Aluminum Die Casting Market Outlook 2024: Trends, Growth Drivers, and Competitive Landscape

"The Business Research Company recently released a comprehensive report on the Global Aluminum Die Casting Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The aluminum die casting market size has grown strongly in recent years. It will grow from $56.48 billion in 2023 to $60.92 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to the increased penetration of die-casting parts, rise in vehicle sales, demand for passenger cars, the rise in industrialization, and increased urbanization.

The aluminum die casting market size is expected to see strong growth in the next few years. It will grow to $83.24 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to rising demand for electric vehicles (EVs), rising urbanization, rising consumer electronics industry, growing demand for lightweight and high-strength castings, and growing renewable energy initiatives. Major trends in the forecast period include casting techniques, automation, advanced simulation and modeling tools, computer-aided design (CAD), advancements in die-casting technology, and additive manufacturing techniques.

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Market Drivers and Trends:

The increasing demand for automobiles is expected to propel the growth of the aluminum die casting market going forward. The automobile sector refers to the industry involved in the design, development, manufacturing, marketing, and selling of motor vehicles. There is an increasing demand for automobiles due to several factors, such as shifts in mobility preferences, low interest rates, and consumers seeking to replace aging vehicles. Aluminum die casting in the automobile sector helps manufacturers produce lighter, stronger, and more fuel-efficient vehicles while also meeting stringent performance and safety standards. For instance, in April 2023, according to the International Trade Administration, a US-based government agency, there were approximately 26 million automobiles sold in 2021, of which 21.48 million were passenger cars. This represents a 7.1% increase over 2020. Therefore, increasing demand for automobiles is driving the growth of the aluminum die casting market.

Major companies operating in the aluminum diecasting market are focused on forming strategic partnerships to drive their revenues in the market. The collaboration between companies play a crucial role in completing the strategic objectives to develop and deliver innovative aluminum die casting solutions for various industries, including automotive, construction, and consumer goods. For instance, in May 2022, GF Casting Solutions, a Switzerland-based company specializing in the development and production of aluminum and other superalloys, signed a collaborative agreement with Bocar Group, a Mexico-based automotive supplier specializing in aluminum die-casting and machining, to combine their capabilities in the global high-pressure die casting market. The partnership aims at focusing on the production of lightweight components in the mobility and energy industries. This partnership aims to leverage their aluminum expertise die casting to design new lightweight components crucial for environmentally friendly vehicles.

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Major Key Players of the Market:

Aluminum Corporation of China Limited, Alcoa Corporation, Rheinmetall Automotive AG, Arconic Corporation, Nemak SAB De CV, GF Casting Solutions, Amsted Industries Incorporated, Martinrea International Inc., The Bühler Holding AG, Rockman Industries Limited, Ryobi Limited, Dynacast International Inc., Endurance Technologies Limited, Pace Industries, Consolidated Metco Inc., Walbro Corporation, Sandhar Technologies Limited, LaSalle Bristol Inc., Madison-Kipp Corporation, FAIST Group, PHB Corp, Gibbs Die Casting Corporation, Bodine Aluminum Inc., BUVO Castings

Aluminum Die Casting Market 2024 Key Insights:

• The aluminum die casting market size is expected to see strong growth in the next few years. It will grow to $83.24 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%.
• Increasing Demand For Automobile Growth Boosting The Aluminum Die Casting Industry
• Increasing Focus On Strategic Partnerships For Developing New Products
• Asia-Pacific was the largest region in the aluminum die casting market in 2023

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