The Australia automotive parts magnesium 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 XX% during the forecast period, 2023–2031. The growth of the market is attributed to rising demand for automotive parts in the country.
Die casting is a metal casting process that is characterized by forcing molten metal under high pressure into a mold cavity. The mold cavity is created using two hardened tool steel dies that are machined into shape and work similarly to an injection mold during the process. The industrialization and automation have brought the revolution of mass scale production in minimum time. Die casting process provides precise component specification manufactured in the minimum time possible. The government initiatives are inclined toward energy saving and lowering the carbon footprint for the automobile manufacturing process, which can be achieved using the die casting process.
The automotive industry is one of the largest consumers of the magnesium die-casting market. Automobile manufacturers are using lightweight magnesium and magnesium alloys to reduce the overall vehicle weight and improve the fuel economy. Magnesium is a viable alternative to steel, aluminum, and other structural materials, and it has specific attractive properties. It is 36% lighter per unit volume than aluminum and 78% lighter than steel. When mixed with other metals, magnesium has exhibit high strength-to-weight ratio among all structural metals.
Australia Automotive Parts Magnesium Die Casting Market Trends, Drivers, Restraints, and Opportunities
- Increasing investment in innovation and automation is expected to drive the market growth during the forecast period.
- Growing automobile industry is projected to spur market growth in the coming years.
- Increased demand for favorable properties of magnesium is estimated to the market growth during the forecast period.
- Growing consumer preference for fuel-efficient vehicles is projected to boost the automotive parts magnesium die casting market growth.
- The third wave of COVID-19 pandemic can create challenges for the market growth.
- High cost of the magnesium can hamper the market growth.
- Ongoing research and development activities can create lucrative opportunities for the market players.
Scope of Australia Automotive Parts Magnesium Die Casting Market Report
The report on the Australia automotive parts magnesium die casting market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Automotive Parts Magnesium Die Casting Market - Australia Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Production Process Types (Pressure Die Casting, Vacuum Die Casting, Squeeze Die Casting, and Semi-solid Die Casting) and Application Types (Body Assemblies, Engine Parts, Transmission Parts and Others)
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Country Scope
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Australia
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Pace Industries; Meridian Light Weight Technologies Inc; Georg Fischer AG; Gibbs Die Casting (Koch Enterprises); Shiloh Industries; and Dynacast.
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Australian Automotive Parts Magnesium Die Casting Market Segment Insights
Pressure die casting segment is projected to hold a significant market share
Based on production process types, the market is divided into pressure die casting, vacuum die casting, squeeze die casting, and semi-solid die casting. The pressure die casting segment is estimated to account for a significant market share during the forecast period. One of the significant benefits of using pressure die casting is resultant of quick, reliable, and cost-effective manufacturing process for production of high volume. Moreover, metal components that are net-shaped have tight tolerances, which is anticipated to drive the demand for pressure die casting process.
Body assemblies segment is projected to expand at a considerable CAGR
On the basis of application types, the market is segregated into body assemblies, engine parts, transmission parts and others. The body assemblies segment is projected to expand at a considerable CAGR during the forecast period due to expanding factors such as expanding interest for vehicles in emerging countries. The high complexity and intricacy involved in the design and production process are further expanding the market growth.
Segments
The Australia automotive parts magnesium die casting market has been segmented on the basis of
Production Process Types
- Pressure Die Casting
- Vacuum Die Casting
- Squeeze Die Casting
- Semi-solid Die Casting
Application Types
- Body Assemblies
- Engine Parts
- Transmission Parts
- Others
Key Players
Competitive Landscape
Key players in the Australian automotive parts magnesium die casting Market are Pace Industries; Meridian Light Weight Technologies Inc.; Georg Fischer AG; Gibbs Die Casting (Koch Enterprises); Shiloh Industries; and Dynacast. Organizations are focusing on partnering with local manufacturers and working together with other industry players to expand their market share.
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