Market Size of UK Automotive Parts Magnesium Die Casting Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 34.67 Million |
| Market Size (2029) | USD 58.10 Million |
| CAGR (2024 - 2029) | 8.98 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
UK Automotive Parts Magnesium Die Casting Market Analysis
The UK Automotive Parts Magnesium Die Casting Market size is estimated at USD 34.67 million in 2024, and is expected to reach USD 58.10 million by 2029, growing at a CAGR of 8.98% during the forecast period (2024-2029).
- The COVID-19 pandemic negatively impacted the market studied as initial lockdowns and travel restrictions resulted in low demand for car rental services. However, post-pandemic, with ease of restrictions, the demand is expected to restore back during the forecast period.
- Manufacturing operations were significantly affected by the COVID-19 pandemic, and the market experienced a slowdown as a result of supply chain disruptions and global trade restrictions. However, the market studied is anticipated to experience steady growth during the forecast period as global economic activity resumes.
- Owing to the high demand for automobiles in the region, the United Kingdom is one of the largest markets for automobiles in the world. The presence of leading automobile manufacturers, as well as component manufacturers, is driving growth in the region. However, because of the ongoing trade war between the United States and China, the economy is expected to be heading toward a recession, and automobile sales are expected to witness a downfall for a couple of years until the end of trade tensions.
- The increase in the adoption of lightweight ferrous materials to reduce the weight of the automobile, majorly driven by the stringent policies imposed by CAFÉ standards to cut emissions and increase the 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 and will boost the UK Automotive Parts Magnesium Die Casting Market in the coming year.
UK Automotive Parts Magnesium Die Casting Industry Segmentation
Magnesium die casting is a manufacturing process that involves the injection of molten magnesium into a custom-designed mold under high pressure. It is a popular method for producing intricate and complex-shaped components with high dimensional accuracy and surface finish. The process utilizes the unique properties of magnesium, such as its lightweight, high strength-to-weight ratio, good heat dissipation, and excellent corrosion resistance.
The UK automotive parts magnesium die casting market is segmented by production process and application type. By production process, the market is segmented into pressure die casting, vacuum die casting, squeeze die casting, and semi-solid die casting. By application type, the market is segmented into engine parts, transmission components, body parts, and other application types.
The report offers market sizes and forecast in value (USD) for all the above segments
UK Automotive Parts Magnesium Die Casting Market Size Summary
The UK Automotive Parts Magnesium Die Casting Market is poised for significant growth over the forecast period, driven by the increasing demand for lightweight materials in the automotive sector. This demand is largely influenced by stringent emission regulations and the push for improved fuel efficiency. The market is recovering from the setbacks caused by the COVID-19 pandemic, which had disrupted manufacturing operations and supply chains. As global economic activities resume, the market is expected to benefit from the presence of leading automobile and component manufacturers in the region. However, geopolitical tensions, such as the trade war between the United States and China, may pose challenges to market growth in the short term.
The adoption of magnesium die casting is further propelled by the automotive industry's shift towards electric and hybrid vehicles, as part of broader decarbonization efforts. The European Union's stringent carbon footprint regulations and the proposed Euro 7 standards present opportunities for manufacturers to leverage lightweight materials to meet these targets. The UK industrial sector's recovery, coupled with investments in advanced die-casting machinery, is expected to enhance production capabilities. Key players in the market are expanding their operations to strengthen their foothold, amidst a fragmented market landscape. The demand for high-pressure die-casted parts, particularly in luxury automobiles, is anticipated to drive further growth in the coming years.
UK Automotive Parts Magnesium Die Casting Market Size - Table of Contents
-
1. MARKET DYNAMICS
-
1.1 Market Drivers
-
1.1.1 Increasing Vehicle Production
-
1.1.2 Advantages Of Magnesium Die Casting
-
-
1.2 Market Restraints
-
1.2.1 Limited Design Flexibility
-
-
1.3 Porter's 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
UK Automotive Parts Magnesium Die Casting Market Size FAQs
How big is the UK Automotive Parts Magnesium Die Casting Market?
The UK Automotive Parts Magnesium Die Casting Market size is expected to reach USD 34.67 million in 2024 and grow at a CAGR of 8.98% to reach USD 58.10 million by 2029.
What is the current UK Automotive Parts Magnesium Die Casting Market size?
In 2024, the UK Automotive Parts Magnesium Die Casting Market size is expected to reach USD 34.67 million.
