Automotive Parts Die Casting Market Projections Point to USD 107.56 Billion Valuation by 2033 | Riding on a Strong 4.84% CAGR
The global automotive parts die casting market size is anticipated to grow from USD 67.05 billion to USD 107.56 billion in 10 years. The market will experience rapid growth due to increasing demand for automobiles during the forecast period.
Newark, Sept. 09, 2024 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 67.05 billion in 2023 global automotive parts die casting market will reach USD 107.56 billion in 2033. Automobiles are assembled from a variety of automotive parts, working together to ensure proper function and performance. These parts are essential for movement, entertainment, navigation, cooling, and other electrical systems. Key components include the engine, transmission, chassis, fuel, cooling, and lubrication systems. Further categories encompass the steering wheel, braking system, clutch, axle, gearbox, and auxiliaries. Die casting is a prevalent manufacturing technique for these automotive parts. This process involves pouring molten non-ferrous alloys into metal molds under high pressure to produce standardized, high-quality components. Magnesium, aluminum, and zinc are commonly used in die casting. This method is favored for its cost-effectiveness, environmental benefits, and ability to produce lightweight parts, which contribute to reduced vehicle weight, improved fuel efficiency, and lower carbon emissions. Die casting also enhances the precision and quality of parts while minimizing waste.
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Scope of Global Automotive Parts Die Casting Market
| Report Coverage | Details |
| CAGR | 4.84% from 2024 to 2033 |
| Market Size in 2023 | USD 67.05 Billion |
| Market Size by 2033 | USD 107.56 Billion |
| Largest Market | Asia Pacific |
| Base Year | 2023 |
| Forecast Year | 2024 to 2033 |
| Historical Year | 2020-2022 |
| Segments Covered | Product Type, Raw Material Type, Application, Regions |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Key Insight of the Global Automotive parts die casting Market
Asia Pacific will dominate the market during the forecast period.
The Asia Pacific region leads the automotive parts die casting market, driven by increased consumer disposable income and growing vehicle demand. The region is expected to continue its dominance due to government policies promoting die casting technology and its environmental benefits.
In 2023, the pressure die-casting segment dominated the market with the largest market share of 44.44% and revenue of 29.79 billion.
The product type segment is divided into vacuum die-casting, pressure die-casting, squeeze die-casting, gravity die-casting, & semi-solid die-casting. In 2023, the pressure die-casting segment dominated the market with the largest market share of 44.44% and revenue of 29.79 billion.
Over the forecast period, the aluminum segment is expected to grow at the fastest CAGR of 6.61%.
The raw material type segment is divided into magnesium, aluminum, zinc, and others. Over the forecast period, the aluminum segment is expected to grow at the fastest CAGR of 6.61%.
In 2023, the transmission parts segment dominated the market with the largest market share of 43.13% and revenue of 28.91 billion.
The application segment is divided into transmission parts, engine parts, body assemblies, battery, and related components, & among others. In 2023, the transmission parts segment dominated the market with the largest market share of 43.13% and revenue of 28.91 billion.
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Advancement in market
Hozon Auto’s Neta brand stated that it and Hong Kong-listed integrated die-casting machine manufacturer LK Technology have inked a strategic partnership agreement to produce die-casting equipment up to 20,000 tonnes. By surpassing the 12,000-ton die-casting machine now used by Xpeng (NYSE: XPEV), the 9,000-ton die-casting machine used by Tesla (NASDAQ: TSLA) and Aito, and the 7,200-ton die-casting machine used by Zeekr, the equipment will be the most powerful in the field globally, according to Neta.
Market Dynamics
Driver: Increasing Demand for Automobiles.
Rising disposable incomes in developing economies such as China and India are driving up vehicle demand. Consumers are becoming more environmentally conscious and seeking vehicles with lower carbon footprints. Die-cast automotive parts help reduce vehicle weight, leading to lower emissions and improved fuel efficiency. The growing trend towards sustainable products is expected to further drive demand for die-cast parts.
Restraints: Volatile Raw Material Prices.
Fluctuations in the prices of essential die casting materials—aluminum, magnesium, and zinc—pose a challenge to market growth. Supply chain disruptions and price volatility can lead to increased costs and impact the adoption of die casting technology.
Opportunities: Government Regulations.
As climate change accelerates, governments worldwide are implementing stricter regulations to cut carbon emissions. The automotive sector is a key target for these emission reduction efforts. Eco-friendly policies and regulations encourage the adoption of technologies like die casting, which contribute to fuel efficiency and lower emissions, creating growth opportunities for the market.
Challenges: Lack of Skilled Workforce.
The advanced technology involved in automotive parts die casting requires a skilled workforce. Traditional automotive production did not demand such specialized knowledge, resulting in a skill gap. Recruiting and training skilled professionals to manage die casting operations can increase operational costs and present challenges for market players.
Some of the major players operating in the global automotive parts die casting market are:
• Dynacast
• Endurance Technologies Limited
• Gibbs Die Casting Group
• Linmar Corporation
• Georg Fischer Limited
• Nemak
• Sandhar Technologies Limited
• Castwel Auto Parts Private Limited
• Alcast Company
• Kinetic Die Casting Company
Key Segments covered in the market:
By Product Type
• Vacuum Die-Casting
• Pressure Die-Casting
• Squeeze Die-Casting
• Gravity Die-Casting
• Semi-Solid Die-Casting
By Raw Material Type
• Magnesium
• Aluminum
• Zinc
• Others
By Application
• Transmission Parts
• Engine Parts
• Body Assemblies
• Battery And Related Components
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter’s five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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