Die casting market analysis

The die-casting market size is expected to be $82.86 billion in 2024 and is expected to reach $112.14 billion by 2029, with a CAGR of 6.24% during the forecast period (2024-2029).

The COVID-19 outbreak has taken a toll on manufacturing. With several of the world's major economies in lockdown, supply chains were disrupted. During this period, all manufacturing units and OEM plants were forced to stop production and operations. With the economic recovery and the return of market demand, the automotive industry has a huge demand for die castings, and consumer preference has shifted to lightweight vehicles. This trend is expected to continue and drive market growth. I

n the medium term, the market studied is mainly driven by the complexity of the supply chain of the die casting industry, the expanding automotive market, the increasing penetration of die cast parts in industrial machinery, the growing construction industry, and the use of aluminum castings in electrical and electronic products.

CAFE standards and EPA policies to reduce vehicle emissions and improve fuel efficiency are pushing automakers to reduce the weight of vehicles by adopting lightweight non-ferrous metals. Subsequently, the adoption of die casting as a weight reduction strategy became the main driving force of the former market in the automotive sector.

The growing demand for aluminum die castings in the electrical and electronics industry due to their high thermal conductivity is likely to drive growth during the forecast period. Subsequently, the adoption of die casting as a weight reduction strategy became the main driving force of the former market in the automotive sector. However, tight supply of raw materials, fluctuating prices of raw materials, and environmental regulations on emissions from the metallurgical industry are emerging as major obstacles to market growth.

Due to the increasing demand for automobiles in countries such as China and India and the increasing use of aluminum die castings in various applications, the Asia Pacific region is expected to hold the largest market share in the die casting market. The aluminum die casting market in North America is also expected to see significant growth due to rising production in the construction and automotive industries.