Pune, India, June 20, 2019 (GLOBE NEWSWIRE) -- The market for Automotive Metal Die Casing can expect to reach the valuation of USD 46,167.5 million by 2023, says Market Research Future (MRFR). The market is set to display a CAGR of 8.75% during the forecast period (2016-2023).
Metals dies are produced from a metal that has a melting point much higher compared to a molten metal being cast. After solidification of the molten metal at a quick rate, it takes the required shape inside the mold cavity. Die casting finds widespread use in manufacturing of multiple automotive components including crank cases, disc brakes, engine mounting, shock absorbers, cylinder heads, and others.
Automotive Metal Die Casting process is quick, reliable, as well as cost-effective and is used for producing large volumes of metal components, which are net-shaped with high dimensional stability and tolerance. The two primary types of pressure die casting are high-pressure die casting and low-pressure die casting. Among these, the high-pressure die casting process is comparatively superior based on its excellent dimensional tolerance, in addition to being economical for both larger and smaller volume production. Furthermore, it is vital aspect in the production of the main housing, compressor housing, clutch housing, transmission cover, front lever, filter head and master cylinders.
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Having said that, fluctuations in the prices of raw materials could have a debilitating effect on the market growth. Yet, the increasing demand for Automotive Metal Die Casting for the production of battery casings in electric vehicles is deemed to present multitude of growth opportunities for the industry participants in the ensuing years.
Renowned Players:
Nemak (Mexico), Buhler AG (Switzerland), Rockman Industries Ltd (India), Dynacast (US), Endurance Technologies Limited (India), are among some of the most significant vendors in the worldwide Automotive Metal Die Casting Market.
Recent Updates:
January 2019
Endurance Overseas Srl. (Italy) has made an acquisition of the complete equity stake in Fonpresmetal Gap SpA (Fonpresmetal). The latter is an aluminum die casting vendor in Italy. Following the acquisition, the Fonpresmetal’s name is now Endurance Castings SpA. As of now, the Endurance Group has nine manufacturing plants, with six of them located in Italy and other three based in Germany.
Summary:
The Automotive Metal Die Casting Market is amassing huge gains with the rise in strict environmental regulations implemented by the Environmental Protection Agency (EPA). These agencies are making efforts to curb the CO2 emissions and also enhance technical workforce. These factors are bound to mold the market size favorably in the ensuing years.
Increasing greenhouse gases, enhanced structural efficiency of automobiles and high fuel consumption have led to a shift from steel to lightweight metal die casting among consumers. Moreover, the rising efforts with respect to the quality of workforce by the Occupational Safety and Health Administration (OSHA) and NADCA to reduce air emissions, enhance energy efficiency, recyclability and manage and minimize waste are poised to support the market growth during the evaluation period. Based on these factors, the worldwide growth of the Automotive Metal Die Casting Market is expected to be at a CAGR of 8.75% during the forecast period (2016-2023). Also, the market will be touching the valuation of USD 46,167.5 million by 2023.
Market Segmentation:
The worldwide market for Automotive Metal Die Casting has been segmented on the basis of Metal, Process Type, Application and Region.
Depending on Metal, the market can be broken down into aluminum, zinc, magnesium, and others. Between these, the maximum coverage pf 67.63% was by the aluminum segment in 2017 and is projected to attain the valuation of USD 31,447.5 million by 2023. The lucrative performance of the segment is the result of aluminum’s relatively low cost, light weight, durability, surface finishing options, corrosion resistance and recyclability properties. Also, zinc is estimated to grow at the fastest-pace of 8.70%, backed by the metal’s aesthetic features, excellent finishing capabilities, durability, superior strength, economical castability and rigidity.
Browse the market data and information spread across 196 pages with 230 data tables and 24 figures of the report “Automotive Metal Die Casting Market Report - Forecast 2018-2023” in-depth alongside table of content (TOC) at: https://www.marketresearchfuture.com/reports/automotive-metal-die-casting-market-7698
With respect to the Process Type, the market can be categorized into high-pressure die casting, gravity die casting, low-pressure die casting, and others. Here, the high-pressure die casting segment was in the lead with the biggest share of 50.07% in 2017 and is expected to demonstrate the best growth rate of 9.53% in the subsequent years. The important factors backing this growth include the process’s high production efficiency, excellent surface finishing capabilities, excellent dimensional tolerance and enhanced mechanical properties. Furthermore, this process is highly economical for smaller as well as larger volume production. On top of that, there is a possibility of manufacturing extremely small wall thickness as well as complex products having intricate designs.
Application-Wise, the market is considered for structural components, engine parts, transmission components, and others. The structural components segment managed to acquire the largest share of 40.14% in 2017 and MRFR predicts the segment to touch the valuation of USD 19,846.0 million in the years ahead. The structural components find massive demand among its peers as they are used for replacing multiple individual components, thereby reducing the overall weight of the vehicle.
Region-based segments in the Worldwide Automotive Metal Die Casting Market are Europe, Asia Pacific, Latin America, the Middle East & Africa and North America.
Regional Outlook:
Taking the lead in the Global Automotive Metal Die Casting Market is Asia Pacific, seizing the share of 51.27% in the year 2017. In addition to this, the regional market is also expected to expand at the fastest-rate of CAGR of 9.48% by 2023. Furthermore, Europe was identified as the second-largest market globally and is presumed to be worth USD 4,147.6 million by 2023. Lastly, the North America market, in 2017, bagged the third-largest share of 15.5% in 2017.
In Asia Pacific, China is in the vanguard of the regional market growth, with Japan and India following suit. It is reported that in 2016, China had registered over 26,000 metal casting plants, with Chinese automotive industry accounting for almost 27.3% of the overall demand for castings. The country’s economy is growing at a steady pace, and as a consequence, the disposable income of the middle-class population has taken a radical leap in recent years. This factor will reflect lucratively on the rising demand for vehicles. On this note, on account of low production costs in China, the demand for vehicle production has taken a sharp rise in the past five years. Additionally, in the year 2017, close to 24,961,948 units of passenger vehicles had been sold in the country, increasing from 24,376,902 units the previous year. Thus, the wholesome increase in sales of vehicles in China and other countries is presumed to stimulate the market growth in the conjectured time frame.
The automotive industry in Europe is considered to be one of the most technically advanced and innovative in the world. Considering the economic crisis as well as political pressures, there has been a rise in demand to reduce fuel consumption and CO2 emission by the automobile manufacturers who are striving to focus on manufacturing lightweight automobiles in the region. The Europe market also benefits from the emergence of certain solutions with the core concept of using aluminum as new or modified alloys to cater to various automotive industry needs.
The market in North America is shaping up quite favorably as well, based on the large-scale domestic production, increasing number of government initiatives, coupled with the availability of resources in the region. In addition to this, growing automation in the die casting industry has elevated the productivity and a subsequent rise in product demand from the automotive industry. With the surge in attention from automotive manufacturers towards durable Metal Die Casting parts will ensure a massive uptake of the product in the region in the coming years.
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