Global Automotive Parts Magnesium Die Casting Market
The global market for automotive parts magnesium die casting is expected to grow to USD 2447.69 million billion by 2021 from the estimated USD 1213.15 billion in 2016, at a CAGR of 14.67% over the forecasted period. Increased automation in the die casting industry has spiked productivity and a parallel demand from the automotive industry are drawing the attention of automotive manufacturers towards highly durable die casting parts.
Finite global resources, optimisation of energy consumption and the associated reduction of CO2 emissions have become the priority of every government. The automotive industry is dragged into the spotlight when the issue of emission reduction is brought up. Companies such as Proto Labs came up with their new magnesium thixomolding, a type of semi-solid metal casting that is expected to produce complex net-shape parts with thin walls, light weight and minimal porosity and is considered safer and more environmentally friendly than magnesium die casting per se. The automotive industry has witnessed a dramatic growth over the past couple of years, but it has not restricted itself as far as inviting innovations is concerned. At present, the automotive manufacturers are striving to meet the targets for highly tensile chassis frames and reliable automotive parts that are long standing, lightweight and profitable.
The automobile industry is highly dependent on environmental protection agency regulations, owing to the high emissions by the automotive units. The move by EPA to raise the mile per gallons standards to 35.5 miles per gallon by 2016 and then 54.5 miles per gallon by 2025 has helped the die casting industry, as the auto industry concluded that the only way it can meet those mileage standards is by light-weighting the vehicles.
Magnesium, being a low-density metal, can be used to create very low-weight castings. Being non-corrosive, magnesium casting can be utilized as under-body materials in automobiles since they are exposed to harsh environmental conditions. The ability to form casting with RFI and EMI shielding, high electrical conductivity, full recyclability, high impact and dent resistance, exceptional damping capacity, low inertia and higher scope of application as alternative to thermoplastics due to lightweight feature are some of the major factors driving the growth of magnesium market in the automotive parts die casting industry. The single-piece die-cast engine cradle installed in the Chevrolet Corvette Z06 in 2011 made it one of the lightest high-performance models available in the market.
The market is segmented based on the production process type, application type and geography. In a nutshell, automobile makers are now focusing on collaborating with the part die casting manufacturers to produce fuel-efficient and lightweight vehicles.
Some of the key players in the market are:
China Precision Die Casting
Gibbs Die Casting Group
Georg Fischer Limited
Magic Precision Inc.
Meridian Lightweight Technologies
MK Group of Companies
Morimura Bros Inc.
Ryobi Die Casting Inc.
Our Report Offerings
This report on global automotive parts magnesium die casting market analyses the current market trends on the global and regional scale in detail.
This report offers the technical aspects and economic data of the market and its forecast for the next five years (2015-2020).
It also discusses the latest technologies in the automotive magnesium die casting alloys and parts that are under development and in the research pipeline.
This report provides a list of major players in the market and gives an in-depth analyst perspective of what makes the products and strategies of these players stand out.