The global aluminum die casting market size was estimated at USD 82.67 billion in 2022 and is projected to reach over USD 144.74 billion by 2030, poised to grow at a CAGR of 7.2% from 2022 to 2030.
Access our Premium Real Time Data Intelligence Tool, Visit: Precedence Statistics
The aluminum die casting is a method of producing aluminum products in desired shapes by pouring molten metal into a mound of the appropriate shape and size, yielding a finished product that meets the requirements. The output product of aluminum die casting is obtained by pouring metals under high pressure or injecting metal into the mound cavity. When extreme precision, complicated pieces, and precise details are required, the aluminum die casting process is preferred.
The qualities of aluminum such as resistance to corrosion is benefit that increase the feasibility of aluminum die casting products for a variety of applications. The automobile industry is a major user of aluminum die casting products, and the industry’s continued growth in manufacturing and sales may provide prospects for the aluminum die casting market to expand.
The aluminum die casting market’s growth is being supported by increased demand for automobiles and consumer products. Furthermore, the military and defense sector’s growing investment in lightweight weapon systems is a major driver of market growth. In addition, rising usage in the building and construction, electronics, and mining industries has aided market expansion. However, price instability in the aluminum market and changing environmental requirements are expected to hinder market growth.
As there are numerous reasons that can cause the aluminum die casting market to grow, there are also some that can limit it. One of the most significant disadvantages of aluminum die casting is the entrapment of gases in the aluminum due to permeability, which can cause product deformation and damage. Furthermore, the aluminum die casting method is not ideal for the design of large parts, making it unsuitable for large parts and diverting clients with such needs away from the aluminum die casting industry.
The rising usage of aluminum, die casting for various purposes, and acceptance of high strength and light weight castings, notably in the auto sector, are among the primary drivers driving the aluminum die casting market expansion. Furthermore, a growth in the substitution of aluminum for iron and steel in the automotive and automobile sectors, as well as an increased funding in these sectors, would create lucrative opportunities for the growth of the aluminum die casting market during the forecast period.
However, the increasing substitution of aluminum alloys with magnesium, as well as the economic crisis in developed countries, is among the key factors restraining the growth of aluminum die casting market during the forecast period. The global aluminum die casting market has been supported by growing demand for aluminum casts in the electronics sector, as well as greater penetration of die casting parts in the automobile and automotive industries.
Moreover, the automotive and automobile industry’s need for light weight has been fueled by the swift implementation of stringent government regulations aimed at lowering emissions and improving fuel efficiency. As casting technology advancements, highly accurate machines and gadgets are increasingly used to improve the quality and durability of aluminum casts for variety of applications.
Scope of the Aluminum Die Casting Market
|Market Size In 2020||USD 72.20 Billion|
|Growth Rate From 2021 to 2030||CAGR of 7.2%|
|Largest Market||Asia Pacific|
|Fastest Growing Market||North America|
|Forecast Period||2021 to 2030|
|Segments Covered||Production Process, Application, Geography|
|Companies Mentioned||GF Casting Solutions, Dynacast Deutschland GmbH, Consolidated Metco Inc., MartinreaHonsel Germany GmbH, Shiloh Industries Inc., Alcoa Corporation, Alcast Technologies Ltd., Gibbs Die Casting Corporation, Ryobi Die Casting Dalian Co., Walbro LLC|
Production Process Analysis
Based on the product pressure, the pressure die casting segment accounted 76% revenue share in 2020. The pressure die casting process’s remarkable advantages such as fast cavity filling, flawless surface finish, high mechanical capabilities, lower dimension tolerance, account for a considerable portion of the market. The pressure die casting is expected to gain in popularity in coming years, notably in the automotive and automobile industry.
On the other hand, the other types of die casting segment is estimated to be the most opportunistic segment during the forecast period. The vacuum and squeeze die casting are two other methods of die casting. The applications such as the casting of turbine solar sensors and blades are likely to drive demand for these techniques.
Based on the application, the transportation segment accounted 62% revenue share in 2020. The light weight automobiles are thought to be a major driver of aluminum product growth in the transportation sector.
On the other hand, the industrialis estimated to be the most opportunistic segment during the forecast period. The agriculture, mining, and construction equipment are all included in this category. The aluminum cast products are used in the above-mentioned machinery’s components.
Based on the region, the Asia Pacific segment held the revenue share of 45% in 2020. Due to widespread of end use industries in North America, the region is expected to grow at a rapid pace. The U.S. spends a lot of money on defense, which is driving the market growth in the North America region.
On the other hand, the North America is estimated to be the most opportunistic segment during the forecast period. The abundance of skilled labor at a low cost distinguishes the region, making it the most attractive location for firms to establish industrial facilities. Furthermore, throughout the forecast period, a movement in the global manufacturing landscape toward the developing economies is expected to positively influence market growth.
Key Companies & Market Share Insights
The competitive landscape for the aluminum die casting market is broken down by competitor. Company overview, financials, revenue generated, market potential, investment in R&D, new market initiatives, global production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance are all included in the details. The above information only pertains to the companies’ concentration on the aluminum die casting market.
Some of the prominent players in the global aluminum die casting market include:
Segments Covered in the Report
By Production Process
PROCEED TO BUY :
ASK FOR SAMPLE
No cookie-cutter, only authentic analysis – take the 1st step to become a Precedence Research client