Rising demand for lightweight vehicles and the growing utilization of aluminum in diecasting auto parts to fuel growth of market during forecast period. Stringent environmental regulations and Cafe standards imposed across various regions to support adoption of die casting process.
The Pressure die casting market is expected to hold largest share in the market during the forecast period, owing to growing adoption and consumer interest across the world. The process is accessible around the globe because of its unique advantage in manufacturing high volume goods. Moreover, steady demand from the automotive sector, it is likely to contribute for substantial growth of market over the forecast period.
The high-pressure process in the industry is called idle for achieving higher output levels and is primarily used in various industries. The low-pressure process is used in the output of low-volume goods with top unit costs due to the longer casting cycles. Manufacturers across the world are adopting various growth strategies to expand their presence in the global market.
Asia-Pacific region expected to witness significant growth during the period owing to growing investments and production plants establishments in the region. The growing adoption of aluminum in major economies such as India, China and Japan anticipated to contribute for overall development of market during forecast period.
Major countries like India, China and Japan to contribute significantly for the development of market over forecast period. China is one of the major producers of die casting parts, and growing adoption of passenger cars in the region to provide optimistic impact on the market.
According to the China Association of Automobile Manufacturers, China’s car production reached 2.84 million units in December of 2020 and also increased 5.7% from a year earlier.
Asia-Pacific region being one of the world’s largest manufacturer of vehicles, tend to attract major manufacturers in the market. Many players are adopting growth strategies such as geographic expansion and production capacity expansion to stay competitive in this market.
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