Automotive Parts Magnesium Die Casting Market Growth From USD 5.22 Billion in 2022 to USD 7.86 Billion by 2028
According to TechSci Research report, “Automotive Parts Magnesium Die Casting Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Automotive Parts Magnesium Die Casting Market USD 5.22 billion and is anticipated to grow with a CAGR of 7.2% in the forecast period, 2024-2028.
The global automotive parts magnesium die casting market is a rapidly evolving sector within the automotive manufacturing industry, driven by the demand for lightweight and high-performance materials to enhance vehicle efficiency, meet stringent emissions regulations, and cater to the growing popularity of electric vehicles (EVs). Magnesium die casting technology has gained significant traction as a key solution to address these challenges while maintaining structural integrity and design flexibility.
The market’s growth is primarily fueled by the automotive industry’s unyielding pursuit of lightweighting. As governments worldwide impose strict emission standards to combat environmental concerns, automakers are under increasing pressure to reduce vehicle weight and improve fuel efficiency. Magnesium, with its exceptional strength-to-weight ratio, has emerged as an ideal substitute for conventional materials like steel and aluminum. By integrating magnesium die-cast components into various parts of the vehicle, manufacturers can achieve substantial weight reduction without compromising safety or performance.
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Furthermore, the rise of electric mobility has injected further momentum into the adoption of magnesium die casting. EVs demand lightweight materials to offset the additional weight of batteries and electric powertrains. Magnesium’s lightweight properties align perfectly with the goal of optimizing battery efficiency and extending driving range, making it a preferred choice for components such as chassis parts, structural elements, and other critical components. As EV adoption continues to grow, the demand for magnesium die-cast components is set to witness exponential growth.
Technological advancements in die casting techniques have played a pivotal role in propelling the automotive parts magnesium die casting market forward. Techniques such as high-pressure die casting (HPDC) and vacuum-assisted high-pressure die casting (VHPDC) have evolved to meet the industry’s demand for precision and high-quality production. These methods enable the creation of intricate, complex, and high-performance components with minimal defects, ensuring that magnesium parts meet stringent automotive quality standards.
The market’s trajectory is further guided by the global push for environmental sustainability. Magnesium’s recyclability and lower environmental impact compared to other materials contribute to its appeal in an era of heightened environmental awareness. The integration of magnesium die-cast components aligns with automakers’ initiatives to reduce the overall environmental footprint of their vehicles, appealing to environmentally conscious consumers and regulatory bodies alike.
The global automotive parts magnesium die casting market is a pivotal sector within the automotive industry, driven by the interplay of lightweighting, electric mobility, technological advancements, and sustainability. As automakers navigate the challenges posed by emissions regulations and consumer preferences, the adoption of magnesium die-cast components stands out as a strategic approach to achieve enhanced efficiency, improved performance, and a more sustainable future for the automotive sector.
North America plays a significant role in the global automotive parts magnesium die casting market due to its well-established automotive industry, technological advancements, and stringent emission regulations.
Countries like the United States and Canada have embraced magnesium die casting to achieve weight reduction and improved fuel efficiency while adhering to rigorous emission standards. The region’s emphasis on innovation and research and development has contributed to advancements in die casting technology, ensuring the production of high-quality magnesium components that meet stringent automotive requirements.
Europe stands as a pivotal hub for magnesium die casting adoption, driven by the region’s mature automotive market, engineering excellence, and commitment to sustainability. European automakers are at the forefront of integrating magnesium die-cast components to address lightweighting targets, improve vehicle performance, and comply with emission regulations. Countries like Germany and Italy, known for their technological expertise, contribute to the development of advanced manufacturing techniques and die casting processes. As the region continues to prioritize fuel efficiency and eco-friendly transportation, the adoption of magnesium components remains robust.
The Asia-Pacific region is a dynamic force in the global automotive parts magnesium die casting market, fueled by its burgeoning automotive industry, rapid economic growth, and technological innovation. Countries such as China, Japan, and South Korea are key players in adopting lightweight materials to enhance vehicle performance and fuel efficiency. As the region witnesses exponential growth in both traditional and electric vehicle segments, the demand for magnesium die-cast components is surging. Asia-Pacific’s manufacturing prowess, supply chain advantages, and adoption of electric mobility position it as a dominant market player.
The Middle East and Africa are gradually embracing magnesium die casting within the automotive industry, driven by economic growth, industrialization, and infrastructure development. While the automotive sector is evolving, the region’s focus on commercial vehicles aligns with the use of magnesium components to enhance performance and fuel efficiency. As the region’s automotive ecosystem matures, the integration of magnesium die-cast components is poised to contribute to vehicle capabilities and efficiency.
South America presents a region with untapped potential for magnesium die casting adoption within the automotive sector. The focus on cost-efficient manufacturing and locally sourced materials presents opportunities for magnesium die casting adoption in commercial vehicles and entry-level passenger cars.
Major companies operating in the Global Automotive Parts Magnesium Die Casting Market are:
- Chicago White Metal Casting Inc.
- Sandhar Group
- Georg Fischer AG
- Gibbs Die Casting Group
- Magic Precision Ltd.
- Meridian Lightweight Technologies Inc.
- Morimura Bros Ltd.
- Tadir-Gan Group (Ortal Ltd)
- Pace Industries
- Shiloh Industries Inc.
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“Industry experts forecast a promising trajectory for the global automotive parts magnesium die casting market, driven by the automotive industry’s unwavering commitment to lightweighting, emission reduction, and electric mobility. As automakers strive to meet stringent regulations and consumer demands, the adoption of magnesium die-cast components is set to surge. Rapid advancements in die casting technology and materials, coupled with the expanding EV market, further amplify the market’s potential. With its significant contribution to weight reduction and sustainability, magnesium die casting is poised to play a pivotal role in shaping the future of automotive manufacturing, creating more efficient and eco-conscious vehicles.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.
“Global Automotive Parts Magnesium Die Casting Market Segmented By Production Process (Pressure Die Casting, Vacuum Die Casting, Squeeze Die Casting, and Gravity Die Casting), By Application (Body Parts, Engine Parts, Transmission Parts, and Other Applications), By Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of Global Automotive Parts Magnesium Die Casting Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Global Automotive Parts Magnesium Die Casting Market.
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Table of Content-Automotive Parts Magnesium Die Casting Market
- Introduction
1.1. Product Overview
1.2. Key Highlights of the Report
1.3. Market Coverage
1.4. Market Segments Covered
1.5. Research Tenure Considered
- Research Methodology
2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations
- Executive Summary
3.1. Market Overview
3.2. Market Forecast
3.3. Key Regions
3.4. Key Segments
- Impact of COVID-19 on Global Automotive Parts Magnesium Die Casting Market
- Global Automotive Parts Magnesium Die Casting Market Outlook
5.1. Market Size & Forecast
5.1.1. By Value
5.2. Market Share & Forecast
5.2.1. By Production Process (Pressure Die Casting, Vacuum Die Casting, Squeeze Die Casting, and Gravity Die Casting)
5.2.2. By Application (Body Parts, Engine Parts, Transmission Parts, and Other Applications)
5.2.3. By Regional Market Share Analysis
5.2.3.1. Asia-Pacific Market Share Analysis
5.2.3.2. Europe Market Share Analysis
5.2.3.3. North America Market Share Analysis
5.2.3.4. South America Market Share Analysis
5.2.3.5. Middle East & Africa Market Share Analysis
5.2.4. By Company Market Share Analysis (Top 5 Companies, Others – By Value, 2022)
5.3. Global Automotive Parts Magnesium Die Casting Market Mapping & Opportunity Assessment
5.3.1. By Production Process Market Mapping & Opportunity Assessment
5.3.2. By Application Market Mapping & Opportunity Assessment
5.3.3. By Regional Market Mapping & Opportunity Assessment
- Asia-Pacific Automotive Parts Magnesium Die Casting Market Outlook
6.1. Market Size & Forecast
6.1.1. By Value
6.2. Market Share & Forecast
6.2.1. By Production Process Market Share Analysis
6.2.2. By Application Market Share Analysis
6.2.3. By Country Market Share Analysis
6.2.3.1. China Market Share Analysis
6.2.3.2. India Market Share Analysis
6.2.3.3. Japan Market Share Analysis
6.2.3.4. Indonesia Market Share Analysis
6.2.3.5. Thailand Market Share Analysis
6.2.3.6. South Korea Market Share Analysis
6.2.3.7. Australia Market Share Analysis
6.2.3.8. Rest of Asia-Pacific Market Share Analysis
6.3. Asia-Pacific: Country Analysis
6.3.1. China Automotive Parts Magnesium Die Casting Market Outlook
6.3.1.1. Market Size & Forecast
6.3.1.1.1. By Value
6.3.1.2. Market Share & Forecast
6.3.1.2.1. By Production Process Market Share Analysis
6.3.1.2.2. By Application Market Share Analysis
