| Source: Facts & Factors Facts & Factors
TOKYO, JAPAN, March 29, 2022 (GLOBE NEWSWIRE) — Facts and Factors has published a new research report titled “Global Automotive Parts Die Casting (Aluminum, Magnesium, and Zinc) Market By Method (Squeeze Die Casting, Vacuum Die Casting, Pressure-Die Casting, and Others), By Use (Transmission & Suspension, Engine, and Brakes & Wheels), By Mode of Transport (Heavy Commercial Vehicles, Light Commercial Vehicles, Two-wheelers, and Passenger Cars), By Component (Aluminum, Magnesium, and Zinc), and By Region-Global and Regional Market Overview, Market Insights, Holistic Analysis, Historical Data, and Forecast 2022–2028” in its research database.
“According to the latest research study, the demand of global Automotive Parts Die Casting (Aluminum, Magnesium, and Zinc) Market size & share is worth USD 12.2 billion in 2021 and is anticipated to rise USD 21.5 billion by 2028, expanding at a CAGR of more than 7.5% during the projected timeline (2022-2028).”
What is Automotive Parts Die Casting (Aluminum, Magnesium, and Zinc)? How big is the Automotive Parts Die Casting (Aluminum, Magnesium, and Zinc) Market?
Die casting is a mechanized casting method in which liquid melt is forced into a mould at high pressure and filling speed. Metals with a low melting temperature are typically used. This casting process is especially well suited for series and mass manufacturing of components since, unlike sand casting, permanent metal moulds are utilized, which do not have to be discarded after casting. It’s indeed possible to manufacture huge and sophisticated components with thin walls. Nonferrous metals are used in die casting to make components, and the alloy chosen for a specific application is determined by weight, budget, and material quality. Aluminum is one of the most significant materials, accounting for more than 80% of the total, followed by zinc and magnesium.
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Automotive Parts Die Casting Market: Growth Factors
The industrial internet of things and Industry 4.0 is developing technologies in the global automotive parts die casting (aluminum, magnesium, and zinc) market. Industrial IoT has numerous benefits, including improved efficiency, innovative business models, novel revenue sources, risk management, and safety compliance. With the incorporation of electrical devices into casting manufacturing, products with better functionality can be obtained at a higher productivity rate. Furthermore, sensors can be placed in castings to detect, measure, and analyze mechanical stresses like deformations, tensile forces, and vibrations.
The adoption of simulation-based casting is one of the important developments that will drive the global market’s growth prospects in the future years. Uncertainty in raw material costs is projected to be the most significant factor impeding market growth. The temperature of the molten material and the cycle duration of a die determine its durability. Die casting dies are often built of hard materials as cast iron cannot sustain the high pressures necessary. As a result, the dies are quite expensive, leading to high start-up expenses.
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Automotive Parts Die Casting Market: Segmentation Analysis
The global automotive parts die casting (aluminum, magnesium, and zinc) market is segregated on the basis of method, use, mode of transport, component, and region.
By method, the market is divided into squeeze die casting, vacuum die casting, pressure die casting, and others. Vacuum die casting is expected to grow at a rapid pace. By use, the market is classified into transmission & suspension, engine, and brakes & wheels. By 2028, the automotive casting market for engine use will be worth around USD 85 billion.
By mode of transport, the market is divided into heavy commercial vehicles, light commercial vehicles, two-wheelers, and passenger cars. The passenger cars segment contributed to more than half of the market in 2020, and the sector is expected to rise rapidly from 2022 through 2028. By component, the market is classified into aluminum, magnesium, and zinc. The aluminum material segment is expected to grow at a rate of more than 5.5 percent by volume through 2028.
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Some of the main competitors dominating the global automotive parts die casting (aluminum, magnesium, and zinc) market are;
Key Insights from Primary Research:
Key questions answered in this report:
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COVID-19 Impact Analysis:
Due to trade restrictions and supply chain disruptions around the world, the COVID-19 pandemic had a significant influence on manufacturing operations, and the market experienced a slowdown. However, as economic activity restarts around the world, the global market is expected to develop steadily over the projection period.
Asia Pacific region leads the global automotive parts die casting (aluminum, magnesium, and zinc) market. The growth of the regional market throughout the projection period is attributed to a booming automotive vehicle market in nations such as China, which produces and sells a large number of vehicles. The increase in passenger automobile sales in China, India, Malaysia, and Indonesia will impact regional market dynamics.
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The global automotive parts die casting (aluminum, magnesium, and zinc) market is segmented as follows:
By Mode of Transport
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