India Automotive Parts Aluminium Die Casting Market - Growth, Trends, and Forecast (2018 - 2023)
The India automotive parts aluminium die casting market is expected to register a high CAGR, during the forecast period (2018 - 2023).
India has over 400 die casting companies, making it one of the major suppliers of die cast parts in the global market. Of these, over 25 units produce around 12,000 tons of die cast parts per year. Aided by the 1.3 million tons of aluminium production, the Indian industry consumes over 0.28 million tons of die castings. In general, the die casting market is highly correlative to automobile industry. India’s automobile industry is world’s 5th largest, and is expected to become the third largest by 2020. India has a low per capita car ownership of 20 vehicles per 1,000 citizens when compared to 800 vehicles per 1,000 citizens in the US and 85 per 1,000 citizens in China. Thus, there exists a huge potential in Indian automobile and ancillary industry.
Availability of skilled and cheaper labor, government incentives for small and medium scale industries, stringent emission norms, and favorable domestic environment for automobile industry are expected to drive the die casting market in India.
The introduction of simulation-based castings is one of the key trends that will drive the growth of the die casting market, across the world, in the forthcoming years. The simulation-based casting process is used to produce components that are cost-effective, have high-precision, and are reliable. This casting process involves various benefits, one of which is that 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.Major players: KSPG AG, NEMAK, ENDURANCE TECHNOLOGIES PVT LTD, ASHOK MINDA GROUP, SIPRA ENGINEERS, ROCKMAN INDUSTRIES, amongst others
Reasons to Purchase this Report
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook