What Is The Definition Of The Global Aluminum Die Casting Market?
Aluminum die casting refers to a manufacturing process wherein molten aluminum is injected into a steel mold under high pressure to produce complex and precise metal components. These components find applications across various industries due to their lightweight, high strength, and excellent thermal conductivity.
Aluminum Die Casting Global Market Report 2024 provides data on the global aluminum die casting market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The aluminum die casting market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Global Aluminum Die Casting Market Size Expected To Expand, And At What Annual Growth Rate?
The aluminum die-casting market has shown strong growth, increasing from $56.48 billion in 2023 to $60.92 billion in 2024, with a CAGR of 7.9%. Past growth can be attributed to the increasing use of die-casting components, rising vehicle sales, growing demand for passenger cars, industrialization, and urbanization. The market is expected to reach $83.24 billion by 2028, growing at a CAGR of 8.1%, driven by demand for electric vehicles, the growing consumer electronics industry, urbanization, and renewable energy initiatives. Key trends include advanced casting techniques, automation, simulation tools, CAD advancements, and additive manufacturing.
What Are The Key Drivers Fueling Growth In The Aluminum Die Casting Market?
The rising demand for automobiles is expected to support the growth of the aluminum die casting market. The automotive industry, focused on designing, manufacturing, and selling vehicles, is witnessing increased demand due to changing mobility preferences, low interest rates, and the need to replace aging vehicles. Aluminum die casting enables the production of lighter, more efficient vehicles while meeting safety and performance standards. For instance, the International Trade Administration reported in April 2023 that 26 million automobiles were sold in 2021, including 21.48 million passenger cars, reflecting a 7.1% increase from 2020. This surge in demand is boosting the aluminum die casting market.
Get Your Free Sample of the Global Aluminum Die Casting Market Report
What Are The Principal Market Segments In The Global Aluminum Die Casting Industry?
The aluminum die casting market covered in this report is segmented –
1) By Casting Process: High Pressure Die Casting, Low Pressure Die Casting, Vacuum Die Casting, Gravity Die Casting, Squeeze Die Casting
2) By Chamber Process: Hot Chamber Aluminum Die Casing, Cold Chamber Aluminum Die Casting
3) By End User: Automotive Components, Pumps And Valves, Industrial Component, Engineering Components, Construction, Packaging, Other End Users
Which Emerging Market Trends Are Altering The Aluminum Die Casting Sector?
Companies in the aluminum diecasting market are forming strategic partnerships to increase their market share. These collaborations help companies achieve their goals of developing and delivering innovative die-casting solutions for various industries, including automotive and construction. For instance, in May 2022, GF Casting Solutions, a Switzerland-based company, entered into a partnership with Bocar Group, a Mexico-based automotive supplier. The collaboration focuses on producing lightweight components for the mobility and energy sectors. The partnership leverages their expertise in aluminum die-casting to design environmentally friendly vehicle components, contributing to sustainable mobility solutions.
What Is The Leading Region In The Aluminum Die Casting Market?
Asia-Pacific was the largest region in the aluminum die casting market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the aluminum die casting market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
