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According to the report, global demand for automotive part die casting market was valued at around USD 7.54 billion in 2015 and is expected to reach approximately USD 11.86 billion in 2021, growing at a CAGR of slightly above 7.8% between 2016 and 2021.
The growth of automotive part die casting market is mainly attributed to increasing demand for lightweight automobiles coupled with rapidly growing automotive industry across the globe. In addition, energy saving trend, favorable government initiative, and industry regulations, various initiative by EPA to raise the mile per gallons standards from 35.5 miles per gallon (mpg) till 2016 and 54.5 mpg by 2025 have opened up alluring opportunities for automotive part die casting industry. Initiatives by NADCA to improve the technical workforce and NADCA’s work with several community colleges in the U.S. to create a die-casting farm system is expected to improve the performance of the whole die casting market.
Pressure die casting and vacuum die casting are major process types involved in the die casting market. In 2015, vacuum die casting process is expected to attain acceptance at a faster pace, due to minimal porosity and tensile strength of the end product from the process. Pressure die casting segment is also expected to achieve significant growth in coming years.
The shift towards lightening and easy customization of the part in the automotive industry spiked up the use of aluminum for die casting parts. Technological advancement such as new magnesium thixomolding, a type of semi-solid metal casting by Proto Labs is expected to show tremendous growth for magnesium as a raw material.
Body assemblies and engine parts emerged as leading application segments of automotive part die casting market in 2015. Increasing automotive production is expected to contribute the growth of both application segments in coming years.
North America has the largest market and accounted for more than 31% of the global market share in 2015. The growth is mainly attributed to the large-scale domestic production, government initiatives and availability of resources. An earlier move by EPA of raising the mile per gallons standards to 35.5 miles per gallon by 2016 and then 54.5 mpg by 2025 is expected to spur the demand for light vehicles in coming years. Rockwell automation, California Die Casting Incorporated, Briggs & Stratton Corp., Dynacast Incorporated and Auto Cast Incorporated are some major players expected to contribute to the growth in this region.
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