Global Automotive Part Die Casting Market Would Reach USD $11.86 Billion By 2021
Sarasota, FL -- (SBWIRE) -- 10/13/2017 -- About Zion Market Research
Zion Market Research has published a new report titled "Automotive Part Die Casting Market (Pressure Die Casting, Vacuum Die Casting, Squeeze Die Casting and Semi-Solid Die Casting) by Raw Material (Aluminum, Zinc, Magnesium, and Others) Market for Body Assemblies, Engine Parts, Transmission Parts and Others Applications: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2015-2021". According to the report, global demand for automotive part die casting market was valued at around USD 7.54 billion in 2015 and is expected to reach approximately USD 11.86 billion in 2021, growing at a CAGR of slightly above 7.8% between 2016 and 2021.
The growth of automotive part die casting market is mainly attributed to increasing demand for lightweight automobiles coupled with rapidly growing automotive industry across the globe. In addition, energy-saving trend, favorable government initiative and industry regulations, the various initiative by EPA to raise the mile per gallons standards from 35.5 miles per gallon (mpg) till 2016 and 54.5 mpg by 2025 have open up alluring opportunities for automotive part die casting industry. Initiatives by NADCA to improve the technical workforce and NADCA's work with several community colleges in the U.S. to create a die-casting farm system is expected to improve the performance of whole die casting market.
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Pressure die casting and vacuum die casting are major process types involved in the die casting market. In 2015, vacuum die casting process is expected to attain acceptance at a faster pace, due to minimal porosity and tensile strength of the end product from the process. Pressure die casting segment is also expected to achieve significant growth in coming years.
The shift towards lightening and easy customization of the part in the automotive industry spiked up the use of aluminum for die casting parts. Technological advancement such as new magnesium thixomolding, a type of semi-solid metal casting by Proto Labs is expected to show tremendous growth for magnesium as a raw material.
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Body assemblies and engine parts emerged as leading application segments of automotive part die casting market in 2015. Increasing automotive production is expected to contribute the growth of both application segments in coming years.
North America emerged as leading market for automotive part die in 2015; the growth is mainly attributed to large-scale domestic production, the government initiative, and availability of resources. North America is closely followed by Asia Pacific in 2015. Rising automotive industry paired with industrialization in India and China are the major contributing factors for the growth of the automotive part die casting market. India is progressively growing as a hub for the automobile components manufacturers for magnesium and zinc die-cast auto parts.
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Major participants in the automotive part die casting space include Texas Die Casting, Consolidated Metco, Endurance Group, Rockman Industries Inc., Ryobi Die-casting Inc., Alcast Technologies, Dynacast and Alcoa Howmet amongst others.
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