by The 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.
Market Overview:
Die casting is a manufacturing process where molten metal is forced into reusable steel molds under high pressure. Aluminum and zinc are most commonly used metals for die casting. Die cast components are widely used in automotive, aerospace, marine, industrial equipment and consumer durables sectors due to properties like dimensional precision, strength, corrosion resistance and flexibility in design. die cast parts are commonly used to make engine components, chassis parts, transmission components, appliances, electronics housing and furniture components.
Market Dynamics:
Rising demand for lightweight vehicles to improve fuel efficiency is a major driver for die casting market. Die cast aluminum and magnesium auto parts help reduce vehicle weight by 30-40% compared to steel. Majority of chassis and powertrain components in modern vehicles are now made of die cast alloys. In addition, growing aerospace industry is also catalyzing the demand as die casting provides design flexibility for complex aircraft components like engine housing while keeping weight in check. Furthermore, increased use of durable consumer goods and industrial equipment which utilize die cast housings and structural parts is propelling the market growth over the forecast period.
Segment Analysis
The global die casting market is segmented by process into pressure die casting, vacuum die casting, squeeze die casting, and semi-solid die casting. Among these, the pressure die casting segment dominates the market and accounts for over 60% of the overall die casting market share. Pressure die casting is widely used for aluminum and zinc die casting applications owing to advantages such as high production rates, ability to cast complex shapes, and easy process control.
PEST Analysis
Political: The die casting market is impacted by regulations regarding recycling of non-ferrous metals and promotion of electric vehicles which use die casted parts. Economic: Growth in automotive and machinery manufacturing industries drives demand for die casted components. Social: Increasing consumer preference for lightweight vehicles boosts usage of die casted aluminum parts. Technological: Adoption of advanced die casting techniques such as thixocasting and structural die casting enable production of complex parts with high strength.
Key Takeaways
The global Die Casting Market size was valued at US$ 62.3 Bn in 2020 and is expected to grow at a CAGR of 7.2% during 2021-2028, reaching US$ 98.7 Bn by 2028. The automotive segment accounts for over 50% share of the overall market. Asia Pacific dominates the global market with China being the largest die casting market globally owing to presence of a large automotive and electronics manufacturing base. 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.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
