Press release
Aluminum Die Casting Mold Release Agents Market Expected To Reach US$ 417.0 Mn By 2020-2030
In the recent past, increased focus on automotive components to reduce the overall weight of vehicles and industrial equipment for various applications has been witnessed. Increased use of aluminum die casting mold release agents in the manufacturing of these products has bolstered global demand. Growth in these industries and production innovation the market are anticipated to continue at a healthy pace in the coming decade.
As per PMR analysis, the global aluminum die casting mold release agents market is estimated to expand at a CAGR of around 5% by value during the forecast period of 2020-2030.
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Key Takeaways from Aluminum Die Casting Mold Release Agents Market Study
Global automotive components and industrial equipment market has witness tremendous growth in recent years. Demand for aluminum die casting mold release agents squarely grows with the growth of these industries.
The electronics industry is also experiencing significant growth, which will reflect in rising demand for aluminum die casting mold release agents in the coming years.
Demand for aluminum die casting mold release agents in East Asia especially, China, continues to be strong, resulting in higher prices for the same.
High adoption of low-weight automotive components is expected to emerge as a key driving factor for the growth of the aluminum die casting mold release agents market during the assessment period.
China is one of the countries with the fastest growth of automotive components in the world, with demand ever increasing. Chinese aluminum die casting mold release agent manufacturers have huge export potential and are actively expanding their overseas markets.
The COVID-19 pandemic has resulted in reduced industrial activities across the world, thereby leading to reduced demand for aluminum die casting mold release agents.
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Market Landscape Continues to Remain Moderately Fragmented
The global aluminum die casting mold release agents market is moderately fragmented at regional and domestic levels. Tier-1 players account for less than one-third of the total market share. Key players are focused on capturing profitable growth through collaboration with end-use customers and continuing to meet or exceed targets through continued operational excellence.
Aluminum Die Casting Mold Release Agents Market: Conclusion
The global market is occupied by a number of manufacturers. Manufacturers, in order to strengthen their global supply system and continue meeting robust demand are expanding their regional presence. Requirements for aluminum die casting mold release agents are expected to surge for use in automotive and industrial equipment, and also other applications. Regions such East Asia and North America hold major portions of the global aluminum die casting mold release agents market share.
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