Hyderabad, July 17, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled "Die Casting Market Report (2023-2028)," the market is estimated at USD 77.99 billion in 2023. It is expected to register a CAGR of 6.24% during the forecast period.
The global die-casting market is one of the biggest of its kind. Even though the market was affected gravely during the COVID-19 pandemic, it recovered soon after the restrictions were removed. The process of die casting involves pushing molten metal into a mold cavity under high pressure. The cavity is created by using two hardened steel tool dies.
Report Summary:
| Report Attribute | Details |
| Market Size (2023) | USD 77.99 billion |
| Market Size (2028) | USD 105.55 billion |
| CAGR (2023-2028) | 6.24% |
| Study Period | 2018-2028 |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Forecast Units | Value (USD billion) |
| Report Scope | Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape and Recent Developments, Market Growth, Future Opportunities, and Trends |
| Key Market Drivers | Complexities in the supply chain in the die casting industry. |
| Rise in demand for aluminum die-casting parts in the electronics and electrical industry. |
Who are the Top Companies in the Global Die Casting Market?
The die casting market is highly competitive and is dominated by a multitude of players from all over the world. The major players in the market are constantly trying to expand their presence with the help of various joint ventures, mergers, acquisitions, and partnerships.
The significant players in the global die casting market are,
- Form Technologies Inc. (Dynacast)
- Nemak
- Endurance Technologies Limited
- Sundaram Clayton Ltd
- Shiloh Industries
- Georg Fischer Limited
- Koch Enterprises (Gibbs Die Casting Group)
- Bocar Group
- Engtek Group
- Rheinmetall AG (Rheinmetall Automotive, formerly KSPG AG)
- Rockman Industries
- Ryobi Die Casting Ltd
- Linamar Corporation
- Meridian Lightweight Technologies UK Ltd
- Sandhar Group
- Alcoa Corporation
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Key Highlights from the Global Die Casting Market Report:
Substantial Boost in the Market in Asia-Pacific
- The noticeable boom in the automobile industry, the increased scope of application in both windmills and telecommunications and the increasing demand from the automobile industry have provided a noticeable boost to the market in the Asian-Pacific region.
- The cost of labor in India and China is low, which makes it easier for the market to grow in this region. Moreover, the manufacturing cost is comparatively low, which further accelerates market growth in the region.
Aluminum Plays a Major Role in the Process of Die Casting
- High pressure die casting parts made of aluminum are constantly growing in demand across various industrial applications. The main reason for this is that the process creates lightweight parts which offer optimal flexibility.
- Two major reasons for the popularity of aluminum are the enhancement in the fuel economy of automobiles and the practice of using lightweight material for manufacturing crucial parts of vehicles.
What are the Latest Developments in the Global Die Casting Market?
- In August 2021, a partnership was announced between the Netherlands-based Innovative Mechatronic and Linamar Corporation. The partnership’s goal is to bring the Archimedes Drive transmission system to the market.
- In April 2021, an announcement was made by Endurance Technologies about acquiring Shiloh Industries CastLight division. This specific division specializes in manufacturing aluminum die-casting parts.
Mordor Intelligence has Segmented the Die Casting Market Based on Application, Process, Raw Material, and Geography:
- By Application (Market Size and Forecast based on Value (USD billion), 2018-2027)
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- Automotive
- Electrical and Electronics
- Industrial
- Other Applications
-
- By Process (Market Size and Forecast based on Value (USD billion), 2018-2027)
-
-
- Pressure Die Casting
- Vacuum Die Casting
- Squeeze Die Casting
- Other Processes
-
-
- By Raw Material (Market Size and Forecast based on Value (USD billion), 2018-2027)
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- Aluminum
- Magnesium
- Zinc
-
- By Geography (Market Size and Forecast based on Value (USD billion), 2018-2027)
- North America
- United States
- Canada
- Rest of North America
- Europe
- United Kingdom
- France
- Germany
- Italy
- Russia
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Australia
- Thailand
- Malaysia
- Indonesia
- South Korea
- Rest of Asia-Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East and Africa
- South Africa
- Turkey
- Rest of Middle East and Africa
- North America
In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Die Casting Market Report (2023-2028).
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About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the competitive landscape of the industry.
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