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| Global Die Casting Market |
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 is a manufacturing process used to produce metal parts by injecting
molten metal under high pressure into reusable molds or dies. Die cast products
are commonly used in automotive, aerospace, white goods, security devices, and
industrial equipment industries and provide benefits such as complex
geometries, reduced material cost, thin walls and complex internal cavities due
to highly automated production. The need for high quality and dimensionally
accurate complex parts with intricate internal components across industrial
sectors is expected to drive growth of the die casting market over the forecast
period.
Market key trends:
One of the key trends witnessed in the die casting market is the increased
usage of high-pressure die casting over the conventional gravity die casting
process. High-pressure die casting utilizes significantly high injection speeds
and pressures of up to 240 MPa compared to 2-35 MPa in gravity die casting.
This allows for production of complex near-net shapes with very thin walls,
complex geometries, and very tight tolerances. As a result, high-pressure die
casting is ideal for aluminum parts suited for automotive applications such as
engine blocks, cylinder heads, and transmissions where weight reduction is
critical. The stringent fuel emission regulations are driving increased
adoption of aluminum parts which is expected to increase the demand for
high-pressure die casting over the forecast period.
Porter's Analysis:
Threat of new entrants: The die casting industry requires high capital
investments which acts as a barrier for new entrants. The industry is dominated
by well-established players.
Bargaining power of buyers: Buyers have moderate bargaining power due to the
presence of numerous players providing substitutes. However, switching costs
for buyers are low.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power
due to availability of substitutes and less differentiated raw materials.
Threat of new substitutes: Threat from substitutes is moderate as die casting
process provides precision and complexity that is hard to substitute
completely. However, 3D printing can be a potential threat.
Competitive rivalry: The industry has high competitive rivalry due to presence
of numerous regional and global players competing on pricing and product
innovation.
Key Takeaways:
The Global
Die Casting Market is expected to witness high growth, exhibiting CAGR of 7.2% over the forecast period,
due to increasing demand for lightweight components in automotive and packaging
industry.
The Asia Pacific region is expected to dominate the die casting market during
the forecast period. The growth in this region can be attributed to high
automobile production along with rising consumer electronics and appliances
industry. China is the largest producer and consumer of die casting globally.
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. The major players
are focusing on capacity expansion and mergers & acquisitions to meet the
growing demand.
Read More: https://www.trendingwebwire.com/die-casting-market-is-estimated-to-witness-high-growth/