The United States Automotive Parts Die Casting Market size was valued at USD XX Billion in 2022 and is expected to surpass USD XX Billion by 2031, expanding at a CAGR of 6% during the forecast period, 2023 – 2031. The growth of the market is attributed to the growing automobile market, increasing penetration of die casting components in commercial machinery, developing constructional sector, and using aluminum casts in electric and electronics.
Automotive Parts Die casting is a metal casting process, which is characterized by replacing molten metal into the mold cavity under high pressure. Generally, die castings constitute of non-ferrous metals, such as copper, aluminum, zinc, lead, tin, and magnesium. Die casting is one of the cheapest and fastest molding processes. The advantage of this manufacturing process is that hundreds of castings can be manufactured relatively quickly with one mold. It is an automated casting process in which a liquid made of a low melting point alloy is pressed into a mold under high pressure and high filling speed.
The Covid-19 pandemic affected the demand and supply of United States automotive parts die casting market. Lockdown across the globe, supply chain disorders, and oscillating supply of raw materials forced manufacturers to shut down production leading to unfortunate decline in market growth. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.
Market Trends, Drivers, Restraints, and Opportunities
Rising demand for fuel-efficient vehicles and introduction of light-weight vehicles is expected to boost the market during the forecast period.
Rapid growth of the automotive industry owing to increasing demand for electric vehicles is major factors fueling the market.
Increasing industrialization and manufacturing of machinery and parts is anticipated to drive the market during forecast period.
High volatility in cost of die casting mechanism is expected to hamper the market growth.
Stringent regulations by government for environmental emission in metallurgic process act as major challenges that can hamper the market growth during the forecast period.
R&D investment and innovation of new casting mechanism that are eco-friendly and low cost techniques is projected to offer significant opportunities for the market players.
Scope of the Report
The report on the United States automotive parts die casting market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
United States Automotive Parts Die Casting Market - Industry Analysis, Growth, Share, Size, Trends, and Forecast
Process (Pressure Die Casting, Vacuum Die Casting, Squeeze Die Casting, and Others), and Raw Materials (Aluminum, Magnesium, and Zinc)
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Shiloh Industries; Ryobi Die Casting Inc.; Nemak; GF Casting Solution; and Rheinmetall Automotive AG
Market Segment Insights
The pressure die casting segment is projected to hold a key market share
Based on process, the United States automotive parts die casting market is divided into pressure die casting, vacuum die casting, squeeze die casting, and others. The pressure die casting segment is expected to represent a key share of the market during the forecast period owing to its advantage in producing precise and inexpensive metal castings under high pressure and high speed. They are ideal for the automotive, electrical, aerospace, glass, and home appliance industries.
It has many advantages such as it is suitable for a wide range of applications, manufacturing of very complex and precise parts, and help in long-term production or mass production. This segment is divided into high pressure casting and low pressure casting. High pressure casting proved to be beneficial to both manufacturers and consumers.
The zinc segment is expected to expand at a rapid pace
On the basis of raw materials, the market is segregated into zinc, aluminum, and magnesium. The zinc segment is expected to represent a key share of the market during the forecast period. Zinc has become one of the most important metals in the automotive industry, especially for products such as door lock covers, ratchets, retractors and pulleys, camshafts, and sensor parts. Due to the combined effect of emission standards, consumer preferences, and the shift from traditional internal combustion engines to electric vehicles, the electric vehicle industry has developed rapidly.
Electric or hybrid vehicles benefit significantly when the transmission system and transmission system components (such as electric motors) are part of zinc die-cast parts. The economic recovery in country and increasing disposable income is expected to increase as consumers’ preferences for clean cars continue to change during forecast period. The automobile manufacturing process has opened up new opportunities for die-cast zinc auto parts on the world stage.
The United States automotive parts die casting market has been segmented on the basis of
- Pressure Die Casting
- Vacuum Die Casting
- Squeeze Die Casting
- Shiloh Industries
- Ryobi Die Casting Inc.
- GF Casting Solution
- Rheinmetall Automotive AG
Key players competing in the United States automotive parts die casting market include Shiloh Industries; Ryobi Die Casting Inc.; Nemak; GF Casting Solution; and Rheinmetall Automotive AG.
Some of these players are using several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares.