Hyderabad, Aug. 21, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled "China Automotive Parts Aluminum Die Casting Market Report (2023-2028)," the market is estimated at USD 9.62 billion in 2023. It is expected to register a CAGR of 8.26% during the forecast period.
China's booming automotive market and increasing production of passenger cars and commercial vehicles are driving the demand for aluminum die-cast parts. The COVID-19 pandemic led to reduced automotive production in China. However, the market is showing positive trends and is expected to recover completely in the next five years. Manufacturers are implementing contingency plans for business uncertainties and maintaining client relationships. In the long term, increasing R&D investments, sales of electric and hybrid vehicles, and rising demand for commercial vehicles are expected to influence the market's growth.
Report Summary:
| Report Attribute | Details |
| Market Size (2023) | USD 9.62 billion |
| Market Size (2028) | USD 14.31 billion |
| CAGR (2023-2028) | 8.26% |
| Study Period | 2018-2028 |
| 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 | Increasing R&D investments. |
| Rising demand for commercial vehicles. |
Who are the Top Companies in the China Automotive Parts Aluminum Die Casting Market?
It is a fragmented market, with many players accounting for a small market share. Some prominent players have secured long-term supply contracts with major automotive OEMs. They use strategic partnerships with global leaders, joint ventures, mergers and acquisitions, new product launches, and product development to expand their brand portfolios and sustain their market positions.
The significant players in the Chinese automotive parts aluminum die casting market are,
- Nemak
- Ryobi Die Casting Inc.
- KSPG AG
- Koch Enterprises
- Interplex Holdings Ltd
- Shiloh Industries
- Alcoa Inc.
- Faist Group
- George Fischer Ltd
- Montupet SA
- Linamar Corporation
- Rheinmetall AG
- Sandhar Group
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Key Highlights from the China Automotive Parts Aluminum Die Casting Market Report:
Need for Lightweight Materials
- The automotive industry is adopting advanced technologies and lightweight materials for manufacturing auto components. Aluminum is a suitable, lightweight material that is gaining global attention due to its strength, improved fuel economy it offers, safety, quality, and performance.
- In China, the demand for electric and hybrid vehicles has driven the focus on using lightweight materials like aluminum in vehicle manufacturing. Aluminum content in battery-electric vehicles is expected to increase to 70% by 2027.
- Similar trends are observed in electric commercial buses, with aluminum usage expected to increase by more than 70% by 2027.
Pressure Die Casting Dominates the Market
- Aluminum is the preferred metal for pressure die casting in automotive applications. EVs are projected to use 25% to 27% more aluminum by weight than combustion engine cars.
- China saw a significant increase in electric passenger vehicle sales in recent years due to supportive government incentives, environmental concerns, and future ICE vehicle bans.
- Automotive companies are adopting high-pressure die-casting technology to meet the growing consumer demand for EVs.
What are the Latest Developments in the China Automotive Parts Aluminum Die Casting Market?
- In November 2022, Ningbo Beilun Saige Machine Co. Ltd launched another 2000T die-cast machine, along with a new 35T crane, gas and pressure air supply systems, etc., for the machine.
- In September 2022, Alcoa Corporation launched a new high-strength, 6000 series alloy, A210 ExtruStrong, for automotive, construction, industrial, and consumer goods applications.
Mordor Intelligence has Segmented the China Automotive Parts Aluminum Die Casting Market Based on Production Process Type and Application Type.
- By Production Process Type (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Pressure Die Casting
- Vacuum Die Casting
- Squeeze Die Casting
- Semi-solid Die Casting
- By Application Type (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Engine Parts
- Transmission Components
- Body Parts
- Other Application Types
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 China Automotive Parts Aluminum Die Casting Market Report (2023-2028).
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About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
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