North America Automotive Parts Die Casting Market- Growth, Trends and Forecasts?(2(2022 - 2027)

North America Automotive Parts Die Casting Market- Growth, Trends and Forecasts (2(2022 - 2027)

The North America Automotive Parts Die Casting Market is projected to grow with a CAGR of more than 6 % during the forecast period.

Key Highlights

• North America is second largest automotive market after Asia-Pacific region. Because of the ongoing trade tensions between two major economies United States and China, there is a slowdown in growth and demand for automobiles all around the world, the situation got more troubling for the automotive players after the rise of COVID-19 pandemic around the world. However, the situation is expected to become normal in the second half of 2021 and the demand is expected to rise again.
• However, because of the ongoing trade war between United States and China, the economy is expected to be heading towards a recession and the automobile sales are expected to witness a downfall for a couple of years until the end of trade tensions.
• With the increase in adoption of light weight ferrous materials to reduce the weight of automobile, majorly driven by the stringent policies imposed by CAFÉ standards to cut emission and increase fuel efficiency of the vehicle is driving growth in the market.
• Rules imposed by OSHA and NADCA policies to improve the technical workforce are expected to improve production standards in the die casting industry.

Key Market TrendsMagnesium Die Casting Grows with Highest CAGR

Owing to the availability of magnesium in the region along with its properties such as light in weight and most pliable metal, use of magnesium die casting is increasing with a very high rate. In 2018, United States became third largest producer globally, of Magnesium with production around 50,000 tonnes.

The automobile manufacturers are using light weight components for vehicles in engine as well as other body parts to reduce the overall weight of the vehicle and increase the fuel efficiency to attract more demand. The demand for pressure die-castings made from magnesium alloys is growing as they for natural reasons have a relatively low self-weight, can be formed into complex parts and manufactured at relatively low costs

Magnesium alloys can form a great shield against electromagnetic and radio interference, despite their high conductive qualities. For this reason, Magnesium alloy products, are used frequently in EMI shielding in vehicle parts.

United States Captures the Largest Market in 2019

During the year 2019, the automobiles sales in the United States witnessed a slight growth but crossed the 17 million mark with a total sale of passenger and commercial vehicles to 17.5 million.

With the presence of several major OEMs and component manufacturers in the country, and their spending towards research and development of innovative die casting processes and materials to reduce the overall weight of the vehicle and increase the fuel efficiency is driving growth for the industry. For instance, in February 2020, Tesla invents new aluminum alloy for die casting electric car parts, the new alloy can maintain high-yield strength and high conductivity.

Owing to the increasing demand for automobiles in the country as well as globally as the country is a major exporter of automobiles to several parts of the world. the major players in the region are investing in expanding their production capacities to meet the demand.

For instance, in January 2020, Mitsui Kinzoku Die-Casting Technology America, Inc., will build a USD 20 million manufacturing facility in Georgia.

Competitive Landscape

The North America Automotive Parts Die Casting Market is fragmented, with many players accounting for a small market share. Some of the prominent companies in North America Automotive Parts Die Casting Market are Rhienmetall AG, RYOBI Die Casting, Martinrea Honsel, KSM Casting  and others. The major players in the country are entering into strategic partnership with global leaders to gain considerable market share.

For instance,

· In September 2019, Largest global manufacturer of medium-and heavy-duty fully automatic transmissions Allison Transmission Holdings Inc has acquired Walker Die Casting and C&R Tool and Engineering in a deal worth approximately USD 103 million

· In May 2019, Sundaram Clayton Limited has inaugurated its first oversees facility in United States with an investment of INR 630 Crore. With a capacity of 1000 tonnes of casting for the first year which can be scaled up to 10,000 tonnes in the five years, the plant will manufacture a range of high-pressure die cast and gravity die cast parts.

· In July 2019, 2a SPA USA invested USD 15 million to expand its aluminum foundry in Auburn in eastern Alabama. With this expansion 2a USA will double the Auburn facility’s current die-casting area.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

IBM Corporation
Oracle Corporation
Internap Corporation
Packet Inc. (An Equinix Inc. Company)
Scaleway Inc.
Amazon Web Services Inc
Rackspace Inc.
CenturyLink, Inc.
LightEdge Solutions, Inc

Please note: This publisher does offer titles that are created upon receipt of order. If you are purchasing a PDF Email Delivery option above, the report will take approximately 2 business days to prepare and deliver.