The Die Casting Market is estimated to be valued at US$ 62.3 Bn in 2022 and is expected to exhibit a CAGR of 7.2% over the forecast period 2021 to 2028, as highlighted in a new report published by Coherent Market Insights.

Market Overview: 

Die casting is a metal casting process that is characterized by forcing molten metal under high pressure into a mold cavity. The most commonly used alloys for die casting include zinc, aluminum, magnesium, and copper alloys. Products such as steering wheels, engine parts, electronic components, valves, and housings are commonly die cast. Die casting offers benefits such as net shape production, high-dimensional accuracy, and ability to cast complex parts.

Market Dynamics:

Increasing automotive production around the globe is a key factor driving the growth of the die casting market. As per the International Organization of Motor Vehicle Manufacturers, around 92 million vehicles were produced worldwide in 2020. Demand for die casted aluminum and zinc alloy parts from the automotive industry is quite high. In addition, increasing electronics production is another major driver. Die casting is widely used in the electronics industry to make housings, electrical connectors, and parts for mobile phones, laptops, televisions etc. According to GlobalData, worldwide electronics production may surpass $3 trillion by 2030. As the electronics industry expands rapidly driven by several applications such as 5G technology, demand for die casting from this industry is expected to increase substantially over the coming years. 

SWOT Analysis 

Strength: Die castings provide precision, accuracy, consistency and repeatability in high volumes due to automated production processes. They offer excellent dimensional stability, vibration damping, and corrosion resistance. Die cast parts also have a smooth, wrinkle-free surface finish and intricate details.

Weakness: Changes to die cast tooling are expensive since entire molds need replacement. die casting produces more waste than other casting methods. It is also difficult to cast thin-walled or large solid sections with die casting. 

Opportunity: Growing automotive industry worldwide increases the demand for intricate exterior and interior parts. Rapid adoption of electric vehicles boosts the usage of die cast aluminum components to reduce vehicular weight.

Threats: Volatility in prices of raw materials like aluminum and zinc poses challenges. Strict environmental norms pertaining to emission levels during metal melting processes act as a restraint.

Key Takeaways

The global Die Casting Market size is expected to witness high growth, exhibiting CAGR of 7.2% over the forecast period, due to increasing automotive production across the world. Die cast components find widespread application in the powertrain, chassis and safety components of vehicles to reduce weight.

Regional analysis: Asia Pacific dominates the global die casting market share and is expected to maintain its lead. China, Japan and India have emerged as major automotive manufacturing hubs and account for over 50% of the global vehicle production. This drives the demand for die cast parts in the Asia Pacific region.

Key players: Key players operating in the die casting market are Alcast Technologies, Arconic, Consolidated Metco, Inc., Dynacast International Inc., Gibbs Die Casting, Ryobi die casting Inc., Bodine Aluminum, Martinrea Honsel Germany GmbH, Leggett & Platt, Endurance Technologies Ltd., Empire Die Casting Company, Alcoa Inc., Hitachi Metals Ltd, Nemak S.A.B. de C.V., GF Casting Solution AG, Shiloh Industries Inc., Rheinmetall Automotive AG, Sigma Electric Manufacturing Corp., Pace Industries, and Guangdong Yizumi.

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