The global die casting market was valued at US$ 62.3 Billion in 2020 and is expected to surpass US$ 106.5 Billion by 2028, registering a CAGR of 7.2% during the forecast period (2021-2028), according to the global die casting market report. The market is segmented by Type (Pressure Die Casting (High Pressure Die Casting and Low Pressure Die Casting), Vacuum Die Casting, Squeeze Die Casting, and Others (Semisolid Die Casting)), By Material (Aluminum, Magnesium, Zinc, and Others), 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.), and Others (Household Appliances, Art Objects, etc.), and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa), published by Coherent Market Insights.
Die casting market is expected to witness significant growth, owing to increasing developments in the automotive market, increasing penetration of die casting parts in industrial machinery sector, and high-speed production in automobile industry. Die cast components are also used to make commercial vehicles, and are therefore capturing new market segments. About 80% of non-ferrous metal casting is being produced for use in vehicle manufacturing companies. Die casting method provides dimensional accuracy, produces parts that are durable and dimensionally reliable, provides high heat resistance, and produces products stronger than plastic injection moldings.
Metal die castings with thin walls are considered to be stronger and lighter than conventional casting processes. Die cast components with textured exteriors may be manufactured with minimal surface preparation. Die casting method provides light weight products that are used in the manufacturing of electric and hybrid vehicles to make lighter vehicles in order to compensate the weight of the battery. Die casting method is an economical method that offers products in vast range of shapes as compared to any other manufacturing technique. Manufacturers can gain a several advantages and benefits by using die cast parts. Die casting method is a cost effective method and is used in many countries like India, China etc. These regions have several die casting manufacturing hubs, therefore, the die casting market is growing at faster pace in the Asia Pacific region.
New technology and innovation in one-piece die casting is expected to accelerate the die casting market. One-piece casting refers to the process of die casting a single big component rather than separate sections, and assembling them later. The components are redesigned in this approach. There are a number of advantages of using this method. The assembly line could become more basic in the one-piece die casting method as the number of steps decreases, thus reducing human resources and manufacturing time. Another benefit is the lesser number of joints between pieces, which would result in improved structural stiffness, less friction, and reduced wear. Additionally, there would also be less issues regarding holes and flange installations, allowing for better engineering of the pieces.
Global Die Casting Market - Impact of Coronavirus (Covid-19) Pandemic
COVID-19 outbreak and shutdown have impacted the die casting industry in various nations. In the first half of 2020, the pandemic's detrimental effects can be seen in the global industrial sector. The whole economy was turned upside down with stay-at-home orders, firm closures, and a drop in output levels for different industrial sectors including die casting industry. In 2020, GDP growth plunged to -31.4 percent in the U.S. Due to COVID-19 in 2020, Asiamold trade fair and other die casting conferences and fairs were postponed, while many manufacturing industries halted their production and supply chain processes. The pandemic negatively impacted automotive sector globally, resulting in fewer vehicle sales and a decreased adoption of die casting, which significantly reduced the die casting market growth.
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