The automotive parts aluminum die casting market was valued at USD 21 billion in 2020 and is expected to reach USD 35 billion by 2026, registering a CAGR of more than 7% during the forecast period (2021 - 2026).Get more news about Aluminum Die Casting Auto Parts,you can vist our website!
The COVID-19 pandemic profoundly impacted manufacturing operations and the market witnessed a slowdown due to supply chain disruptions and trade restrictions worldwide. However, aluminum production witnessed positive growth despite the pandemic showering a negative influence on the market. For instance,
• According to the International Aluminum Institute, the primary production of aluminum was 5.48 million ton, with a Year-on-Year increase of 2.45% from 5.35 million ton in 2019.
In addition, factors such as rising demand for lightweight vehicles and the growing utilization of aluminum in diecasting auto parts are expected to fuel the market's growth during the forecast period. Stringent environmental regulations and Cafe standards were imposed across various regions to support the adoption of the die casting process. For instance,
• In December 2018, the EU set new regulations for carbon dioxide emission for new passenger cars and commercial vehicles. The agreed-upon targets aim to reduce average CO2 emission from new passenger cars by 15% through 2025 and by 37.5% through 2030, both relative to the 2021 base figure. For light commercial vehicles, a further 15% reduction by 2025 and a further 31% by 2030 were agreed upon.
Asia-Pacific is expected to witness significant growth during the forecast period owing to increasing investments and a large number of production plants established in the region. The growing adoption of aluminum by major economies such as India, China, and Japan is anticipated to contribute to the market's overall development during the forecast period.
Die casting is a metal casting process that forces molten metal under high pressure into a mold cavity. The automotive parts aluminum die casting market has been segmented by production process, application type, and geography.
The market has been segmented into pressure die casting, vacuum die casting , squeeze die casting, and gravity die casting in terms of production process. The market has been also segmented into body parts, engine parts, transmission parts, battery and related components, and other application types by application type.
Moreover, by geography, the market has been segmented into North America, Europe, Asia-Pacific, and the Rest of the world. For each segment, market sizing and forecast have been done based on value (USD billion).