Automotive Metal Die Casting Industry – Growth, Size, Share and Demand by 2023
Posted by Marketresearchfuture on January 21st, 2020
Aluminum is the preferable metal than zinc and magnesium on account of its relatively lightweight, versatility, low cost, high dimensional stability, and recyclability. It is used in the manufacturing of die cast components such as engine and powertrain castings and wheels, back trunk, doors, shock towers, cross members, bumpers, and body extrusions of cars.
Pressure die casting process is reliable, quick, and cost-effective for production of large volume metal components that are net-shaped with high tolerance and dimensional stability. There are two types of pressure die casting, namely high-pressure die casting and low-pressure die casting. Out of which, the former process is relatively better owing to excellent dimensional tolerance and is economical for both smaller and larger volume production. It is used in the production of the compressor housing, main housing, transmission cover, clutch housing, master cylinders, front lever, and filter head.
The automotive metal die casting market is projected to be valued at USD 46,167.5 million by the end of 2023 and projected to register a CAGR of 8.75% during the forecast period. Die casting is a process that is characterized by forcing molten metal into the mold cavity under high pressure.
However, the only bottleneck in the growth trajectory of the global automotive metal die casting market is the high production and maintenance costs associated with the process. Moreover, fluctuating raw material prices is further expected to hamper global market growth. Nevertheless, the growing demand for automotive metal die casting in the production of battery casings in electric vehicles is likely to create immense growth opportunities for the market players.
The global automotive metal die casting market has been segmented based on metal, process type, application, and region. On the basis of metal, the global market has been classified into aluminum, zinc, magnesium, and others. Among these, the aluminum segment held the largest market share of 67.63% in 2017 and is estimated to reach USD 31,447.5 million by 2023. This is attributed to relatively low cost, durability, light weight, recyclability, surface finishing options, and corrosion resistance properties. Zinc is projected to be the fastest-growing segment with a robust CAGR of 8.70% owing to excellent finishing capabilities, aesthetic features, superior strength, durability, rigidity, and economical castability.
Based on process type, the global market has been categorized into high-pressure die casting, gravity die casting, low-pressure die casting, and others. Among these, the high-pressure die casting segment dominated the market with a market share of 50.07% in 2017 and is projected to register the highest CAGR of 9.53% in the following years. This is attributed to its excellent surface finishing capabilities, high production efficiency, better mechanical properties, excellent dimensional tolerance, and is economical both for smaller and larger volume production. Also, it is possible to manufacture very small wall thickness and complex products with intricate designs.
By application, the global market has been divided into structural components, engine parts, transmission components, and others. Among these, the structural components segment accounted for the largest market share of 40.14% in 2017 and is estimated to reach USD 19,846.0 million during the forecast period. These components can replace multiple individual components, which, in turn, helps to reduce the overall weight of the vehicle.
Global key Player:
The Automotive Metal Die Casting Industryis studied with respect to five key regions, namely Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa. As per MRFR analysis, the Asia-Pacific market accounted for the largest market share of 51.27% in 2017 and is likely to be the fastest-growing market with a robust CAGR of 9.48% by 2023. The market in Europe was the second largest and is projected to be valued at USD 4,147.6 million by the end of 2023. The North American market held a substantial market share of 15.5%in 2017.
Key Findings of the Study:
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