Global Die Casting Market Is Estimated to Witness Significant Growth Due to Increasing Military Investment and Growing Need for Lightweight Castings



Die Casting Market
 Die Casting Market

Die Casting is one of the fastest and most economical casting processes. It provides the benefits of uniform quality, tight tolerance and excellent surface finish. It is also used to produce complex and durable parts. Nowadays, the process of die casting is performed using machines. These machines can be either hot-chamber or cold-chamber. The temperature of the molten metal is gradually increased, which increases the hardness and strength of the casting. One of the advantages of this process is the availability of different types of alloys. Zinc, aluminum, brass, bronze and iron-based alloys can be die cast. Some of the benefits include their higher machinability, corrosion resistance and strength. Aluminum is another popular choice for die casting. This light and strong material has a number of advantages including excellent thermal and electrical conductivity, good dimensional stability and high fluidity. Other types of materials can also be used for die casting. However, the cost and lead time of these materials can be significant.

Market Dynamics:

Increasing investments is anticipated to boost growth of the global die casting market during the forecast period. For instance, IKD Co. Ltd, and the Administrative Commission of Liudong New District of Liuzhou city signed an investment agreement in March 2020. As per the agreement IKD will be investing CNY 500 million for establishing five subsidiaries in Liuzhou. Moreover, easy availability of substitutes is anticipated to restrain growth of the global die casting market during the forecast period.

The global Die Casting Market was valued at US$ 62.3 Bn in 2020 and is expected to reach US$ 106.5 Bn by 2028 at a CAGR of 7.2% between 2021 and 2028.

The pandemic resulted in limited manufacture of products, lack of manpower and shortage of raw materials. This limited consumers from getting the desired product. During the pandemic there was a decrease in demand for aluminum die casting as the raw material prices were fluctuating and manufacturing activities in many regions were temporarily halted. Many supply chains were disrupted and this affected the market dynamics. These changes also resulted in product prices. During the second wave of COVID-19, strict regulations were imposed by governments and many facilities had to function at minimum capacity. All these changes led to hampering the growth of the global market.

Key Takeaways:

The global market is expected to witness robust growth, exhibiting CAGR of XX% during the forecast period, owing to growing acquisitions in the market. For instance, Adler SpA was acquired by Endurance Technologies in April 2020. This acquisition is aiming to enhance the company’s reach in Europe. Asia Pacific is anticipated to witness significant growth in the global market during the forecast period, due to increasing presence of large manufacturing base.

Key players active in the global market are Chongqing Chal Precision Aluminum Co. Limited., Ryobi Limited, Alcast Technologies, Madinson-Kipp Corporation, Martinrea Honsel Germany GmbH, Consolidated Metco Inc., and Dynacast, Endurance Technologies Faist Group.

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