The Aluminum Die Casting Market Size - $83.24 Billion In 2024
Aluminum Die Casting Global Market Report 2024: Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company’s Aluminum Die Casting Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
LONDON, GREATER LONDON, UK, June 21, 2024 /EINPresswire.com/ -- The aluminum die casting market size has grown strongly in recent years. It will grow from $56.48 billion in 2023 to $60.92 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. It will grow to $83.24 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The growth in the historic period can be attributed to the increased penetration of die-casting parts, rise in vehicle sales, demand for passenger cars, the rise in industrialization, and increased urbanization.
Increasing Demand for Automobiles Drives Market Growth
The increasing demand for automobiles is expected to propel the growth of the aluminum die casting market going forward. The automobile sector refers to the industry involved in the design, development, manufacturing, marketing, and selling of motor vehicles. There is an increasing demand for automobiles due to several factors, such as shifts in mobility preferences, low interest rates, and consumers seeking to replace aging vehicles. Aluminum die casting in the automobile sector helps manufacturers produce lighter, stronger, and more fuel-efficient vehicles while also meeting stringent performance and safety standards. For instance, in April 2023, according to the International Trade Administration, a US-based government agency, there were approximately 26 million automobiles sold in 2021, of which 21.48 million were passenger cars. This represents a 7.1% increase over 2020. Therefore, increasing demand for automobiles is driving the growth of the aluminum die casting market.
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Key Players and Market Trends
Major companies operating in the aluminum die casting market are Aluminum Corporation of China Limited, Alcoa Corporation, Rheinmetall Automotive AG, Arconic Corporation, Nemak SAB De CV, GF Casting Solutions, Amsted Industries Incorporated, Martinrea International Inc., The Bühler Holding AG, Rockman Industries Limited, Ryobi Limited, Dynacast International Inc., Endurance Technologies Limited, Pace Industries, Consolidated Metco Inc., Walbro Corporation, Sandhar Technologies Limited, LaSalle Bristol Inc., Madison-Kipp Corporation, FAIST Group, PHB Corp, Gibbs Die Casting Corporation, Bodine Aluminum Inc., BUVO Castings.
Trends in the Aluminum Die Casting Market
Major companies operating in the aluminum die casting market are focused on forming strategic partnerships to drive their revenues in the market. The collaboration between companies plays a crucial role in completing the strategic objectives to develop and deliver innovative aluminum die casting solutions for various industries, including automotive, construction, and consumer goods. For instance, in May 2022, GF Casting Solutions, a Switzerland-based company specializing in the development and production of aluminum and other superalloys, signed a collaborative agreement with Bocar Group, a Mexico-based automotive supplier specializing in aluminum die-casting and machining, to combine their capabilities in the global high-pressure die casting market. The partnership aims at focusing on the production of lightweight components in the mobility and energy industries. This partnership aims to leverage their aluminum expertise die casting to design new lightweight components crucial for environmentally friendly vehicles.
Segments:
• By Casting Process: High Pressure Die Casting, Low Pressure Die Casting, Vacuum Die Casting, Gravity Die Casting, Squeeze Die Casting
• By Chamber Process: Hot Chamber Aluminum Die Casing, Cold Chamber Aluminum Die Casting
• By End User: Automotive Components, Pumps And Valves, Industrial Component, Engineering Components, Construction, Packaging, Other End Users
Geographical Insights: Asia-Pacific Leading the Market
Asia-Pacific was the largest region in the aluminum die casting market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the aluminum die casting market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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Aluminum Die Casting Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Aluminum Die Casting Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on aluminum die casting market size, aluminum die casting market drivers and trends, aluminum die casting market major players, competitors' revenues, market positioning, and market growth across geographies. The aluminum die casting market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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