Market players are continuously focusing on changing industry dynamics and mergers and acquisitions as a strategy to extend global footprint.
DUBAI, UAE / ACCESSWIRE / November 17, 2020 / The die casting services market is projected to expand at a CAGR of 9.7% throughout 2020-2030. As per FMI's recent research report, the market growth can be attributed to a shift from the conventional metal steel to aluminium in various end-use sectors such as the automotive and construction industry.
'Market players are experimenting with novel technologies and employing several materials such as brass and aluminium to attain lightweight products.' concludes the FMI analyst.
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- The global die casting services market will account for US$ 90 Bn by 2030 end.
- North America will be reflecting a steady CAGR of 4.4% due to higher sales of passenger vehicles in countries such as The US and Canada.
- While gravity casting will reflect a higher CAGR than other categories, but high-pressure casting would hold the highest market share.
- The automotive sector is anticipated to remain lucrative throughout the forecast period.
- Escalating demand for lightweight automobile parts to propel market growth.
- Extensive use in the consumer electronics goods sector will generate the scope of market expansion.
- Increasing popularity of aluminum die casting is projected to support the stance of the die casting services market over the coming decade.
- Supply and volatility in the prices of raw material are anticipated to impact the market growth over the forecast period.
- Environmental regulations for the metallurgy sector regarding their emissions challenges market growth.
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COVID-19 Impact on the Market
The global sales of consumer goods and automobiles have foreseen a drop in since the onset of the COVID-19 pandemic. A shift in consumers' buying behavior has prompted a decline in demand. With the transport and manufacturing of consumer products coming to a halt, the worldwide die casting services market is negatively impacted by the pandemic.
Key market players operating in the market are Kuusakoski Group, Spark Minda, NEMAK, Linamar Corporation, Ryobi Limited, Carlton Die Castings Ltd., Handtmann Group of Companies, Form Technologies, Koch Enterprises Limited., Expromet Technologies Global Limited, Premier Die Casting Company, Elcee Group B.V., Koch Enterprises Inc., Dean Group of Companies, MRT Castings Limited., NovaCast Limited, JPM Group, Arrow Butler Castings Ltd, Harrisons Die Casting, and Lupton and Place Ltd.
About the Study
The study offers readers a comprehensive assessment of the die casting services market. Global, regional and national-level analysis of the latest trends influencing the market is covered in this FMI report. The study provides insights according to type (high pressure, low pressure, gravity), and application (telecom, consumer goods, automotive, electronics, aerospace and defence, and other applications), across key regions (North America, Latin America, Europe, China, Asia Pacific, Middle East & Africa).
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About Future Market Insights
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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