by The global Die Casting Market is estimated to be valued at US$ 76.75 Bn or Billion 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 is a metal casting process where molten metal under high pressure is injected into a mold cavity. The most common alloys used in die casting are zinc, aluminum and magnesium. Die cast components are used in home appliances, automotive components, industrial machinery among others owing to their strength, precision and ability to cast complex shapes efficiently at high production rates.
Market key trends:
Aluminum die casting is the fastest growing segment due to increasing applications in automotive industry. About 25% of an average vehicle’s total weight consists of die cast aluminum parts. Aluminum die casting provides improved strength to weight ratio compared to cast iron and delivers fuel efficiency. Various auto components like engine blocks, gearboxes, suspension arms are now made from die cast aluminum alloys for weight savings. Increased global vehicle production is a major factor driving growth of aluminum die casting segment in die casting market.
Segment Analysis
The Global Die Casting Market is divided into aluminium die casting and zinc die casting segments. The aluminium die casting segment dominates the market and accounted for around 70% share in 2022 owing to aluminium’s high tensile strength, light weight, and resistance to corrosion. Aluminium alloys are preferred for manufacturing car parts due to their ability to offer excellent machinability, dimensional stability, and design flexibility.
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 automobile production across the world.
Regional analysis
Asia Pacific dominates the global die casting market with a share of more than 50% in 2022 led by China, India, and Japan. The region is expected to continue its dominance in the coming years owing to strong growth in the automotive industry in emerging economies of the region. Europe and North America are other major regions for the die casting market.
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. The market is moderately consolidated in nature with top players accounting for over 45% of the global market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
