Market Size of Automotive Parts Magnesium Die Casting Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 4.42 Billion |
| Market Size (2029) | USD 7.00 Billion |
| CAGR (2024 - 2029) | 9.65 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Automotive Parts Magnesium Die Casting Market Analysis
The Automotive Parts Magnesium Die Casting Market size is estimated at USD 4.42 billion in 2024, and is expected to reach USD 7 billion by 2029, growing at a CAGR of 9.65% during the forecast period (2024-2029).
The COVID-19 pandemic hampered the market in focus for the year 2020, primarily attributed to decline in vehicle sales and production. The global vehicle sale declined by 16% in 2020 as compared to the 2019 vehicle sales. All main vehicle-producing countries had major declines, ranging from 11% to almost 40%. Europe represented an almost 22% share of global production. However, post-pandemic the automotive industry witnessed significant growth for the year 2020. The overall increase in vehicle sales and expected increase in electric vehicle sales is anticipated to primarily drive the market during the forecast period.
Lightweight vehicles are gaining popularity among vehicle manufacturers owing to an enhanced fuel economy of automobiles with adoption of lightweight automotive materials manufacturing crucial parts. Additionally, the light-weighting of vehicles must be done without compromising on safety before quality and performance.
An enactment of stringent emission norms across the globe is liekly to witness significant growth for the market. Rising consumer trend towards light weight vehicle is likely to increase the penetration of light weight parts such as magnesium and carbon fiber reinforced plastic, to manufacture vehicle components, which in turn is anticipated to boost the market.
Major manufacturing industries are investing in research and development activities regarding new magnesium alloys and efficient manufacturing techniques. For instance, the Indian Institute of Technology, Madras, the US Army Research Laboratory, and the University of North Texas developed a new magnesium alloy that can replace aluminum and steel alloys in the automotive industry and increase the fuel efficiency of vehicles.
Growing investment in automation of manufacturing process is likely to witness major growth for the market. High cost of magnessium die casting manufacturing process is liekly to hamper the automotive parts magnesium die casting market.
Automotive Parts Magnesium Die Casting Industry Segmentation
Magnesium is one of the lightest and most ductile metals used in alloy die casting and machining. The automotive parts magnesium die casting market has been segmented on the basis of production process, application, and geography.
Based on the production process, the market is segmented into Pressure Die Casting, Vacuum Die Casting, Squeeze Die Casting, and Gravity Die Casting. Based on the application, the market is segmented into Body Parts, Engine Parts, Transmission Parts, and Other Applications. Based on the geography, the market is segmented into North America, Europe, Asia-Pacific and Rest of World. The report covers the market size in revenue (USD Billion) for all the above segments.
| Production Process | |
| Pressure Die Casting | |
| Vacuum Die Casting | |
| Gravity Die Casting | |
| Squeeze Die Casting |
| Application | |
| Body Parts | |
| Engine Parts | |
| Transmission Parts | |
| Other Applications |
| Geography | |||||||
| |||||||
| |||||||
| |||||||
|
Automotive Parts Magnesium Die Casting Market Size Summary
The automotive parts magnesium die casting market is poised for significant growth over the forecast period, driven by the increasing demand for lightweight vehicles and the adoption of stringent emission norms globally. The market is experiencing a shift towards the use of magnesium alloys and other lightweight materials, which are essential for enhancing fuel efficiency without compromising safety and performance. This trend is further supported by the rising popularity of electric vehicles, which require lighter components to improve battery and fuel efficiency. The market's expansion is also fueled by advancements in manufacturing techniques and the development of new magnesium alloys, as major industries invest in research and development to optimize these materials for automotive applications.
Regionally, the Asia-Pacific market is expected to witness substantial growth due to the presence of numerous manufacturing industries and the rising demand for magnesium die casting parts. China, in particular, plays a pivotal role in this growth, with its extensive metal casting industry and high demand from the automotive sector. The government's focus on stringent emission norms and initiatives like Make in India are further propelling the market in this region. Globally, the market is characterized by the dominance of small- and medium-scale players, with major companies engaging in mergers and acquisitions to enhance their capabilities and expand their market presence. The ongoing investments in automation and the procurement of advanced die casting machines are also contributing to the market's robust growth trajectory.
Automotive Parts Magnesium Die Casting Market Size - Table of Contents
-
1. MARKET DYNAMICS
-
1.1 Market Drivers
-
1.2 Market Restraints
-
1.3 Porters Five Forces Analysis
-
1.3.1 Threat of New Entrants
-
1.3.2 Bargaining Power of Buyers/Consumers
-
1.3.3 Bargaining Power of Suppliers
-
1.3.4 Threat of Substitute Products
-
1.3.5 Intensity of Competitive Rivalry
-
-
-
2. MARKET SEGMENTATION
-
2.1 Production Process
-
2.1.1 Pressure Die Casting
-
2.1.2 Vacuum Die Casting
-
2.1.3 Gravity Die Casting
-
2.1.4 Squeeze Die Casting
-
-
2.2 Application
-
2.2.1 Body Parts
-
2.2.2 Engine Parts
-
2.2.3 Transmission Parts
-
2.2.4 Other Applications
-
-
2.3 Geography
-
2.3.1 North America
-
2.3.1.1 United States
-
2.3.1.2 Canada
-
2.3.1.3 Rest of North America
-
-
2.3.2 Europe
-
2.3.2.1 Germany
-
2.3.2.2 United Kingdom
-
2.3.2.3 France
-
2.3.2.4 Italy
-
2.3.2.5 Rest of the Europe
-
-
2.3.3 Asia-Pacific
-
2.3.3.1 China
-
2.3.3.2 India
-
2.3.3.3 Japan
-
2.3.3.4 South Korea
-
2.3.3.5 Rest of Asia-Pacific
-
-
2.3.4 Rest of World
-
2.3.4.1 South America
-
2.3.4.2 Middle-East and Africa
-
-
-
Automotive Parts Magnesium Die Casting Market Size FAQs
How big is the Automotive Parts Magnesium Die Casting Market?
The Automotive Parts Magnesium Die Casting Market size is expected to reach USD 4.42 billion in 2024 and grow at a CAGR of 9.65% to reach USD 7.00 billion by 2029.
What is the current Automotive Parts Magnesium Die Casting Market size?
In 2024, the Automotive Parts Magnesium Die Casting Market size is expected to reach USD 4.42 billion.
