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The die casting market involves the production of metallic parts through the process of forcing molten metal under high pressure into steel molds. Die castings offer excellent dimensional accuracy, smooth surfaces, and repeatability. Key advantages include high production output, economic production in large volumes, and ability to produce components with intricate designs and close tolerances. Rising demand for lightweight and durable components from automotive and other industries is driving increased adoption of die cast aluminum and zinc alloys parts.
The Global Die Casting market is estimated to be valued at US$ 71.59 Bn in 2024 and is expected to exhibit a CAGR of 7.2% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the die casting market include 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 key opportunities in the die casting market include growing demand from the automotive industry for lightweight components, technological advancements enabling complex geometries, and increased outsourcing of die casting components by OEMs.
The die casting market is witnessing increased global expansion aided by growing automotive production and sales across key regions such as Asia Pacific, North America, and Europe. Establishment of die casting facilities near customer locations is enabling quicker delivery and greater flexibility.
Market drivers
The primary driver for the die casting market is the growing demand for lightweight components from the automotive industry. Die cast aluminum and zinc alloys help automakers reduce vehicle weight and meet stringent fuel efficiency and emission norms. The rising global vehicle production is driving increased outsourcing of die cast parts by OEMs. Technological advancements are enabling die casters to produce components with complex geometries, tight tolerances and near-net shapes, finding adoption in a wider range of end-use industries including consumer electronics, industrial machinery and more.
PEST Analysis
Political: Die casting regulations around emissions, recycling and waste management affect the die casting market. Governments support R&D in new aluminum alloys to reduce emissions.
Economic: A fluctuating global economy impacts automotive, electronics and other key end-use industries of die casting. Changes in GDP and consumer spending affect demand.
Social: Consumer preference for lighter vehicles increases demand for die cast aluminum and magnesium auto parts. Rapid urbanization drives growth in electronics and appliances using die cast components.
Technological: Advances in precision die casting, robotics, simulation and alloy development help produce complex parts more efficiently and from new lightweight materials. Adoption of Industry 4.0 technologies supports digitization.
The North America and Europe regions collectively account for over 50% of the global die casting market value due to large automotive manufacturing bases and presence of major OEMs. Rapid industrialization and rising living standards are driving demand in Asia Pacific region, which is the fastest growing market for die casting globally and expected to expand at a CAGR of over 8% during the forecast period.
China stands out as the largest producer and consumer of die cast products worldwide owing to huge manufacturing capacities for automobiles, electronics and other industries established in the country. Growth is also robust in developing economies like India, Indonesia and Vietnam as they seek to build local automotive and electronics manufacturing capabilities through die casting. Mexico has emerged as a major hub for die casting in North America supporting its large automotive export industry.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
