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Die casting is a process of metal casting in which molten metal is enforced into a mould cavity under extremely high pressure, they are basically used to produce complex shapes with increased consistency accuracy, and precision. It provides more freedom for design and also increases flexibility to manufacture complex parts. Aluminium is the most common metal used for die casting. It also helps to reduce the overall weight of the vehicles.
The factors such as lowering the carbon emission and increased government initiatives towards energy saving are some of the major factors driving the growth of the market. Also, the rapid development of technology in automotive die casting machines are expected to boost the market. However, the high prices of raw materials and high initial capital cost are some of the major factors hampering the growth of the market.
Key Market Driver -
the factors such as lowering the carbon emission and increased government initiatives towards energy saving are some of the major factors driving the growth of the market.
Key Market Restraint -
the high prices of raw materials and high initial capital cost are some of the major factors hampering the growth of the market.
The global automotive die casting market is segmented by product type, by raw material type, by application type and by geography. Based on product type the market is further sub-segmented into pressure die-casting, vacuum die-casting, squeeze die-casting and semi-solid die casting. Among these pressure die casting segment is expected to account for the largest market share in 2020 and it is expected to continue its dominance over the forecast period. Factors such as low complications in operations make it preferable for large scale manufacturing and lower price of operations are expected to drive the market growth.
Based on raw material type the market is segmented into magnesium, zinc, aluminium, and among others. The aluminium segment accounted for the largest market share and it is expected to dominate the market during the forecast period with a steady CAGR. Factors such as the high malleability of aluminium and due to the rise in adoption of aluminium day-by-day as major OEMs now prefer aluminium over steel as it is lighter in weight because of its high ductility over the other materials are expected to drive the market growth.
Based on application type the market is segmented into body assemblies, engine parts, transmission parts and others. The transmission segment accounted for the largest market share in the year 2020 and it is expected to dominate the market during the forecast period with a rapid CAGR. Factors such as ease in manufacturing highly complex and precise designs are some of the major factors driving the growth of the market.
Major players operating in the global automotive die casting market include Buhler AG, Agrati-AEE Srl, Dynacast, Italpresse Gauss, Idra srl, Toshiba Machine Co., Ltd, Oskar Frech GmbH +Co. KG, UBE, Toyo Machinery & Metal Co., Ltd and Zitai Precision Machinery Co., Ltd. among others.
Geographically, the automotive global die casting market is segmented into Asia Pacific, Europe, North America, and the rest of the world. The Asia Pacific held the largest share of the market in 2020 and it is expected to dominate the market during the forecast period with the highest CAGR. Factors such as increased sales of passenger vehicles in motorized and manufacturing equipment in the developing countries are some of the major factors driving the growth of the market.
North America is expected to grow steadily over the forecast period. Due to the use in high volume production of alloys and increased availability of raw materials are expected to drive the market growth. Europe is expected to account for a considerable share in the market and it is expected to grow rapidly over the forecast period the factors such as growth in demand of precise metal casting and due to the presence of major key players in the region the market is expected to grow rapidly over the forecast period.
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