Global Automotive Parts Magnesium Die Casting Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Automotive Parts Magnesium Die Casting Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Die casting is a metal casting process that is characterized by forcing molten metal under high pressure into a mold cavity. The mold cavity is created using two hardened tool steel dies which have been machined into shape and work similarly to an injection mold during the process.

Market Overview:

The latest research study on the global Automotive Parts Magnesium Die Casting market finds that the global Automotive Parts Magnesium Die Casting market reached a value of USD 4127.16 million in 2022. It’s expected that the market will achieve USD 9252.0 million by 2028, exhibiting a CAGR of 14.4% during the forecast period.

Technology Trends

The introduction of simulation-based castings is one of the key trends driving the growth of the global die-casting market in the coming years. Simulation-based casting processes are used to produce parts that are cost effective, highly accurate and reliable. This casting process has various advantages, such as ensuring simple and accurate fault detection. Simulation-based manufacturing reduces waste and operating costs. In addition, they can predict defects and their locations more accurately than traditional methods. This is a good development opportunity for the magnesium die casting market for automotive parts.

Advantages of magnesium metal itself

Magnesium alloys are easier to cast than aluminum alloys. Casting magnesium lasts longer than aluminum. The higher fluidity of molten magnesium allows for casting into complex molds and forming very thin wall parts compared to aluminum. The superior properties of magnesium die casting enable the replacement of structures assembled from multiple components with a single complex magnesium die cast. Part merging simplifies design, reduces assembly costs, increases reliability, minimizes tool costs, and reduces joints, fasteners, and welds. With the advancement of technology, to some extent magnesium is likely to replace the use of aluminum in the automotive industry.

Lower cost and higher performance alternatives

Many automakers have chosen magnesium for specific components in new vehicle designs, but magnesium components are often replaced with redesigned components in later models, using materials that are lower cost or better. In some cases, the use of magnesium components may have ceased due to corrosion, creep or other limitations of the selected magnesium alloy. Production engineers are often responsible for reducing manufacturing costs to increase profitability, so parts made from more expensive materials such as magnesium offer engineers the opportunity to reduce costs. Cheap magnesium supplies and improved magnesium alloys can lead to long-term use of more magnesium automotive parts.

Region Overview:

Asia Pacific is projected to account for a considerable share of the Automotive Parts Magnesium Die Casting market and is expected to become the largest region by 2028.

Company Overview:

Meridian is one of the major players operating in the Automotive Parts Magnesium Die Casting market, holding a share of 16.62% in 2023.

Meridian

Meridian Technologies, Inc. produces magnesium and aluminum high-pressure die castings. The Company's products are used in the automotive industry. Meridian markets its products in North America and Europe.

Rima Group

Rima Group manufactures metallurgical products. The Company produces silicon-based alloys, metals, and magnesium die casters. Rima Industrial provides products to automotive, medicine, cosmetics, civil-architecture, electronics, textile, and semi-conductor industries worldwide.

Segmentation Overview:

By type, Squeeze Die Casting segment accounted for the largest share of market in 2022.

Application Overview:

By application, the Body Assemblies segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Automotive Parts Magnesium Die Casting market covered in Chapter 3:

Getac
Dynacast
Meridian
ZD Metal Products
Gibbs
Rima Group
Georg Fischer
JPM
Sundaram Clayton Ltd
Martinrea Honsel
Magic Precision
Shiloh
Chicago White Metal Casting

In Chapter 4 and Chapter 14.2, on the basis of types, the Automotive Parts Magnesium Die Casting market from 2018 to 2029 is primarily split into:

Pressure Die Casting
Vacuum Die Casting
Squeeze Die Casting
Semi-Solid Die Casting
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Automotive Parts Magnesium Die Casting market from 2018 to 2029 covers:

Body Assemblies
Engine Parts
Transmission Parts
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)