IMARC Group, a leading market research company, has recently releases report titled “Automotive Parts Magnesium Die Casting Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” the global automotive parts magnesium die casting market size reached US$ 2.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 4.3 Billion by 2028, exhibiting a growth rate (CAGR) of 6.4% during 2023-2028.
What is Automotive Parts Magnesium Die Casting Market?
Automotive parts magnesium die casting represents economic mechanized metal processing techniques using magnesium, wherein the melted liquid is pressed into a mold under filling speed and high pressure to manufacture several vehicle components. They can be categorized into various types, such as pressure die casting, vacuum die casting, gravity die casting, squeeze die casting, etc.
Automotive parts magnesium die casting methods are mostly employed, owing to the excellent dimensional stability, dampening capacity, and corrosion resistance of magnesium, as compared to carbon, steel, and aluminum alloys. They ensure an adequate strength-to-weight ratio of structural metals, enhance reliability, simplify designs, minimize distortion or casting stress, and reduce the effects of thermal fatigue. Consequently, automotive parts magnesium die casting procedures find extensive applications in the production of engine parts, motor covers, gearboxes, auto forks, connectors, heat sinks, etc.
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Automotive Parts Magnesium Die Casting Market Trends and Drivers:
The expanding automotive industry across the globe and the rising need for lightweight passenger and commercial vehicles that facilitate improved fuel mileage without compromising their durability are primarily driving the automotive parts magnesium die casting market. Furthermore, the implementation of stringent green norms by government bodies aimed at mitigating carbon emissions and preventing environmental degradation is also positively influencing the market growth.
Additionally, the escalating usage of the industrial Internet of Things (IIoT) by leading players during the magnesium die casting procedure to improve manufacturing efficiency and productivity rate is acting as another significant growth-inducing factor. Apart from this, the growing strategic collaborations among original equipment manufacturers (OEMs) to enhance casting methods and the increasing awareness regarding the advantages of utilizing magnesium over other alloys are expected to propel the automotive parts magnesium die casting market over the forecasted period.
Who are the key players operating in the industry?
Chicago White Metal Casting Inc., Dynacast International Inc. (Form Technologies Company), Georg Fischer Ltd., Gibbs Die Casting Corporation (Koch Enterprises Inc.), Meridian Lightweight Technologies, Morimura Bros. Inc., Ortal Diecasting Ltd., Pace Industries (Leggett & Platt Incorporated), Ryobi Limited, Sandhar Technologies Limited, Shiloh Industries Inc. and Twin City Die Castings Co.
What are the growth prospects and trends in the Automotive Parts Magnesium Die Casting Industry?
Breakup by Production Process:
- Pressure Die Casting
- Vacuum Die Casting
- Gravity Die Casting
- Squeeze Die Casting
Breakup by Application:
- Body Parts
- Engine Parts
- Transmission Parts
- Others
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By Geography:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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