffs may have a huge impact on downstream manufacturers and result in an increase in prices as the cost of aluminum rises.
Make an Enquire before Purchase @: https://www.marketstatsville.com/buy-now/die-casting-market?opt=2950
Scope of the Global Die Casting
The study categorizes the die casting market based on application, process, and raw materials at the regional and global levels.
By Application Outlook (Sales/Revenue, USD Million, 2017–2030)
- Automotive
- Electrical and Electronics
- Industrial
- Other Applications
By Process Outlook (Sales/Revenue, USD Million, 2017–2030)
- Pressure Die Casting
- Vacuum Die Casting
- Squeeze Die Casting
- Other Processes
By Raw Materials Outlook (Sales/Revenue, USD Million, 2017–2030)
- Aluminum
- Magnesium
- Zinc
By Region Outlook (Sales/Revenue, USD Million, 2017–2030)
- North America (US, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
- The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)
The pressure die casting segment is accounted for the largest market share by process
By process, the global market of die casting is segmented into pressure die casting, vacuum die casting, squeeze die casting, and other processes. In 2021, pressure die casting had the largest market share and accounted for the 55.0% of revenue share. Mass design and high quality are advantages that have made end buyers prefer parts manufactured using this process. Aluminum has been the most preferred metal for pressure die casting. Within automotive applications, hybrid and electric vehicle technologies are on the rise, and pressure die-casting is expected to be the key contributor in transmission, power train components, and battery compartment housings.
The pressure die casting process is again sub-divided into two categories: low pressure die casting (LPDC), and high pressure die casting (HPDC). To capture advantages offered by the pressure die casting process, several manufacturers enter into agreements and place orders for machines indicating signs of growth. For instance, In February 2021, Nantong Jianzhong Photoelectricity Co. Ltd announced that it has installed its Italpresse gauss TF5700 high pressure die casting machine at the company’s base in Jiangsu province, China.
Asia Pacific accounts for the highest CAGR during the forecast period
Based on the regions, the global die casting market has been segmented across North America, Asia–Pacific, Europe, South America, and the Middle East & Africa. Globally, Asia Pacific is estimated to hold the highest CAGR in the global die casting market during the forecast period. China, India, Japan, Australia, and South Korea are some countries in the Asia Pacific. China had the largest market share of 64.7% in the Asia Pacific, whereas India is the fastest-growing region with a CAGR of 6.9% during the forecast period.
Request for Complete TOC and Figures & Graphs @ https://www.marketstatsville.com/table-of-content/die-casting-market
After the Asia Pacific, Europe is the fastest-growing region and projected to register a CAGR of 5.6% from 2022-2030. In the United Kingdom, Carlton Die Casting produces aluminum and Zinc die castings, with machine sizes ranging from 250 tons to 725 tons, for telecom, automotive, electronics, and defense industries. The demand for fuel efficiency and the government’s emission standards drive the UK aluminum die casting market’s growth. With the increasing demand for luxury automobiles, light metal castings, especially aluminum high-pressure die casted parts, are anticipated to gain prominence in the region. Apart from all these factors, the automotive industry’s demand for lightweight auto parts is likely to drive the foundry industry to invest and adopt more advanced die casting machinery (CNC machines) in the parts manufacturing process.
Key Market Players
Form Technologies Inc. (Dynacast), Nemak, Endurance Technologies Limited, Sundaram Clayton Ltd., Shiloh Industries, Georg Fischer Limited, Koch Enterprises (Gibbs Die Casting Group), Bocar Group, Engtek Group, Rheinmetall AG, Rockman Industries, Ryobi Die Casting Ltd., Linamar Corporation, Meridian Lightweight Technologies, Sandhar Group, and Alcoa Corporation are major players in the global market of die casting.
Request For Report Description @ https://www.marketstatsville.com/die-casting-market
Due to numerous players worldwide, the aluminium market die casting is extremely competitive. The ongoing coronavirus pandemic has had a negative impact on market players’ sales and production. During the lockdown, businesses ceased production, which had a negative impact on sales.
Market Statsville Group (MSG) partners with companies and society to confront their essential risks and challenges to capture the enormous opportunities for them. MSG initiated its work in 2017, and since then, the brand is moving to become a pioneer in business advisory and market research services.
We the leading market research and strategy builder with the depth and breadth of solutions that perfectly suit your every need. MSG provides solutions in a wide range of industry verticals in market sizing, analysis, and incisive business insights. MSG experienced research analysts are proficient at digging deep and providing various customizable data that help you make decisions with clarity, confidence, and impact.
Contact US:
Market Statsville Groups
416, East standsberry street,
Perkins, Oklahoma 74059, US
USA: +1-580-205-2707 | India: +91-702-496-8807
Email: sales@marketstatsville.com
MSG Blog https://marketstatsvilleblogs.com/
