Global Die Casting Market is estimated to account for US$ 106.5 Bn by end of 2028, Says Coherent Market Insights (CMI)

SEATTLE, Aug. 11, 2021 (GLOBE NEWSWIRE) — Die casting is a method of producing cast components made of aluminum, zinc, magnesium, or brass in an industrial setting. The molten metal is pushed into the die under tremendous pressure, which solidifies and is subsequently ejected. Several mold parts may be produced depending on the die. Die casting enables the production of components with extremely thin walls, smooth surfaces, and edges.

The global die casting market is estimated to account for US$ 106.5 Bn in terms of value by the end of 2028.

Market Drivers

1.Die casting market in the Asia-Pacific region is forecasted to be driven by the availability of a cost-effective labor force, government incentives policies for small and medium-sized enterprises, and a favorable domestic environment in the automobile sector.

Asia-Pacific die casting market is expected to grow at a faster rate due to the growing automobile industry. India and China are emerging as cost-effective die casting manufacturing hubs, due to the demand from industrial sectors, and increased application of die casting in windmills and telecommunications sector. The die casting market in the Asia Pacific region has increased because of the rising demand for automotive light weight vehicles as well as availability of cost-effective labor and lower manufacturing prices.

2.The growing market of lightweight vehicles in automobile industry is driving the global die casting market growth over the forecast period.

Automobile sector is heavily dependent on Environmental Protection Agency (EPA) rules. The Environmental Protection Agency’s (EPA) plans to boost mileage regulations to 54.5 mpg by 2025, this has forced the automobile manufacturers to change their approach, and switch to the usage of light-weight metals for automobile manufacturing. These factors are expected to accelerate the growth of the global die casting market.

3.Technological advancement in die casting is driving the die casting market growth.

An increase in adoption of high-pressure die casting technology (HPDC) is one such recent advancement in the die-casting industry, which is expected to drive the market growth. High-pressure die casting can quickly and efficiently produce large, light-alloy parts in large quantities. Molded parts produced with the HPDC method are considered to have better surface quality, higher homogeneity, and optimal mechanical characteristics. Moreover, automobile components can also be produced using high pressure die casting (HPDC).

Market Opportunity

• The Gravity Die Casting method is forecasted to grow at the fastest rate in global die casting market.
• Growing Foreign Direct Investment (FDI) in automobile sector is expected to drive the global die casting market.

Market Trends:

1. Simulation die casting gaining major traction

Simulation provides virtual image of casting process from filling to solidification. Process simulation is an essential tool to obtain reliable and high-quality products avoiding the costs of trials as well as the production of expensive molds. Simulations in the pre-development phase can help to avoid design errors in cast parts at an early stage. Process simulation has numerous advantages. It enhances design collaboration with the downstream production chain in a cost-effective manner.

2. Automobile application is driving the market trends of global die casting market

In the automobile sector, die-cast transmission parts include valve bodies, stators, and clutch pistons. The automobile manufacturers, globally, are using lightweight magnesium and magnesium alloys to reduce the overall vehicle weight.

Segmentation:

By Type:

• Pressure Die Casting (High Pressure Die Casting and Low Pressure Die Casting)
• Vacuum Die Casting, Squeeze Die Casting
• Others (Semi-solid Die Casting)

By Material:

• Aluminum
• Magnesium
• Zinc
• Lain-lain

By Application:

• Automobile (Body Parts, Engine Parts, Transmission Parts, and Other Application)
• Heavy Equipment (Construction, Farming, and Mining)
• Machine Tools
• Plant Machinery (Chemical Plants, Petroleum Plants, Thermal Plants, Paper, Textile, and Others)
• Municipal Castings (Valves and Fittings, Pipes, etc.)
• Others (Household Appliances, Art Objects, etc.)