Market Overview
The die casting machinery market was valued at USD 2 billion in 2020, and it is expected to reach 4 billion in 2026 by registering a CAGR of above 6% during the forecast period, 2021-2026.
The COVID-19 pandemic had a profound impact on manufacturing operations, and the market witnessed a slowdown due to supply chain disruptions and trade restrictions worldwide. However, as the production of raw materials is increasing, the market is expected to witness optimistic growth.
Factors, such as the growing market for lightweight vehicles and the increase in adoption of high pressure die casting, due to technological advancements fuel the die casting machines market growth. Moreover, many automotive component producers utilize aluminum die casting machines to manufacture lightweight aluminum cast parts used in automotive assembly.
This growing trend of producing lightweight metals in the automotive industry, coupled with the growth in automobile sales, boosts the demand for die casting machinery. Additionally, increasing production in the automotive sector has catalyzed the demand for die casting machines in the market.
Asia Pacific is estimated to hold a prominent share in the global die casting machines market, due to growing manufacturing industries across the region. Emerging economies, like China, India, etc., are expected to have significant growth in the automotive and other manufacturing industries.
Thus, this is projected to significantly drive the demand for die casting machines in the region. Furthermore, the growing demand for industrial instruments is expected to propel the market growth of die casting machines in the North American region.
Scope of the Report
Die casting is a metal casting process in which molten metal is forced into a mold cavity under high pressure. The machine used for that purpose is known as a die casting machine, used to produce complex shapes with high accuracy, consistency, and precision. The report offers details about the latest trends, technologies, and recent developments.
The scope of the report covers segmentation based on machine type, industry, raw material, and geography. By machine type, the market is segmented into cold chamber die casting machines, and hot chamber die casting machines. By industry, the market is segmented into automotive, 3C industry, and other industries.
By raw material, the market is segmented into aluminum, magnesium, and others. By geography, the market is segmented into North America, Europe, Asia Pacific, and Rest of the World. For each segment, market sizing and forecast have been done on the basis of value (in USD million).
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Key Market Trends
Growing Adoption of Aluminum in Die Casting Machinery Market
The largest segment automobile manufacturers are increasingly looking to is aluminum instead of steel and iron to produce components and parts using die casting machinery, as aluminum is much lighter than steel and due to its varied advantages, like ductility over other materials, aluminum is expected to dominate the raw material segment of the market.
Moreover, the rising cost of fossil fuels and growing electric vehicle adoption act as a significant driver in the market. Additionally, stringent environmental regulations and cafe standards were imposed across various regions to support the adoption of the die casting process and related machinery. For instance,
In December 2018, the EU set new regulations for carbon dioxide emissions for new passenger cars and commercial vehicles. The agreed-upon targets aim to reduce average CO2 emissions from new passenger cars by 15% in 2025 and by 37.5% in 2030, both relative to the 2021 base figure. A 15% reduction by 2025 and a further 31% for 2030 were agreed upon for light-commercial vehicles.
Amidst all the factors promoting the market, the growing preference of the customers toward aluminum products and the ongoing trend of increased usage of aluminum is expected to provide significant growth in the market.
