SAN FRANCISCO , April 18, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Die Casting - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
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Edition: 7; Released: February 2022
Executive Pool: 962
Companies: 69 - Players covered include Arconic, Inc.; Endurance Technologies Limited; Form Technologies, Inc.; GF Casting Solutions AG; Gibbs Die Casting Corp.; Hitachi Metals, Ltd.; Martinrea Honsel Germany GmbH; Pace Industries; Ryobi Limited; Sigma Electric Manufacturing Corp. and Others.
Coverage: All major geographies and key segments
Segments: End-Use (Automotive, Industrial Machinery, Other End-Uses); Production Process (Pressure Die Casting, Vacuum Die Casting, Squeeze Die Casting, Other Production Processes)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.
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Global Die Casting Market to Reach $100.2 Billion by 2026
Die casting is a process, which makes use of dies or reusable molds, for manufacturing geometrically complex metal parts. The die casting method is superior to other metal casting processes in that, various shapes, intricate designs and closer dimensional tolerance of the metal can be obtained. The process of die-casting is essential to various manufacturing industries such as automotive, white goods, hardware, electrical and electronics, computers and others. Modern die casting technique employs computerized controls, to produce precision and high-strength products at a high production rate. Amid the COVID-19 crisis, the global market for Die Casting estimated at US$76.4 Billion in the year 2022, is projected to reach a revised size of US$100.2 Billion by 2026, registering a compounded annual growth rate (CAGR) of 7.2% over the analysis period. China represents the largest regional market for Die Casting and is projected to reach US$41.3 Billion by 2026. Asia-Pacific is forecast to emerge as the fastest growing regional market with a CAGR of 8.3% over the analysis period.
Die casting market is influenced by the stable growth in the global economy and the fast-paced industrial and manufacturing activity being seen in high-growth emerging economies specifically in China and India. Growing demand for lightweight and energy efficient components from automotive and consumer appliances industries, and increasing investments in electronics, construction, mining and aerospace and defense sectors present considerable growth opportunities. The intensifying efforts to expand 4G networks and launch 5G networks are driving demand for die castings in the telecommunications industry. Sustained advancements in technology associated with casting automation will also fuel market for die castings in the coming years. Demand for passenger cars and light commercial vehicles across the globe, more so importantly in developing markets, will especially drive robust demand for use of cast products for a range of automobile parts and components in the coming years. The market is also expected to benefit immensely from the shift towards aluminum over steel and iron products among automakers. Demand for passenger cars and light commercial vehicles across the globe, more so importantly in developing markets, will especially drive robust demand for use of cast products for a range of automobile parts and components in the coming years. The market is also expected to benefit immensely from the shift towards aluminum over steel and iron products among automakers. Consumer appliances represent another promising market for die castings, with growth supported by advancements in scroll compressors in refrigeration and air conditioning. Rapid pace of industrialization, technical advancements, falling prices of air conditioners and refrigerators, increased affordability among consumers in developing markets present a sizeable opportunity for the global die casting market in the long-term.
With castings market in developed economies gradually maturing, future growth potential is expected to emerge from high-growth developing economies. The growing use of castings in a range of applications including automotive, mass transportation, heavy machinery, and building & construction industries is driving growth in the region. Further, the emergence of numerous manufacturing plants in low-cost Asian economies represents key growth drivers in the region. The market for Ferrous castings is forecast to dominate market share over the analysis period. Growth in the ferrous metal castings market over the next few years will be primarily driven by soaring demand for ductile iron castings. Strong preference for lightweight castings in line with trend of producing light weight and yet robust and durable end products will continue to drive demand for ductile iron castings, which are relatively lighter than gray iron castings. Besides weight factor, ductile iron castings score over gray iron castings in terms of wear resistance, surface hardness and impact resistance. More
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SOURCE Global Industry Analysts, Inc.