According to Future Market Insights, the die casting services market size is estimated at USD 45,907.9 million in 2023. The market is projected to reach USD 118,498.6 million by 2033, at an approximate CAGR of 10.0% from 2023 to 2033.
| Attribute | Details |
|---|---|
| Estimated Die Casting Services Market Size 2023 | USD 45,907.9 million |
| Projected Die Casting Services Market Size (2033) | USD 118,498.6 million |
| Value CAGR (2023 to 2033) | 10.0% |
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The manufacturing industry is witnessing a significant surge in demand for aluminum die casting services, driven by the increasing need for lightweight materials. Aluminum is widely used in the production of automotive and aerospace components due to its high strength-to-weight ratio, making it a popular choice for die casting services. This trend is expected to continue during the forecast period, with the use of aluminum projected to grow in various industries.
The manufacturing industry is witnessing a significant surge in demand for zinc die-casting services are gaining popularity in various industries, such as automotive, electronics, and healthcare, due to the unique properties of zinc. For example, zinc offers excellent corrosion resistance, making it ideal for use in harsh environments. In addition, zinc is easy to cast, allowing for complex shapes and intricate designs, making it a popular choice for manufacturers.
The use of alloy die-casting services is becoming increasingly popular in the manufacturing industry due to alloys' many advantages. Alloys provide increased strength, durability, and resistance to corrosion, making them a popular choice in various industries such as automotive, aerospace, and healthcare. The trend is expected to continue, with manufacturers increasingly adopting alloy die casting for improved product quality and customer satisfaction. Aluminium is widely used in producing automotive and aerospace components due to its high strength-to-weight ratio, making it a popular choice for die casting services. This trend is expected to continue during the forecast period, with the use of aluminum projected to grow in various industries.
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Die casting manufacturers are transforming the industry with their expertise and cutting-edge technology. Customers can expect a one-stop solution for their die casting needs with a range of services, from design and prototyping to finishing and assembly. Many die casting manufacturers in the market are driving growth, with manufacturers vying for customers' attention by offering innovative solutions and excellent customer service.
Die casting machines are becoming increasingly popular in the manufacturing industry, leading to improved efficiency and productivity. These machines allow accurate and efficient parts production, reducing manufacturing costs and increasing output. The trend is expected to continue, with manufacturers increasingly investing in advanced die casting machines to gain a competitive edge in the market.
Future Market Insights predict a comparison and review analysis of the die casting services industry dynamics, which is principally subjected to an array of industry factors along with a few definite influences concerning viewpoints that support industry innovation.
Some new trends that have taken place in the market include the increased focus of manufacturers in the transportation business adhering to laws to improve fuel efficiency and reduce hazardous emissions, which can be accomplished by using lightweight materials in vehicle production.
According to FMI analysis, the variation between the BPS values observed in the die casting services industry in H1, 2022 - Outlook over H1, 2022 Projected reflects a decline/growth of 120 units. However, compared to H1, 2021, the market is expected to spike by 132 BPS in H1 -2022.
Key reasons for this change in growth rate are attributed to the steady uptake of the market during the first half of the forecast period, owing to the growing consumer electronics industry due to rising demand for smartphones, artificial intelligence, voice recognition technology, and the replacement cycles and dropping prices of electronics devices.
| Market Statistics | Details |
|---|---|
| H1,2021 (A) | 11.9% |
| H1,2022 Projected (P) | 12.0% |
| H1,2022 Outlook (O) | 13.2 % |
| BPS Change: H1,2022 (O) - H1,2022 (P) | (+) 120 ↑ |
| BPS Change: H1,2022 (O) - H1,2021 (A) | (+) 132 ↑ |
Over the forecast period, rising aluminum consumption in different applications such as transportation and telecommunication is expected to drive market expansion. As a result, the die casting services industry is predicted to increase at a 10 % CAGR from 2023 to 2033, up from a 7.1 % CAGR from 2018 to 2022.
One major driving force is the growing need for high-strength, lightweight castings. In addition, manufacturers in the transportation business must adhere to laws to improve fuel efficiency and reduce hazardous emissions, which can be accomplished by using lightweight materials in vehicle production.
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A set of factors define the challenges the die casting services industry faces on a large scale. First, all the available metal alloys cannot usually die cast. Therefore, in most circumstances, the method is appropriate for non-ferrous alloys. Apart from this, it is noteworthy that the method for heavy casting needs to be appropriate, being the key purpose why providers prefer the sand-casting processes.
There would be positive results from the precise specifications of the metal-to-die cast. Moreover, there is a requirement for unique considerations while removing the cast portion in the die to prevent porosity complications. It becomes essential to have effective measures that can do away with any circumstance that may well compromise the good quality of the final die casting element.
Die casting finds application within various industrial services, and the growth of these industrial sectors drives the growth of the global die casting market. In addition, the growing consumer electronics industry results from rising demand for smartphones, artificial intelligence, and voice recognition technology, and the replacement cycles and dropping prices of many electronic devices.
Die casting is a practical means to produce high volumes of precision parts, especially for large applications requiring unique shapes in alignment with the electronics requirements. The growing demand for electronics reciprocates the same in the die casting industry.
Similarly, the engineering and construction industry witnessed overall market growth despite cost pressures, labor shortages, and trends toward fixed-bid projects, thereby increasing the die casting industry. In addition, increasing consumer spending has led to a surge in the consumer goods sector, and die casting is used for a vast array of consumer products.
In North America, the United States dominates the die casting services industry with an 89.5% share in 2022. The growth of the die casting services industry in this region is due to the high sales of passenger vehicles in the United States and favorable government policies undertaken across the country that create scope for expansion.
The United States die casting market has the highest quality industry standards in the world, owing to the standards set by the American Society of Mechanical Engineers and the American National Standards Institutes (ANSI). These factors make the United States a promising market for the die casting services industry.
Germany dominated the die casting services industry in Europe with a 26.3% share. In addition, Germany is one of the world's largest vehicle markets, and the presence of major vehicle manufacturers and component makers is fueling the region's expansion.
Automobile manufacturers are adopting lightweight components in the engine and other body parts to lower overall vehicle weight and boost fuel efficiency, increasing demand for pressure die-castings made of magnesium alloys that can be molded into complex pieces and manufactured at reasonable costs. These factors make Germany a promising market for the die casting services industry.
In South Asia, India is a promising market for die casting services, with a 46.5% share in 2022. The Indian government promotes foreign investment in the automobile industry by allowing 100% foreign direct investment (FDI) through the automatic method.
The government established a voluntary vehicle scrappage policy in the Union Budget 2021 to 2022, which is expected to promote demand for new automobiles by removing old, unfit vehicles currently on Indian roads. The second-largest foundry industry in the world is located in India. Die casting items can be produced in India by foundries that meet international standards and suit various automotive applications. The Indian market for automotive parts die castings are driven by the government's focus on Make in India, the development of the automobile industry, and strict pollution regulations. As a result, the automotive industry utilizes 35% of all castings produced in the country.
The Indian automotive die casting industry has grown to the point where it can now serve domestic and foreign clients. The availability of skilled personnel and innovative machinery and technology fuels this growth.
| By Type | High Pressure |
|---|---|
| Market Share in 2022 | 44.3% |
High pressure die casting (HPDC) dominates the die casting services industry with a share of 44.3% in 2022, primarily due to its high efficiency and ability to produce complex and intricate shapes with high accuracy and repeatability. The high demand for high pressure die casting owes its success to higher production speeds when compared to the flow pouring under the effect of gravity.
The capability to produce specific dimensional flows levies a remarkable effect on processing operations. Another advantage of high pressure die casting is that the fusions have a good surface finish, which is necessary for plating. Besides, the thickness of the plate walls is reduced by dropping the overall weight of the fusion.
| By Application | Automotive |
|---|---|
| Market Share in 2022 | 54.8% |
The automotive segment holds the largest share of 54.8% in the die casting services industry, owing to the increasing demand for lightweight and fuel-efficient vehicles requiring die-cast components. Zinc die casting is always used because automobiles require complex forms and sizes for various vehicle elements. The necessity for additional machining is non-existent due to the precision of this procedure.
On a regular scale, the die-cast components are manufactured for the automotive industry, including producing wheels, blocks, cylinder heads, and valve blocks. These are some of the factors that make die cast use in automotive components.
The die casting services industry is highly competitive, with numerous players vying for market share. Some major companies operating in the industry include Dynacast, Ryobi Die Casting Inc., Pace Industries, Aluminum Die Casting Company, and many others.
To stay competitive, companies in the industry are implementing several trends in manufacturing die castings. One such trend is adopting automation in the manufacturing process to improve efficiency and reduce costs. This can also improve quality and consistency in the manufacturing process.
Another trend is the use of eco-friendly materials and processes. Many companies are focusing on reducing waste and emissions during the manufacturing process. For example, some companies are using recycled aluminum to produce die castings.
In addition, companies are investing in research and development to improve the performance and durability of die castings. This includes developing new alloys and using advanced technologies such as computer-aided design and simulation to optimize the manufacturing process and improve product quality.
Overall, the competitive landscape of the die casting services industry is dynamic and evolving, with companies adopting new technologies and strategies to stay competitive and meet the changing needs of customers.
For Instance: On 16th Sept 2022, Linamar Corporation announced the formation of its eLIN Product Solutions Group, which focuses on leveraging exciting electrification opportunities for Linamar's products in its Mobility and Industrial businesses, as well as future new markets.
The market is estimated to advance at a CAGR of 10% through 2033.
The manufacturing industry is witnessing a significant surge in demand for aluminum die-casting services, driven by the increasing need for lightweight materials.
Due to rising demand for smartphones and artificial intelligence, the growing consumer electronics industry and dropping prices of electronic devices drive demand.
The lack of appropriate metal alloys that can be used in die castings hinders market growth.
High-pressure die casting (HPDC) dominates the die-casting services industry with a share of 44.3% in 2022.
1. Executive Summary | Die Casting Services Market 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Process 5.1. Hot Chamber Die Casting 5.2. Cold Chamber Die Casting 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 6.1. Telecoms 6.2. Consumer Goods 6.3. Automotive 6.4. Electronics 6.5. Aerospace and Defence 6.6. Others 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Europe 7.4. South Asia 7.5. East Asia 7.6. Oceania 7.7. MEA 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. South Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Oceania Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. Spark Minda 17.2. Ryobi Limited 17.3. Linamar Corporation 17.4. Kuusakoski Group 17.5. NEMAK 17.6. Form Technologies 17.7. Expromet Technologies Group Limited 17.8. MRT Castings Ltd 17.9. Handtmann Group of Companies 17.10. Carlton Die Castings Ltd 18. Assumptions & Acronyms Used 19. Research Methodology
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Die Casting Services Market
