Die Casting Global Market Opportunities and Strategies to 2033

This report describes and explains the die casting market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global die casting market reached a value of nearly $65.48 billion in 2023, having grown at a compound annual growth rate (CAGR) of 5.2% since 2018. The market is expected to grow from $65.48 billion in 2023 to $87.89 billion in 2028 at a rate of 6.1%. The market is then expected to grow at a CAGR of 6.8% from 2028 and reach $122.02 billion in 2033.

Growth in the historic period resulted from the strong economic growth in emerging markets, growing demand for electric vehicles, increased aircraft production and growth in the construction industry. Factors that negatively affected growth in the historic period were geopolitical tensions and a lack of raw materials.

Going forward, the rapid urbanization, government support, increasing demand for automotive applications and increasing investment in infrastructure will drive the market. Factors that could hinder the growth of the die casting market in the future include reductions in free trade.

The die casting market is segmented by type into pressure die casting, vacuum die casting, squeeze die casting and other types. The pressure die casting market was the largest segment of the die casting market segmented by type, accounting for 63.8% or $41.75 billion of the total in 2023. Going forward, the squeeze die casting segment is expected to be the fastest growing segment in the die casting market segmented by type, at a CAGR of 6.6% during 2023-2028.

The die casting market is segmented by material into aluminum, magnesium, zinc and other materials. The aluminum market was the largest segment of the die casting market segmented by material, accounting for 76.9% or $50.36 billion of the total in 2023. Going forward, the magnesium segment is expected to be the fastest growing segment in the die casting market segmented by material, at a CAGR of 7% during 2023-2028.

The die casting market is segmented by end user into commercial and residential. The commercial market was the largest segment of the die casting market segmented by end user, accounting for 81.2% or $53.16 billion of the total in 2023. Going forward, the commercial segment is expected to be the fastest growing segment in the die casting market segmented by end user, at a CAGR of 6.2% during 2023-2028.

The die casting market is segmented by application into automobile, heavy equipment, machine tools, plant machinery, municipal casting and other applications. The automobile market was the largest segment of the die casting market segmented by application, accounting for 51.3% or $33.58 billion of the total in 2023. Going forward, the automobile segment is expected to be the fastest growing segment in the die casting market segmented by application, at a CAGR of 6.9% during 2023-2028.

Asia-Pacific was the largest region in the die casting market, accounting for 44.5% or $29.16 billion of the total in 2023. It was followed by Western Europe, North America and then the other regions. Going forward, the fastest-growing regions in the die casting market will be Asia-Pacific and South America, where growth will be at CAGRs of 7.9% and 7.1% respectively. These will be followed by the Middle East and Africa, where the markets are expected to grow at CAGRs of 5.9% and 5.1% respectively.

The global die casting market is fairly fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up to 10.1% of the total market in 2022. The market concentration can be attributed to the presence of a large number of players in different geographies. Prominent players are acquiring the products and entering into partnerships with the other companies to consolidate their market positions across the globe, while others are distributing products. Ryobi Limited. was the largest competitor with a 2.47% share of the market, followed by Linamar Corporation with 2.35%, Nemak S.A.B. de C.V. with 1.70%, Georg Fischer Ltd with 1.51%, Pace Industries with 0.60%, Alcoa Corporation with 0.56%, Endurance Technologies Ltd with 0.34%, Rockman Industries with 0.26%, Form Technologies Inc with 0.23% and Koch Enterprises, Inc with 0.11%.

The top opportunities in the die casting market segmented by type will arise in the pressure die casting segment, which will gain $14.63 billion of global annual sales by 2028. The top opportunities in the die casting market segmented by material will arise in the aluminum segment, which will gain $17.27 billion of global annual sales by 2028. The top opportunities in the die casting market segmented by end user will arise in the commercial segment, which will gain $18.79 billion of global annual sales by 2028. The top opportunities in the die casting market segmented by application will arise in the automobile segment, which will gain $13.27 billion of global annual sales by 2028. The die casting market size will gain the most in China at $7.45 billion.

Market-trend-based strategies for the die casting market include focus on launch of new products for cold chamber die casting, focus on increasing investments to expand die casting plants, integration of single-piece casting technology for lightweight components, focus on strategic partnerships and collaborations and integrating latest technologies such as artificial intelligence (AI) into die casting.

Player-adopted strategies in the die casting market include focus on developing new technologies and manufacturing methods, focus on strategic acquisitions and focus on the development of advanced die casting technologies.

To take advantage of the opportunities, the analyst recommends the die casting companies to focus on innovation in cold chamber die casting, focus on plant expansion for market leadership, focus on single-piece casting, focus on integrating AI for enhanced die casting quality, focus on squeeze die casting for accelerated growth, focus on magnesium segment for unprecedented growth, expand in emerging markets, continue to focus on developed markets, focus on strategic collaborations for market expansion, focus on strategic expansion for die casting companies, provide competitively priced offerings, focus on strategic pricing, participate in trade shows and events, continue to use B2B promotions, elevate online presence, focus on automobile segment for accelerated growth and focus on targeted engagement.