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.
Automotive parts die casting represents an economical mechanized metal processing technique, wherein the melted liquid is pressed into a mold under filling speed and high pressure to manufacture various vehicle components. It involves pressure vacuum and squeeze and pressure die casting as standard methodologies, which help discharge mold cavity gas, offer higher tensile strength, and solidify metals. These procedures employ magnesium metal due to its excellent dimensional stability, exceptional dampening capacity, and better corrosion resistance than carbon, steel, and aluminum alloys. Apart from this, automotive parts magnesium die casting ensures the strength-to-weight ratio of structural metals, improves reliability, simplifies designs, minimizes distortion or casting stress, and reduces the effects of thermal fatigue. Based on these properties, it finds extensive applications in the production of engine parts, gearbox, motor covers, auto forks, connectors, and heat sinks.
Automotive Parts Magnesium Die Casting Market Trends:
The considerable expansion in the automotive industry and the increasing need for lightweight commercial and passenger vehicles, owing to changing consumer preferences, are primarily driving the market growth. Automotive parts magnesium die casting is extensively used to manufacture various car components to enhance automobile fuel mileage and reduce vehicle weight without compromising their durability. Furthermore, the rising environmental concerns have encouraged governments to implement stringent green norms for mitigating carbon emissions, which, in turn, is supplementing the demand for magnesium and reinforced plastic dies in the market. In line with this, the fueling utilization of the industrial Internet of Things (IIoT) by key players during the automotive parts magnesium die casting procedure to improve manufacturing efficiency and offer a higher productivity rate is impelling the market growth. Apart from this, strategic collaborations amongst original equipment manufacturers (OEMs) to enhance casting methods and escalating awareness regarding the benefits of using magnesium over other alloys are positively augmenting the market growth.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global automotive parts magnesium die castingmarket report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on production process and application.
Breakup by Production Process:
Pressure Die Casting
Vacuum Die Casting
Gravity Die Casting
Squeeze Die Casting
Breakup by Application:
Breakup by Region:
Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles of the key players being 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.
Base Year of the Analysis
Production Process, Application, Region
Asia Pacific, Europe, North America, Latin America, Middle East and Africa
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
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.
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Key Questions Answered in This Report
The global automotive parts magnesium die casting market was valued at US$ 2.9 Billion in 2022.
We expect the global automotive parts magnesium die casting market to exhibit a CAGR of 6.4% during 2023-2028.
The widespread adoption of automotive parts magnesium die casting in the manufacturing of engine parts, gearbox, motor covers, etc., as it improves reliability, simplifies designs, reduces the effects of thermal fatigue, etc., is primarily driving the global automotive parts magnesium die casting market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary closure of numerous manufacturing units for vehicles, thereby negatively impacting the global market for automotive parts magnesium die casting.
Based on the production process, the global automotive parts magnesium die casting market has been segregated into pressure die casting, vacuum die casting, gravity die casting, and squeeze die casting. Among these, pressure die casting currently holds the majority of the total market share.
Based on the application, the global automotive parts magnesium die casting market can be bifurcated into body parts, engine parts, transmission parts, and others. Currently, body parts exhibit a clear dominance in the market.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where Asia-Pacific currently dominates the global market.
Some of the major players in the global automotive parts magnesium die casting market include 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.
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