Global Automotive Parts Magnesium Die Casting Market - Analysis of Growth, Trends, and Forecast (2018 - 2023)
The automotive parts magnesium die casting market is expected to register a high CAGR during the forecast period, 2018 to 2023.
The growing market for light weight vehicles to reduce CO₂ emissions is identified as one of the primary drivers for growth in this market. Recent regulations, such as, the decision of Environmental Protection Agency (EPA) to raise mile per gallon standards to 35.5 miles per gallon by 2016, and then 54.5 mpg by 2025 have induced automotive manufacturers to shift their focus to the use of light-weight metals for producing automobile parts.
Rules imposed by Occupational Safety and Health Administration (OSHA) to develop the technical workforce in the die casting industry are expected to improve the overall production of the market. Moreover, initiatives by National Air Duct Cleaners Association (NADCA) to advance the technical workforce in the industry of die casting are also anticipated to foster the market growth.
The introduction of simulation-based castings is one of the key trends that will drive the growth prospects for the global die casting market in the forthcoming years. The simulation-based casting process is used to produce components that are cost-effective, have high-precision, and reliable. This casting process involves various benefits such as it ensures an easy and accurate fault detection. Simulation-based manufacturing results in reduced wastage and operational costs. Additionally, they can also predict defects and their location easily and more precisely than the conventional method.
Magnesium is 33% lighter than aluminum by volume and has a quicker ejection time over aluminum castings. Magnesium is also better at casting components with thinner walls and tighter tolerances than aluminum. Almost as light-weight as plastic, magnesium has the advantage of greater strength and rigidity along with inherent EMI/RFI shielding, durability, heat-dissipation, and full recyclability. Currently, magnesium components account for only 1 percent of a typical car’s weight and it is expected to increase with technological developments. China with its magnesium reserve is expected to emanate as the leading supplier of the magnesium die cast parts.
Major Players: BRABANT ALUCAST, CHICAGO WHITE METAL CASTING, GEORG FISCHER LIMITED, GIBBS DIE CASTING, MAGIC PRECISION, MERIDIAN LIGHTWEIGHT TECHNOLOGIES, PACE INDUSTRIES, SUNDARAM – CLAYTON LTD
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