Die Casting Machine Market to cross USD 97.77 Bn by 2024
Die Casting Machine is used to perform die casting process. The production of precisely dimensioned, sharply outlined, smooth or textured-surface metal parts is executed through the process of die casting. This process is a metal casting procedure described by forcing molten rocks under high pressure into mold cavity. Hardened tool silver dies are used to create mold cavity. Mainly, die castings are made from non-ferrous metals, particularly zinc, copper, aluminum, magnesium, lead, pewter and tin-based alloys. Uncommonly, ferrous die casting is also attainable. The report seen on DecisionDatabases.com on die casting machine market expects the market to reach USD 97.77 Bn by the year 2024. The market was evaluated to be USD 62.90 Bn in 2017 and is expected to grow at a CAGR of close to 6.50 %.
Die casting equipment was invented in 1838 with the objective to develop movable type technology for the printing industry. There are two types of die casting machines available to be used according to the metal to be casted which are hot-chamber die casting machine and cold-chamber die casting machine. They are rated on the ground of clamping force they can apply. High capital costs of die casting equipment and metal dies are liable for high-volume production. On the other hand, the process of manufacturing metal parts is very simple including only four main steps which keep the hold over incremental cost per item low. Die casting produces more casting than other casting process as it is usually acceptable for great quantity of small to medium-sized castings. Die casting provides superior quality surface finish (by casting standards) and dimensional consistency. Pore-free casting and direct injection die casting (used with zinc castings) are two variants of die casting process. They are used to eradicate gas porosity defects, and reduce scrap and increase yield respectively.
Sturdy demand from various end user industries is the key aspect positively influencing the market growth. Subsequently, growing demand of die-casted metal from automotive sector has leveraged the market substantially. Environmental Protection Agency (EPA) has raised the mile per gallons standards to 54.5 mpg by 2025 has facilitated the die-casting industry. The target mileage standards can be approached by light-weighting the vehicles. Use of aluminum, and in particular aluminum die-castings in many of the power train and engine areas is essentially aiming towards the achievement of growth of the market
The market is basically segmented on the grounds of type, application and geography. Automobile/Motorcycle, Home Appliance, Medical Instrument, 3C Industries, and others are application of die casting machine. Moreover, focused on type the market is classified into Stainless Steel, Aluminum Alloy, Magnesium Alloy, Zinc Alloy, and others.
Requirement of stronger aluminum components in agriculture and medical devices, accompanied by persistent growth in employment of casting parts in the aerospace and defense sector has opened ways for upward shift in the market growth. The market for die casting is prefigured to attain swift progress. Die casting employment in machinery and piping is intensifying rapidly turning up opportunities for the market in the near future.
Asia-Pacific has emerged as the largest market globally for die casting. Large scale domestic production, government initiatives and availability of resources are the key factors supporting the growth in this region. Additionally, the focus of various industries including automotive is on collaboration with die-casting manufacturers for production of lightweight and tensile components for their machinery and output. OSHO and NADCA initiatives are anticipated to advance the technical workforce in the die casting industry and hence enhance overall die-casted parts production. This will drive the growth of global die casting market in quite valuable terms.
High initial cost involved in die casting is the biggest restraint hindering the brighter growth of the market. Alternatively, increased productivity on account of spurring automation in the die casting industry is alluring the attention of automotive and other industrial manufacturers towards highly durable die-casting metal parts. It might unlock the better prospects over the coming years.
The report “Global Die Casting Machine Market Research Report - Industry Analysis, Size, Share, Growth, Trends And Forecast”
covers leading companies from various countries such as Birch Machinery Company, Buhler, Dynacast, Frech, HMT Machine Tools Limited, Idra Group, ItalPresse, Japan Steel Works (JSW), L.K. Group, RCM Industries, Suzhou Sanji, Toshiba, Toyo Machinery & Metal, UBE, Yizumi, and ZITAI Precision Machinery.
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