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Global die casting industry has hugely attracted the automotive sector looking for durable die cast parts. Piping and industrial manufacturers have started employing die casting. Employing aluminum components in medical devices and agriculture has also witnessed an increase.
The rising adoption of automation die casting lead to enhanced productivity and improved durability of the cast which asks for minimum finishing. This market has innumerous growth opportunities in industrial and transportation sectors. This demands for the vehicles that lowers the fuel consumption and adopt die casting for enhanced performance of the vehicles.
Facilitating the market growth, initiatives taken by Environmental Protection Agency (EPA) such as raising the miles per gallons standard and imposing stringent regulations for reduced emission has impacted positively. This developed norms and regulations assist the higher usage of light weight material and in turn the die casted material. These norms consolidated with the contribution of Occupational Safety and Health Administration (OSHA) as they have their own rules to reduce pollution and develop die casting industry which further propelled global die casting market growth.
Based on geography, the most dominant region of global die-casting market is Asia-Pacific, which accounted more than half share in 2017. In Asia-Pacific, magnesium alloy die casting market is going to grow imminently. Due to the higher preference of end users towards lower production costs. Already established companies are striving hard on advanced technologies, quality issues, reliability which has resulted in mergers and acquisition, even with small scale companies.
The factors that has strengthened the market are higher automotive industry along with industrialization in growing economies such as India and China. India is driving towards higher growth rate as it has become center for automobile components makers for magnesium and zinc die cast auto parts, hence fueling overall market growth.
Furthermore, North America has outshined other regions when referring automotive part die casting market. This impetus is due to government initiatives, availability of resources and large-scale domestic production.
Based on the type, the global die-casting industry has classification which includes Semi-Solid Die Casting, Vacuum Die Casting, Pressure Die Casting and Squeeze Die Casting. By means of raw-material, the classification includes Aluminum, Magnesium, Zinc and Others. Further segmentation based on application, the category includes Engine Parts, Body Assemblies, Transmission Parts and Others.To fit in the stringent government regulations, many companies push their boundaries and increasingly investing in research and development activities.