The automotive parts zinc die casting market size is projected to register a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the increasing urbanization and automation.
A die casting machine is a machine that uses high pressure to force molten metal into a reusable metal die. Single cavity, multiple cavity, and combination dies are different types of dies. This method is used to make surface alloy and metal pieces that are precisely dimensioned, defined, smooth, and textured. Chassis, air valve, flywheel & bracket, smart locks, and vehicle appliances are examples of metal parts. The automobile die casting technique is a manufacturing method for producing sophisticated and complicated metal parts and components utilizing reusable molds known as dies. Metal, die casting machine, furnace, and die are all utilised in the die casting process in vehicles. The metal, which is generally a nonferrous alloy such as zinc or aluminium, is melted in a furnace before being pumped into dies in a die casting machine.
The Covid-19 pandemic affected the demand and supply of automotive parts zinc die casting market. Lockdown across the globe, supply chain disorders, and oscillating supply of raw materials forced manufacturers to shut down production leading to unfortunate decline in market growth. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing urbanization and automation is projected to fuel the market during the forecast period.
- Government programs are key factors propelling the market in the coming years.
- High cost of product is estimated to hamper the market growth.
- Lack of skilled labor act as major challenge that can hinder the market during the forecast period.
- R&D investment and technological advancement is anticipated to create lucrative opportunities for the market players.
Key Players
- Pace Industries
- Sandhar Technologies
- Brillcast Manufacturing LLC
- Dynacast
- Ashok Minda Group
Competitive Landscape
Key players competing in the automotive parts zinc die casting market include Pace Industries, Sandhar Technologies, Brillcast Manufacturing LLC, Dynacast, and Ashok Minda Group.
Some of these players are using several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares.
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