Market Size of India Automotive Parts Magnesium Die Casting Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 228.45 Million |
| Market Size (2029) | USD 314.47 Million |
| CAGR (2024 - 2029) | 6.60 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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India Automotive Parts Magnesium Die Casting Market Analysis
The India Automotive Parts Magnesium Die Casting Market size is estimated at USD 228.45 million in 2024, and is expected to reach USD 314.47 million by 2029, growing at a CAGR of 6.60% during the forecast period (2024-2029).
The India Automotive Parts Magnesium Die Casting Market size is estimated at USD 228.45 million in 2024, and is expected to reach USD 314.47 million by 2029, growing at a CAGR of 6.60% during the forecast period (2024-2029).
- The COVID-19 pandemic had a significant impact on the automotive parts magnesium die-casting market. The market experienced a decline in demand due to reduced production and sales of vehicles during the pandemic. The disruption in the global supply chain also affected the availability of raw materials, leading to an increase in prices. However, as the automotive industry recovers from the pandemic, the demand for magnesium die-casting parts has shown a rebound, particularly due to the increasing focus on lightweight and fuel-efficient vehicles.
- The Automotive industry is a key driver of macro-economic and technological advancements in India. India is expected to grow higher than many fast-growing nations over the coming years. At the same time, original equipment manufacturers (OEMs) and component manufacturers in the country aspire to achieve global eminence. Globally, the Indian automotive components industry is in a strong position and is leading in two-wheeler segment A cars and tractors. India ranked 10th in the list of top magnesium producers in the world.
- Magnesium is 33% lighter than aluminum and 75% lighter than steel. Despite the low density, magnesium alloys have a comparable strength-to-weight ratio to aluminum. They also have a high vibration damping capacity making them ideal for usage in automotive. In order to reduce emissions, OEMs have adapted to making lighter vehicles as their strategy, and magnesium is found to be one of the best alternatives to traditional steel and aluminum.
- The Government of India aims to develop India as a global manufacturer as well as an R&D hub. It has set up an R&D infrastructure project and national automotive testing (NATRip) and national automotive board to act as a facilitator between industry and government. Owing to the growing interest from the government, changing requirements of OEMs, technological advancements, and shifting market dynamics due to customer demand, the Indian automotive parts magnesium die-casting market is expected to witness significant growth in the forecast period.
India Automotive Parts Magnesium Die Casting Industry Segmentation
Automotive parts magnesium die casting is a manufacturing process that involves injecting molten magnesium into a mold to create high-precision and complex parts used in automobiles. It offers benefits such as lightweight, high strength, and durability, making it an ideal choice for producing parts in the automotive industry.
The Indian automotive parts magnesium die casting market is segmented by the production process and application type. By production process, the market is segmented by pressure die casting, vacuum die casting, squeeze die casting, and semi-solid die casting. By application type, the market is segmented by body assemblies, engine Parts, transmission parts, and other applications.
The report offers market size and forecasts in terms of value (in USD) for all the above segments.
| Production Process Type | |
| Pressure Die Casting | |
| Vacuum Die Cating | |
| Squeeze Die Casting | |
| Semi-Solid Die Casting |
| Application Type | |
| Body Assemblies | |
| Engine Parts | |
| Transmission Parts | |
| Other Applications |
India Automotive Parts Magnesium Die Casting Market Size Summary
The Indian automotive parts magnesium die-casting market is poised for significant growth, driven by the country's robust automotive industry and strategic government initiatives. As India aims to establish itself as a global manufacturing and R&D hub, the automotive sector plays a crucial role in this vision. The market is benefiting from the increasing demand for lightweight and fuel-efficient vehicles, with magnesium die-casting parts gaining traction due to their superior strength-to-weight ratio and vibration damping capabilities. The government's focus on initiatives like the Production-Linked Incentive (PLI) Program is expected to further boost domestic production and attract investment, enhancing the market's growth prospects.
The market landscape is characterized by a moderate level of fragmentation, with key players such as Sundaram Clayton Ltd, Meridian Lightweight Technologies Inc, and Dynacast contributing to the industry's development. The Indian automotive components industry is already a leader in segments like two-wheelers and tractors, and it is set to expand its global footprint through increased exports and indigenization of global OEMs. The government's efforts to reduce GST on electric vehicles and provide tax incentives are expected to spur growth in the electric vehicle parts segment. With a favorable investment climate, driven by rising purchasing power and infrastructure development, the demand for automotive parts magnesium die casting is anticipated to rise significantly in the coming years.
India Automotive Parts Magnesium Die Casting Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.1.1 Favorable Properties of Magnesium Led to Increased Adoption in Automobile Sector
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1.1.2 Others
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1.2 Market Restraints
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1.2.1 Cost and Innovation in Alternate Production Processes
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1.2.2 Others
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1.3 Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Production Process Type
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2.1.1 Pressure Die Casting
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2.1.2 Vacuum Die Cating
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2.1.3 Squeeze Die Casting
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2.1.4 Semi-Solid Die Casting
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2.2 Application Type
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2.2.1 Body Assemblies
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2.2.2 Engine Parts
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2.2.3 Transmission Parts
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2.2.4 Other Applications
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India Automotive Parts Magnesium Die Casting Market Size FAQs
How big is the India Automotive Parts Magnesium Die Casting Market?
The India Automotive Parts Magnesium Die Casting Market size is expected to reach USD 228.45 million in 2024 and grow at a CAGR of 6.60% to reach USD 314.47 million by 2029.
What is the current India Automotive Parts Magnesium Die Casting Market size?
In 2024, the India Automotive Parts Magnesium Die Casting Market size is expected to reach USD 228.45 million.
