Hyderabad, Aug. 07, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled "Aluminum Parts Gravity Die Casting Market Report (2023-2028)," the market is estimated at USD 6.44 billion in 2023. It is expected to register a CAGR of 4.82% during the forecast period.
Gravity die casting is a casting process where molten metal is poured into a mold using gravity, and filling is controlled by tilting the mold. This is one of the oldest methods of casting, which offers high production speed. Supply chain complexities in die-casting, automotive industry expansion, increased use of die-cast parts in industrial machinery, growth in the construction sector, and aluminum castings in electronics are driving the growth of the market. Automakers require lightweight metals for weight reduction, which is expected to drive the use of die-cast parts in the automotive sector in the coming years.
Report Summary:
| Report Attribute | Details |
| Market Size (2023) | USD 6.44 billion |
| Market Size (2028) | USD 8.15 billion |
| CAGR (2023-2028) | 4.82% |
| Study Period | 2018-2028 |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Forecast Units | Value (USD billion) |
| Report Scope | Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape and Recent Developments, Market Growth, Future Opportunities, and Trends |
| Key Market Drivers | Growing demand from the automotive sector. |
| Advantage of high production speed. |
Who are the Top Companies in the Global Aluminum Parts Gravity Die Casting Market?
The market is fragmented, with the presence of many regional small-medium scale players across several countries, as well as large-scale/international players. Key players have also expanded their operations globally through various mergers, expansions, partnerships, joint ventures, and acquisitions. They are focusing their revenues on R&D to come up with better production processes and alloys.
The significant players in the global aluminum parts gravity die casting market are,
- Rockman Industries
- Endurance Technologies Limited
- Minda Corporation Limited
- Hitachi Metals Ltd
- MAN Group Co.
- MRT Castings Ltd
- Harrison Castings Limited
- Vostermans Companies
- CIE Automotive
- Sundaram Clayton Ltd
- GWP Manufacturing Services AG
Other Reports That Might Be of Your Interest:
- Die Casting Market Report - The die casting market size is expected to grow from USD 77.99 billion in 2023 to USD 105.55 billion by 2028, at a CAGR of 6.24% during the forecast period (2023-2028).
- China Automotive Parts Aluminum Die Casting Market Report - The Chinese automotive parts aluminum die casting market size is estimated at USD 9.62 billion in 2023, and it is expected to reach USD 14.31 billion by 2028, at a CAGR of 8.26% during the forecast period (2023-2028).
Key Highlights from the Global Aluminum Parts Gravity Die Casting Market Report:
Influence of Stringent Regulations and Standards
- Regulatory frameworks like Euro 6 in Europe and emission performance standards maintained by EC and EEA/EMEP have influenced the automobile industry's sustainability.
- Freight companies and fleet owners are adopting emission-reducing technologies to meet the regulations. Vehicle weight reduction is necessary to meet their emission reduction goals, driving the use of die-cast parts in vehicles.
- Automakers seek efficiency and carbon emission reduction, leading to the importance of lightweight aluminum die-casted parts.
Asia-Pacific Dominating the Market
- The Asia-Pacific region holds the largest automotive market globally, primarily due to economies like China and India, as well as active player engagement and government initiatives.
- China is a significant exporter of aluminum and related products. The high demand for Chinese products globally is boosting the aluminum parts gravity die-casting market.
- India's 'Make in India' initiative, automotive industry development, and strict emission norms are propelling the growth of the market studied in the country. Passenger vehicle exports from India are growing.
What are the Latest Developments in the Global Aluminum Parts Gravity Die Casting Market?
- In November 2022, Anderton Castings added capacity to its aluminum high-pressure die casting, machining, welding, and assembly, to be able to assist in immediate resourcing projects.
- In August 2022, Wencan Group Co. Ltd announced that it intends to build a production base of aluminum die-cast parts for New Energy Vehicles (NEVs) in Lu'an Economic and Technological Development Zone, Anhui Province.
Mordor Intelligence has Segmented the Global Aluminum Parts Gravity Die Casting Market Based on Application and Geography.
- By Application (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Automotive
- Parts and Components
- Transmission Parts
- Engine Parts
- Brake Parts
- Other Parts and Components
- Vehicle Type
- Passenger Cars
- Commercial Vehicles
- Other Vehicles
- Parts and Components
- Electrical and Electronics
- Industrial Applications
- Other Applications
- Automotive
- By Geography (Market Size and Forecast based on Value (USD billion), 2018-2028)
- North America
- United States
- Canada
- Rest of North America
- Europe
- Germany
- United Kingdom
- France
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- South Africa
- Turkey
- Rest of Middle East & Africa
- North America
In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Global Aluminum Parts Gravity Die Casting Market Report (2023-2028).
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