South Korea Automotive Parts Aluminum Die Casting Market

The South Korea automotive aluminum die casting market size was USD XX Billion in 2022 and is likely to reach USD XX Billion by 2031, expanding at a CAGR of 13% during 2023–2031. The growth of market is attributed to enhance the fuel efficiency and curbs the emission of harmful pollutants, along with reducing weight of automotive parts.

With the growing rate of pollution globally, manufactures seeking an alternate for a lightweight material for less fuel consumption and reduces emission of fumes into the environment. By using aluminum manufacturers can reduce the weight of any materials by 50% in comparison with traditional mild steel.

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Comparing aluminum with traditional mild steel in terms of strength it is either equal of more than and have the tendency incorporated to absorb twice the impact energy. Reducing the weight of the vehicles allows them to compress the size of vehicle parts such as engines, transmissions, wheels, and suspensions.

Due to rapid industrialization, especially in the automotive industry in the last few years the per capita consumption of aluminum solely in South Korea is 46, 7 kg which is higher than the most of the developed countries.

Cars are comprised of electrical and electromagnetic components which are needed to be protected from changing external environment, and aluminum die casting is promising to provide protection and ensures the safety of the components in such scenarios, aluminum is considered as a most sustainable and resource-efficient material in nature.

Due to its availability in wide range of application, such as it can be recycled and can be process to form aluminum alloys makes the die casting more popular within the industry.

However, with the sudden emergence of COVID-19 pandemic, led to the downfall of both production and consumption activities which impacted adversely for the economy. But even during that phase, the acquisition activities increased exponentially where the global leaders started targeting the regional players.

South Korea Automotive Parts Aluminum Die Casting Market Trends, Drivers, Restraints, and Opportunities

• Increased strength and ensure the safety by absorbing the impact better than the traditional metal is driving the market in the coming years.

• Rising pollution and reducing fuel consumption is estimated to boost the market during the forecast period.

• Growing awareness towards environment and emission of toxic pollutants into the atmosphere is anticipated to propel the market during projected period.

• Increasing use of aluminum die casting as it ensure the protection of components from harsh weather conditions is expected to impel the market in the coming years.

• Rising awareness of recycling process of aluminum parts into alloys is estimated to augments the market during forecast period.

• Increased fuel efficiency when incorporated with light material are been used by the manufactures of transportation industry expected to spur the market in the coming years.

• Decreasing demand for passenger cars among the population act as one of the major factor that can hinder the growth of the market during the projected period. 

Scope of South Korea Automotive Parts Aluminum Die Casting Market Report

The report on the South Korea automotive parts aluminum die casting market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

South Korea Automotive Parts Aluminum Die Casting Market Segment Insights  

The pressure die segment is expected to exhibit high CAGR

Based on the production process types, the market is segregated into vacuum die casting, pressure die casting, squeeze die casting, and semi-solid die casting. The pressure die casting segment is expected to exhibit high CAGR in the coming years due to casting technique some of the components can be manufactured at high volume and accuracy, cost effective and consumes less time, and favorable government policies across the globe which ensures the great adoption of such technique are some of the factor responsible for the market growth.  

The transmission parts segment is estimated to hold key share of the market

On the basis of applications, the market is categorized into engine parts, transmission parts, body assembly, and others. The transmission parts segment is estimated to hold key share of the market during the forecast period owing to its most complex and mechanical combination function which is immune to face any of the difficult conditions, which allows transmission parts segment hold a significant part within the segment.

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Segments

South Korea automotive parts aluminum die casting market has been segmented on the basis of

Production Process Type

• Vacuum Die Casting
• Pressure Die Casting
• Squeeze Die Casting
• Semi-solid Die Casting

Application

• Engine Parts
• Transmission Parts
• Body Assembly
• Others

Country

• South Korea

Key players

• AMTEK GROUP
• Pace Industries
• Dynacast Inc.
• Samkee Automotive
• Kemlows Die Casting Products Ltd.

Competitive Landscape

Key players competing in the South Korea automotive parts aluminum die casting market include AMTEK GROUP; Pace Industries; Dynacast Inc.; Samkee Automotive; Kemlows Die Casting Products Ltd.

Some of these players are targeting on business strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares.