The global die casting market is estimated to be valued at US$ 76.75 Bn in 2023 and is expected to exhibit a CAGR of 7.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Die casting involves forcing molten metal under high pressure into molds. It is suitable for high volume production as it allows for net and near-net shape casting. Die casting is used to manufacture parts which require thin walls, close tolerances, and a smooth surface.
Market key trends:
Zinc die casting has been gaining significant popularity in the automotive industry owing to its excellent strength to weight ratio and corrosion resistance. Around 70% of zinc die cast automotive parts are used for interior trim, instrument panels, air conditioning control panels, and various exterior components including brackets. Manufacturers are increasingly producing complex and intricate interior and exterior automobile parts through zinc die casting owing to advantages such as dimensional accuracy, corrosion resistance, and ability to cast thin walls. As automobile production is expected to increase substantially over the forecast period, demand for zinc die cast automobile parts is also projected to rise significantly.
Market Key Trends:
The Global Die Casting Market is witnessing increased adoption of advanced die casting techniques such as high-pressure die casting. Such advanced techniques help reduce production time and costs significantly. Moreover, adoption of robotics is also growing in die casting processes. Industrial robots help improve production efficiency and reduce human error and ergonomic issues in die casting. With the integration of internet of things (IoT), die casting equipment are becoming intelligent with remote monitoring capabilities. This is expected to further optimize productivity and minimize downtime in die casting processes.
SWOT Analysis:
Strength: Die casting allows for high-volume, complex production of parts with tight tolerances. It is capable of producing parts that would be difficult or costly to produce through other metal fabrication techniques.
Weakness: Die casting machines and dies require high initial investment. Changes to part design also require expensive tooling changes.
Opportunity: Growing application of die cast parts in automotive, packaging, consumer goods and various other industries present significant growth opportunities.
Threats: Fluctuation in raw material prices can impact profit margins. Increasing popularity of alternative fabrication techniques like 3D printing also presents competition.
Key Takeaways
The global die casting market size was valued at US$ 76.75 Bn in 2023 and is expected to reach US$ 132.25 Bn by 2030, registering a CAGR of 7.2% during the forecast period. Growth of the automotive industry is a major factor driving increasing demand for die casted aluminum and zinc alloy parts. Around 60% of all aluminum die casted parts produced globally are consumed by the automotive industry for applications such as engine parts, wheels, and vehicle bodies.
The Asia Pacific region held the largest share of the global die casting market in 2023, accounting for around 35% of the overall market revenue. China, India, and Japan are some of the major markets in the region witnessing rapid rise in automotive production as well as consumer goods manufacturing.
Some of the prominent players operating in the die casting market include 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. Key players are focusing on development of innovative and specialized die casting machines to strengthen their position in the market.
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