Newark, June 16, 2022 (GLOBE NEWSWIRE) — According to report published by The Brainy Insights, the global auto parts die casting market is expected to grow from $15.28 billion in 2021 to $28.40 billion by 2030. , at a CAGR of 7.13% during the forecast period 2022-2030.
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The demand for vehicles is increasing in developing economies like China and India, due to the increase in disposable income. Consumer awareness of climate change is increasing the demand for low carbon vehicles. The auto parts die casting market will be driven by growing consumer demand for more fuel efficient and environmentally friendly cars. Accelerating climate change has increased the need to drastically reduce carbon emissions. Failure to do so will have catastrophic and lasting effects on humanity. Automobiles emit massive amounts of greenhouse gases into the atmosphere. The automotive sector must be regulated to reduce carbon emissions. All countries are implementing new environmentally friendly standards and legislation, encouraging market players to adopt technologies that reduce emissions. These laws will unlock the lucrative potential of the auto parts die-casting market, allowing vehicles to achieve greater fuel efficiency and lower emissions. Price volatility of raw materials used in die casting may hamper the growth of the market. Additionally, the lack of skilled labor to operate the die castings will challenge the growth of the market. Stable economic rules and trade laws can ease commodity price volatility, and regular training of professionals can alleviate the shortage of skilled labor.
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To strengthen their position in the global automotive parts die casting market, the major players are now focusing on adopting strategies such as product innovations, mergers and acquisitions, recent developments, joint ventures, collaborations and partnerships.
• Endurance Technologies Limited said in March 2021 that a plant would be built in Waluj to meet demand for disc brake assembly. Construction of this new plant began in August 2021. In Pantnagar, the company is also building a low-pressure die-casting plant for cylinder heads, which will start operations in fiscal year 2022.
Market growth and trends
The increasing use of die-cast auto parts in the automotive industry to improve fuel efficiency and reduce carbon emissions by reducing vehicle weight will contribute to the development of the auto parts die-casting market. An increase in consumer demand for fuel-efficient and environment-friendly automobiles to limit climate change will also facilitate the growth of the global auto parts die casting market. Growing investments in developing better auto parts die castings are driving the auto parts die casting market. The requirement to improve production capacity and offer better quality products to customers is likely to give impetus to the die-casting of innovative auto parts. Favorable government initiatives are also another important factor contributing to the growth of the market.
• In 2021, the die casting segment dominated the market with the largest market share of 45% and a revenue of 6.87 billion in 2021.
The product type segment is divided into vacuum casting, pressure die casting, pressure die casting, gravity die casting and semi-solid die casting. In 2021, the die casting segment dominated the market with the largest market share of 45% and revenue of 6.87 billion.
• The aluminum segment is expected to grow at the fastest CAGR of 9.61% during the forecast period.
The Raw Material Types segment is divided into Magnesium, Aluminum, Zinc and Others. During the forecast period, the aluminum segment is expected to grow at the fastest CAGR of 9.61%.
• In 2021, the transmission parts segment accounted for the largest share of the market, with 44% and a turnover of 6.72 billion.
The application segment is divided into transmission parts, engine parts, body assemblies, battery and related components, and others. In 2021, the transmission parts segment accounted for the largest share of the market, with 44% and a revenue of 6.72 billion.
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Regional Segment Analysis of Die Casting Automotive Parts Market
• North America (United States, Canada, Mexico)
• Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, rest of APAC)
• South America (Brazil and rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
The Asia-Pacific region has emerged as the largest market for the global auto parts die casting market, with a market share of approximately 35% and 5.34 billion in market revenue in 2021. Asia-Pacific auto parts pressure has grown rapidly. China dominates the auto parts die casting market in Asia-Pacific. Growing demand for vehicles in developing economies, which is met by the equally growing production capacity in these economies, is contributing to the growth of the auto parts die casting market. China is the world’s largest automaker, with plans to cut carbon emissions; the Chinese market is turning to the manufacture of fuel-efficient vehicles. China also hopes to maintain its leading position in this market. Growing infrastructure development makes India an ideal choice for automotive manufacturing. In addition to this, favorable government policies towards the manufacturing of auto die casting parts will help this region maintain its dominance during the forecast period.
Leading players operating in the global Automotive Die Casting Parts Market are:
• Limited endurance technologies
• Gibbs Die Casting Group
• Linmar Company
• Georg Fischer Limited
• Sandhar Technologies Limited
• Castwel Auto Parts Private Limited
• Alcast Company
• Kinetic Die Casting Company
This study forecasts revenue at global, regional and country level from 2019 to 2030. The Brainy Insights has segmented the global automotive die casting market based on the segments mentioned below:
Global Automotive Die Casting Market by Product Type:
• Vacuum molding
• Die casting
• Die casting
• Gravity Die Casting
• Semi-solid die-casting
Global Automotive Die Casting Market by Raw Material Type:
Global Automotive Die Casting Market by Applications:
• Transmission parts
• Engine parts
• Body assemblies
• Battery and associated components
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About the report:
The global automotive die casting market is analyzed on the basis of value (USD billion). All segments have been analyzed at global, regional and country level. The study includes analysis of more than 30 countries for each part. The report analyzes the drivers, opportunities, restraints and challenges to gain a critical overview of the market. The study includes Porter’s Five Forces Model, Attractiveness Analysis, Commodity Analysis, Supply, Demand Analysis, Competitor Position Grid Analysis, distribution and marketing channel analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aiming to provide businesses with actionable insights through data analytics to improve their business acumen. . We provide custom (customer specific) and syndicated reports. Our union reporting repository is diverse across all domain categories and subcategories. Our customized solutions are designed to meet customer needs, whether they are looking to expand or planning to launch a new product in the global market.
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