Global Automotive Part Die Casting Market is Set for a Rapid Growth and is Expected to Reach USD 11.86 Billion by 2021
Sarasota, FL -- (SBWIRE) -- 01/31/2018 -- 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.
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Die casting is a process which is used to produce metal parts by forcing molten metal under high pressure into a die cavity. This manufacturing process allows products to be made with the high degree of accuracy and repeatability. Die casting process also can produce fine details such as textured surfaces or names without any need for further processing.
Global automotive part die casting market is primarily driven by increasing demand for lightweight automobiles, energy saving trend, rapidly growing automotive industry across the globe paired with favorable government initiative and industry regulations. In addition, the initiative by the EPA (Environmental Protection Agency) to raise the mile per gallons standards from 35.5 miles per gallon (mpg) till 2016 and 54.5 mpg by 2025 have created lots of opportunities for automotive die casting industry to grow tremendously. Initiatives by NADCA to improve the technical workforce and strategy of working 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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Based on the type, global automotive part die casting market is bifurcated into the pressure die casting, vacuum die casting, semi-solid die casting and squeeze die casting. Aluminum, zinc, magnesium and others are the raw material segment of the automotive part die casting market. Aluminum emerged as a leading raw material segment in 2015.Aluminum is lightweight and can be easily customized with heat treatment. These properties make aluminum as an ideal raw material for automotive die casting. Different application segments of this market include body assemblies, engine parts, transmission parts and others. Body assemblies and engine part are expected to be fastest growing application segment in coming years.
North America emerged as leading region for automotive part die casting market in 2015. This growth is mainly attributed to the availability of resources, government initiative, and large-scale domestic production. North America is expected to grow with decent CAGR of more than 5.8%. North America was closely followed by Asia pacific in the same year. Rising automotive industry paired with robust industrialization in India and China are the major contributing factors for the growth of the automotive part die casting market.
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Major participants in the automotive part die casting space include Consolidated Metco, Endurance Group, Alcoa Howmet, Rockman Industries Inc., Ryobi Die-casting Inc., Alcast Technologies, Dynacast and Texas Die Casting amongst others.