The die casting market is valued at USD 65.5 billion in 2020 and is anticipated to reach USD 93.9 billion by 2026, at a CAGR of about 6.19% during the forecast period.
The outbreak of COVID-19 and the subsequent shutdowns have affected the die casting sector in several countries. The negative impacts of the pandemic are visible in the global manufacturing sector in the first half of 2020. Hence, the reduction in production rates due to the pandemic-induced disruptions affected the growth of the market during the initial few months at the starting of the year but after the restrictions were lifted the market gained its lost momentum by the end of 2020.
The market studied is largely driven by supply chain complexities in the die casting industry, the expanding automotive market, increasing penetration of die casting parts in industrial machinery, the growing constructional sector, and employing aluminum casts in electrical and electronics.
The CAFÉ standards and EPA policies to cut down automobile emissions and increase fuel efficiency are driving the automakers to reduce weight of the automobile by employing lightweight non-ferrous metals. Subsequently, employing die-cast parts as a weight reduction strategy is acting as a major driver for the former market in automotive segment.
However, crunch in raw material supply, volatility in raw material prices, and environmental regulations on emission for the metallurgy industries are acting as major barriers for the market growth.
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