Growth, Trends, and Outlook of Die Casting Market during forecast Period 2021-2028

 

Die Casting Market

Die casting is a method of producing geometrically complex metal components by using reusable moulds known as dies. The metal, which is typically a nonferrous alloy such as aluminium or zinc, is melted in a furnace before being pumped into dies in a die casting machine. The process involves forcing molten alloy or metal into a mould cavity under high pressure. Die castings are made from metals such as lead, zinc, magnesium, aluminium, copper, and tin-based alloys.

The die casting market is expanding as demand for fuel-efficient, high-performance, and low-emission vehicles rises. Demand for die casting machines is being boosted further by an increase in the machinery manufacturing sector and an increase in building industry investments. The market's growth is likely to be restricted by raw material price volatility. Furthermore, there have been a number of advancements in traditional high-pressure die casting techniques in recent years. Such factors are likely to provide market participants with appealing growth opportunities during the forecast 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.

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.

A die casting machine is a machine that uses high pressure to force molten metal into reusable metal dies. Die types include single and multiple cavity dies, as well as combination dies. This method is used to create precisely dimensioned, defined, smooth, and textured surface alloy and metal parts. Chassis, air valve, flywheel & bracket, smart locks, and automobile appliances are examples of metal parts.

Factors such as the rise in the market for light-weight vehicles and the increased adoption of high pressure die casting (HPDC) due to technological advancements drive the growth of the die casting machines market. Furthermore, many automotive component manufacturers use aluminium die casting machines to produce lightweight aluminium cast parts used in automotive assembly. The growing trend of producing light weight metals in the automotive industry, combined with increased automobile sales, increases demand for die casting machinery. Furthermore, various government initiatives have propelled the Asia-Pacific manufacturing industry, increasing the use of metal and positively influencing the die casting machines market.

Major 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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