February 28, 2024
Ict

Die Casting Market Growth Accelerated by Adoption of Innovative Technologies

Die casting is one of the most effective techniques for mass production of manufactured components with very high precision and surface finishes. It offers dimensional accuracy, excellent surface finish, and intricate detail for many industrial components. Die casted components also provide good strength-to-weight ratio and corrosion resistance. These advantages have increased adoption of die casting for various industrial applications such as automotive components, home appliances, and computer components.

The global die casting market is estimated to be valued at US$ 71.59 billion in 2024 and is expected to exhibit a CAGR of 7.2% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Adoption of innovative die casting technologies is one of the key trends driving growth of the die casting market. Leading players are focusing on development of advanced die casting machines integrated with automation, robotics, and artificial intelligence. For instance, multi-slide die casting machines enable high volume production with reduced cycle times. Moreover, adoption of closed-loop temperature control systems provides precise molten metal temperature control during die casting process. This improves consistency and dimensional accuracy of die casted components. Advanced die casting technologies also minimize wastage and improve production efficiency. Growing automation in various end-use industries is expected to further drive demand for innovative die casting equipment with advanced automation capabilities over the forecast period.

Segment Analysis
The global die casting market is dominated by zinc die casting, accounting for over 60% of the market share. Zinc die casting is advantageously used for manufacturing engine parts, transmission components, gear boxes, and other interior and exterior automotive components due to the favorable physical properties of zinc alloy and ability to cast complex geometries with good dimensional stability. Aluminum die casting is the fastest growing segment and is expected to witness a CAGR of over 8% during the forecast period. Rising adoption of aluminum for powertrain and chassis applications in electric vehicles and stringent emission norms are fueling the growth of aluminum die casting segment.

Key Takeaways
The global die casting market is expected to witness high growth over the forecast period supported by reviving automotive industry and shift towards electric vehicles.

Regional analysis: Asia Pacific dominates the global die casting market with a share of over 50% in 2024 led by China, Japan and India. The region is expected to maintain its domination during the forecast period due to thriving automotive and electronics industry in the region. China is the largest die casting market globally owing to presence of major automotive OEMs and supply chain in the country. Europe is projected to witness steady growth led by Germany and Italy driven by growing electric vehicle adoption and stringent emission regulations in the region.

Key players: 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 players are focusing on development of new aluminum alloys to expand their product portfolios as well as digitalization initiatives to enhance productivity and reduce costs. Mergers and acquisitions remain key strategies of major players to consolidate their market presence.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it