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Die Casting Market - Growth, Trends, COVID-19 Impact, and Forecast (2021 - 2026)

Die Casting Market - Growth, Trends, COVID-19 Impact, and Forecast (2021 - 2026)

  • September 2021
  • 162 pages
  • ID: 6155672
  • Format: PDF
  • Mordor Intelligence LLP

Summary

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The Die Casting market was valued at USD 57.12 billion in 2020 and is anticipated to reach USD 81.48 billion by 2026, by registering a CAGR of about 5.92% during the forecast period.

The COVID-19 pandemic had a profound impact on manufacturing operations and the market witnessed a slowdown due to supply chain disruptions and trade restrictions worldwide. However, as economic activities resume across the world, the market is expected to witness steady growth over the forecast period.

Expanding automotive market, increasing penetration of die casting parts in industrial machinery, the growing constructional sector, and growing deployment of aluminum casts in the electrical and electronics industry anticipated to propel demand in the market during the forecast period. The CAFÉ standards and EPA policies to cut down automobile emissions and increase fuel efficiency are driving the automakers to reduce weight of the automobile by employing lightweight non-ferrous metals.

Subsequently, employing die-cast parts as a weight reduction strategy is acting as a major driver for the former market in automotive segment. However, crunch in raw material supply, volatility in raw material prices, and environmental regulations on emission for the metallurgy industries are acting as major barriers for the market growth.

Asia-Pacific region anticipated to hold largest market share in the die casting market due to rise in the demand for automobiles in countries such as China and India, and rise in the use of aluminium die casting for various application in this region. North America also expected to witness significant growth in aluminum die casting market due to growing output from construction and automotive sector in this region.

Key Market Trends

Aluminum Anticipated to Play Key role in Die Casting Process

Currently, nearly 30-35% of the auto components in a vehicle are made of aluminum alloys, which are mostly developed using high pressure die casting process. The demand for high-pressure aluminum die casting parts has increased across numerous industrial applications over the past years, as the process manufactures lightweight parts and provides high flexibility for complex shapes.

The rise in technological advancements and innovation anticipated to propel the adoption of high-strength and lightweight castings, specifically in the auto sector, offering manufacturers new opportunities in adopting aluminum for die casting parts. In addition, key players in the market have already started focusing on capturing growing market share in the region. For instance,

In March 2021, SandharTechnologies has entered a Memorandum of Understanding with Unicast Autotech to acquire its AluminiumDie Casting Business.

Moreover, a rise in the replacement of iron and steel with aluminum in the automobiles sector and rise in the investment in automobile and infrastructure sectors are expected to further propel the market. The growth of the aluminum die casting market is likely to improve during the forecast period to meet the increasing demand for lightweight components and high conductivity metal parts from the automotive and non-automotive sectors.

Asia-Pacific Region Likely to Witness Significant Growth

Asia-Pacific region anticipated to hold largest market share in the die casting market during the forecast period. Growing automobile industry, demand from the industrial sector, and increased scope of application in windmills and telecommunications expected to drive the die casting market at a faster pace in the Asia Pacific region. Cheaper labor and low manufacturing costs in India and China expected to further accelerate the market growth in the Asia-Pacific region.

Some of the technologically active countries like India, China, and Japan anticipated to play key role in the overall development of die casting market during the forecast period. Chinese manufacture sector is growing very fast and is poised to make its dent in the international trade arena. India is consolidating its position with strong domestic and external demand for high-quality die-cast components at lower prices.

Additionally, the government’s initiatives in the region with focus to increase the usage of electric transportation anticipated to propel the demand for die-cast parts in the country during the forecast period. All these factors together are driving the market for die casting parts market in the Asia-Pacific region.

Competitive Landscape

The Die Casting market is a moderately consolidated market owing to the presence of large number of global and local players in the market. key players in the market are focusing on expanding their presence globally through various mergers, partnerships, joint ventures, and acquisitions. For instance,

In April 2020, Endurance Technologies has acquired a controlling equity stake of 99% in Adler SpA, based out of Trentino, Italy. The acquisition is expected to improve the company’s reach across Europe, with the aid of ten manufacturing plants combined in Italy and Germany.
In January 2019, Alcoa Corporation announced launch of the new Alcoa Alloys for high-pressure die casting. The company announced that this alloy will be extensively used for manufacturing electric vehicle parts. The alloys demonstrated average elongation of 9-11%, average tensile strength of 265-280 Mpa, and average yield strength of 150-170 MPa in the cast state.

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