The global automotive metal die casting market is estimated to garner substantial revenue by growing at a CAGR of ~8% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the factors such as, the convenient recycling of the die casting components, rising demand for lightweight parts for the vehicles, increasing adoption of fuel-efficient vehicles, and spreading awareness of carbon footprints prevention from the automobile manufacturing process, and others. Moreover, the global automotive industry is anticipated to grow during the forecast period with the production of about 90 million light vehicles worldwide. Furthermore, automotive die casting includes metal casting that is to force metals under high pressure to shape them accordingly. Additionally, the requirement to stop carbon emissions owing to vehicles is also anticipated to boost the growth of the market during the forecast period. As per a report by the United States Environmental Protection Agency in 2018, it can be stated that approximately 4.6 metric tons of carbon dioxide are emitted by a typical passenger vehicle annually. Therefore, new upgrade in vehicles to prevent carbon emission is emerging. All these factors are estimated to influence the growth of the market positively over the forecast period.
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The market is segmented by metal into aluminum, magnesium, zinc, and others, out of which, the aluminum segment is anticipated to hold the notable share in the global automotive metal die casting market on account of its requisite properties, such as, durability, inexpensive, adaptability, lightweight, surface finishing possibilities, and others. Aluminum is highly utilized to make significant parts of automobiles and this procedure is called aluminum die casting.
In 2019, the world’s total energy supply was 606EJ, wherein the highest share in terms of the source was captured by oil, accounting for 30.9%, followed by coal (26.8%), natural gas (23.2%), biofuels and waste (9.4%), nuclear (5.0%), hydro (2.5%), and other (2.2%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to a decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 1% due to the outbreak of Coronavirus resulting in government-imposed shutdowns in order to limit the spread of the virus, which was further followed by the shutdown of numerous business operations impacting their growth. This also resulted in the decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas, and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environmental degradation and awareness related to climate change are motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.
Regionally, the global automotive metal die casting market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in the Asia Pacific region is estimated to witness remarkable growth over the forecast period on the back of higher demand for die casting components and the growing automotive industry in the region. Additionally, automotive die casting provides higher freedom in designing the parts and enhances fuel efficiency. For instance, in 2020, about 8 million vehicles were sold in the Asia Pacific. Furthermore, China is estimated to become the leading country in the Asia Pacific over the forecast period. In 2021, approximately 20 million passenger cars were manufactured solely in China while in 2019, the country generated about 20 million sales in the car market.
Furthermore, the global automotive metal die casting market is also projected to witness a modest growth in the North America region. The growth of the market in North America is ascribed to factors including growing initiatives to reduce CO2 emissions and the rising automotive industry.
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The global automotive metal die casting market is further classified on the basis of region as follows:
Our in-depth analysis of the global automotive metal die casting market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Convenient recycling of the die casting components, and rising adoption of fuel-efficient vehicles are the major factors driving the growth of the automotive metal die casting market.
The market is anticipated to attain a CAGR of ~8% over the forecast period, i.e., 2022 - 2031.
The requirement for higher initial investment is estimated to hamper the market growth.
North America region will provide more business opportunities for growth of the automotive metal die casting market in the future on the back of growing automotive industry.
The major players in the market are Alpha Metals LLC, Sundaram Clayton Limited, Form Technology Inc., Ryobi Limited, Koch Enterprises, Inc., Linamar Corporation, Sandhar Technologies Limited, Endurance Technology Ltd., and Georg Fischer Ltd.
The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue-generating capacity as well as the new products being launched into the market by the company.
The market is segmented by metal, procedure, application, and region.
The aluminum segment is anticipated to hold the largest market size in value over the forecast period and display significant growth opportunities.
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