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Die Casting Services Market is Projected to Reach USD 89.76 Bn by 2030

Die Casting Services Market

The market for die casting services estimated at USD 42.10 billion in 2022 and is projected to reach USD 89.76 billion by 2030, at an approximate CAGR of 10.0% from 2022 to 2030. Share of Die Casting Services market in its parent market (Manufacturing Industry market) is approximately 5%-10%.

The demand for environmentally friendly vehicles is rising as environmental safety is being stressed more and more. In order to comply with environmental rules and laws and to achieve maximum fuel efficiency and minimal emissions, the need for lightweight components is rising. Therefore, it is anticipated that demand for die castings would increase during the coming ten years.

Lightweight metals like aluminium are in high demand within the casting industry to meet these objectives. As a result, in the casting markets, aluminium has surpassed steel in popularity. The market for die casting is benefiting from the growing use of lightweight alloys like aluminium.

Aside from the automobile business, where high-quality aluminium is becoming more and more in demand, particularly for luxury automakers, other industries like construction are also observing a switch from the traditional metal steel to aluminium. This change is recognised as a major force in the worldwide die casting market.

Additionally, the die casting business is advancing technologically, increasing die casting capacity to provide higher production in shorter manufacturing times.

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Key Takeaways

East Asia is expected to be the largest market for global die casting services market for the forecast period 2020-2030
High pressure die casting is the leading product segment, however gravity die casting services are gaining significant growth
Automotive industry holds a dominant place in the global die casting services market
Growing concern regarding fuel efficiency and emissions in automotive sector are the major trends influencing the global market
South Asia is forecasted to provide significant growth opportunities for the manufacturers during the period 2020-2030

Covid 19 impact

Businesses all throughout the world have been touched by the COVID 19 epidemic in one way or another. Different industries have been influenced by the lockdowns that the nations imposed.

The construction and automotive industries are among the worst affected globally.

Since the start of lockdowns caused by the epidemic in March 2020, there has been a drop in global sales of cars and consumer items. Even the consumer side has been severely hit because many people’s incomes have halted as a result of job losses. As a result, people refrain from purchasing consumer products.

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The epidemic has had a significant impact on the global die casting sector, with manufacturing stopping and transportation coming to a complete halt.

This mindset is affecting the global die casting market in a negative way, as automobile and consumer goods sector along with construction sector are incurring heavy losses due to this.

Who is winning?

Die casting services have a huge global market potential, thus the industry’s operators are strongly reliant on R&D to progress technology and gain an edge over rivals.

In addition, the introduction of new products is anticipated to provide competitors an advantage. Additionally, with the aid of mergers and acquisitions, corporate expansion to serve a larger population continues to be one of the core goals of the firms.

For instance, businesses are acquiring and integrating specialised die casting foundries in order to serve a larger customer base.

For instance, in 2018, Dynacast Inc. purchased Schlieper Druckguss, a zinc-specific specialised die casting company, and Tauus ’80 Precision Die Casting to create a new company named Form Technologies.

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Carlton Die Castings Ltd., Form Technologies, Handtmann Group of Companies, Koch Enterprises Ltd., Premier Die Casting Company, Expromet Technologies Global Limited, Elcee Group B.V., Dean Group of Companies, Koch Enterprises Inc., MRT Castings Ltd., JPM Group, NovaCast Limited, Arrow Butler Castings Ltd, Lupton & Place Ltd., Spark Minda, Kuusakoski Group, NEMAK, Ryobi Limited, Lina