PR Newswire | 09 Sep, 2015
BANGALORE: The report is a study of the Global automotive parts die casting market along with in-depth analysis of the North American, European, South American, Asia-Pacific and Africa & Middle-Eastern markets.
The automotive parts die-casting market is highly driven by the growing automobile industry and is poised to reach $10.83 billion by 2020. Integration of lightweight parts inautomobileshas influenced the market growth.
The move by Environmental Protection Agency (EPA)to raise the mile per gallons' standard to 35.5 miles per gallon by 2016, and CAFE standards becoming increasingly rigid, forced automobile manufacturers to seek for an interim solution to increase the fuel economy and reduce emissions.Reducing the weight of the automobile was found to improve the fuel economy. This solution was a game-changer for the automobile industry and resulted in the auto makers identifying ways to lighten the weight of their produce, like by employing die cast parts of light weight non-ferrous metals such as aluminum, magnesium and zinc. The requirement from the automotive industry due to the EPA regulations was the major factor driving the market for automobile parts die-casting.
Aluminum parts die-casting was the major market, accounting to over 60% of the market share in 2014, while that of magnesium is expected to grow at a higher CAGR of 12% in the emerging economies such as India and China. China with its magnesium reserve is expected to emerge as the leading supplier of the magnesium die cast parts in the coming decade. India is steadily growing as a hub for the manufacture of automobile components, especially for magnesium and zinc die cast auto parts.
Get the full report here: Global Automotive Parts Die casting Market: Growth, Trends & Forecast (2015-2020)
North America dominates the market and accounts for over 35% of the market share. Asia-Pacific and European regions follow closely considerable growth. India and China, emerging as automotive part manufacture hubs are expected to drive the market in Asia-Pacific to a CAGR of 7.36%.
According to Mordor Analysis, Rockman Industries, Castwel Auto Parts Pvt. Ltd, Dynacast, Gibbs Die Casting solutions GmbH, Ryobi Die Casting and Sandhar Technologies are some of the key players in the industry. Alcoa, a major aluminum market player extended its already established aluminum chassis and sheet business to developing other automotive parts such as door panels and engine die casts. India has become one such media for many large-scale industries such as Endurance Group, MK Auto India and GoyalDie Casting,which are now supplying their products to western automakers.
The report is segmented by raw material type, application, production process and geography.
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SOURCE Mordor Intelligence LLP