Growth, Trends, COVID-19 Impact on Die Casting Market during Forecast period 2021-2028

 

Die Casting Market

Die casting is a manufacturing process that produces intricately shaped metal components using reusable moulds called dies. Typically a non-ferrous alloy, such as aluminium or zinc, the metal is melted in a furnace and then pumped into dies in a die casting machine. The method is defined as applying intense pressure while pushing molten alloy or metal into a mould cavity. Die castings are created using metals like lead, zinc, magnesium, aluminium, copper, and alloys based on tin.

The desire for high-performance, low-emission, and fuel-efficient vehicles is driving growth in the die casting industry. An growth in investments in the building industry and the manufacturing of machinery both help to enhance demand for die casting machines. The market's expansion is likely to be constrained by the erratic pricing of raw materials. The conventional high-pressure die casting methods have also undergone a number of advancements recently. Such factors are probably to provide market participants appealing growth opportunities during the anticipated period.

According to Coherent Market Insights, The global Die Casting Market was valued at US$ 62.3 Bn in 2020 and is expected to reach US$ 106.5 Bn by 2028 at a CAGR of 7.2% between 2021 and 2028.

The Indian government has allowed 100% FDI in the automobile and auto component industries. As a result, several international corporations have begun to build factories in the country to produce automobiles for both domestic and global markets. The die casting industry in India is at a crossroads. Many companies have expressed interest in investing in the Indian market for electric vehicles, owing to the fact that die casting is primarily used in the automobile industry to produce lightweight vehicles. Such expanding opportunities in the automobile industry are expected to drive the global die casting market forward.

To meet new market trends, high pressure die casting (HPDC) technology is rapidly evolving. As a result, new die lubricant technologies are being introduced into the die casting market. These new technologies boost die casting plant productivity by enabling casters to produce high-quality and complex castings at high die temperatures while reducing machine downtime. In the automobile die casting industry, China has the largest market share. Due to covid-19, the global economy and environmental laws had a significant impact on Chinese automobile exports in early 2020. Recent global regulatory changes have had little to no impact on the rate of sales growth in 2019.

COVID- In many countries, the die casting industry has been impacted by 19 outbreaks and related shutdowns. The pandemic's negative effects on the global industrial sector could be seen in the first half of 2020. As a result, the market's growth was hampered by lower production rates caused by pandemic-related disruptions in the first few months of 2020. By the end of 2020, the market had regained its lost momentum after restrictions were relaxed.

Die Casting Market Segmentations-

·        By Type: Pressure Die Casting (High Pressure Die Casting and Low Pressure Die Casting), Vacuum Die Casting, Squeeze Die Casting, and Others (Semisolid Die Casting)

·        By Material: Aluminum, Magnesium, Zinc, and Others

·        By Application: Automobile (Body Parts, Engine Parts, Transmission Parts, and Other Application), Heavy Equipment (Construction, Farming, and Mining), Machine Tools, Plant Machinery (Chemical Plants, Petroleum Plants, Thermal Plants, Paper, Textile, and Others), Municipal Castings (Valves and Fittings, Pipes, etc.), and Others (Household Appliances, Art Objects, etc.)

Top companies involved 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

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