Market Overview:
The global Die Casting Market is estimated to be valued at US$ 62.3 Bn in 2022 and is expected to exhibit a CAGR of 7.2% over the forecast period 2021 to 2028, as highlighted in a new report published by Coherent Market Insights.
Die casting is a metal casting process that is characterized by forcing molten metal under high pressure into a metal die cavity. Die cast parts provide good surface finish, dimensional accuracy, and reproducibility. They find wide applications in automotive, aerospace, telecommunications, and consumer durables industries.
Market key trends:
The automotive industry is one of the major consumers of die cast components globally. Increasing electric vehicle production is one of the key trends driving the die casting market. Die casting technology is widely used in the manufacturing of electric vehicle components such as motor housings, gear boxes, battery casings, and inverters due to its ability to produce complex, close-tolerance parts with little waste. Additionally, light-weighting has become essential for improving the efficiency of electric vehicles. Die casting helps in reducing the overall vehicle weight through the production of intricate lightweight parts.
Segment Analysis
The die casting market is segmented by process into pressure die casting, vacuum die casting, squeeze die casting, and others. Among these, the pressure die casting segment dominated the market with a share of over 45% in 2020. Pressure die casting is widely used for manufacturing automotive components owing to advantages such as reduced lead times, flexibility in design, and tight dimensional tolerances. However, vacuum die casting is expected to witness highest growth during the forecast period due to rising application in electronics & telecommunication components manufacturing.
Key Takeaways
The global Die Casting Market size is expected to witness high growth, exhibiting a CAGR of 7.2% over the forecast period from 2021 to 2028, due to increasing demand from automotive industry.
Regional analysis
The Asia Pacific region dominated the global market in 2020 with over 40% share of the overall market. China accounted for the largest share in the region owing to the presence of established automotive and electronics industries. North America is expected to exhibit the fastest growth over the forecast period due to recovery in automotive sales and increasing demand for medical devices in the region.
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. Alcast Technologies and Arconic are recognized as technology leaders in the die casting components market.
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.
