The growing trend of buying environmentally friendly commodities to save the environment from the drastic consequences of climate change is anticipated to drive the demand for the automotive parts die casting market.
Newark, June 16, 2022 (GLOBE NEWSWIRE) — As per the report published by The Brainy Insights, the global automotive parts die casting market is expected to grow from USD 15.28 billion in 2021 to USD 28.40 billion by 2030, at a CAGR of 7.13% during the forecast period 2022-2030.
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Vehicle demand is increasing in developing economies like China and India, ascribing to rising disposable income. Consumer awareness of climate change increases the demand for vehicles with lower carbon footprints. The automotive parts die casting market will be driven by increased consumer demand for more fuel-efficient and environmentally friendly cars. The acceleration of climate change has heightened the need to dramatically reduce carbon emissions. Failure to do so will have catastrophic and lasting effects on humanity. Automobiles emit massive amounts of greenhouse gases into the atmosphere. The automotive sector must be regulated to reduce carbon emissions. All countries are implementing new eco-friendly standards and legislation, encouraging market participants to embrace technology that cuts emissions. These laws will open the lucrative potential for the automotive parts die casting market, enabling vehicles to achieve greater fuel efficiency and reduced emissions. The volatility in the raw material prices used in die casting can hamper the market’s growth. Furthermore, the lack of skilled labour to operate die castings will challenge the market’s growth. Stable economic rules and trade laws can pacify the volatility in the raw material prices, and regular training of professionals can overcome the shortage of skilled labor.
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To enhance their market position in the global automotive parts die casting market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• Endurance Technologies Limited stated in March 2021 that a plant would be built in Waluj to address the demand for disc brake assembly. The construction of this new plant began in August 2021. In Pantnagar, the business is also constructing a cylinder-head low-pressure die-casting plant, which will start operations in FY 2022.
Market Growth & Trends
The rising use of automotive parts die castings in the automotive industry to improve fuel efficiency and reduce carbon emission by reducing the vehicle’s weight will aid in developing the automotive parts die casting market. An upsurge in consumer demand for fuel-efficient and environmentally friendly automobiles to restrict climate change will also facilitate the growth of the global automotive parts die casting market. Growing investments in developing better automotive parts die castings are driving the automotive parts die casting market. The requirement to improve production capacity and better-quality products for clients is likely to provide an impetus for innovative automotive parts die castings. Favorable government initiatives are also another significant factor contributing to the market’s growth.
• In 2021, the pressure die-casting segment dominated the market with the largest market share of 45% and market revenue of 6.87 billion in 2021.
The product type segment is divided into vacuum die-casting, pressure die-casting, squeeze die-casting, gravity die-casting, & semi-solid die-casting. In 2021, the pressure die-casting segment dominated the market with the largest market share of 45% and market revenue of 6.87 billion.
• The aluminum segment is expected to grow at the fastest CAGR of 9.61% over the forecast period.
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 9.61%.
• In 2021, the transmission parts segment accounted for the largest share of the market, with 44% and a market revenue of 6.72 billion.
The application segment is divided into transmission parts, engine parts, body assemblies, battery, and related components, & others. In 2021, the transmission parts segment accounted for the largest share of the market, with 44% and a market revenue of 6.72 billion.
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Regional Segment Analysis of the Automotive Parts Die Casting market
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., 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)
The Asia Pacific region emerged as the largest market for the global automotive parts die casting market, with a market share of around 35% and 5.34 billion of market revenue in 2021. The automotive parts die casting market in the Asia Pacific has been expanding rapidly. China dominates the automotive parts die casting market in the Asia Pacific. The increasing demand for vehicles in the developing economies, which is catered by these economies’ equally rising production capacity, contributes to the growth of the automotive parts die casting market. China is the world’s leading automobile manufacturer, intending to reduce carbon emissions; the Chinese market is shifting towards manufacturing fuel-efficient vehicles. China is hoping to retain the top spot in this market as well. Increasing infrastructure development is making India an ideal choice for automobile manufacturing. In addition to these, the favorable government policies for manufacturing automotive parts with die casting will help this region maintain its dominance in the forecast period.
Key players operating in the global automotive parts die casting market are:
• Endurance Technologies Limited
• Gibbs Die Casting Group
• Linmar Corporation
• Georg Fischer Limited
• Sandhar Technologies Limited
• Castwel Auto Parts Private Limited
• Alcast Company
• Kinetic Die Casting Company
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. The Brainy Insights has segmented the global automotive parts die casting market-based on the below-mentioned segments:
Global Automotive Parts Die Casting Market by Product Type:
• Vacuum Die-Casting
• Pressure Die-Casting
• Squeeze Die-Casting
• Gravity Die-Casting
• Semi-Solid Die-Casting
Global Automotive Parts Die Casting Market by Raw Material Type:
Global Automotive Parts Die Casting Market by Application:
• Transmission Parts
• Engine Parts
• Body Assemblies
• Battery And Related Components
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About the report:
The global automotive parts die casting market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen.We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirement whether they are looking to expand or planning to launch a new product in the global market.
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