Aluminum Die Casting Machine Market Overview:
Global aluminum die casting machine market is predicted to cross USD 1.5 billion at a projected CAGR of 6% from 2022 to 2030 (forecast period). The report provides a detailed and in-depth review of the effect of the COVID-19 pandemic on the global aluminum die casting machine market.
The aluminum die-casting machine market is rising globally due to the increasing use of aluminum in the aerospace, automotive, construction, and power industries worldwide. Aluminum has many characteristics that make it more suitable for use in automotive manufacturing than in steel. Although steel is cheaper, it is heavier, resulting in a reduced fuel economy.
Get Sample PDF@ https://www.marketresearchfuture.com/sample_request/8250
Key Players
Notable players in the global aluminum die casting machine industry are Buhler AG (Switzerland), K. Technology Holdings Limited (Hong Kong), Toshiba Machine Co., Ltd (Japan), TOYO Machinery & Metal (Japan), Ube Industries, Ltd (Japan), Walbro (US), Zitai Precision Machinery Co., Ltd (Taiwan), Alcast Company (US), Consolidated Metco, Inc. (US), Gibbs Die Casting Corp. (US), Frech (EN) (Germany), Idra Group Ltd (Italy), HMT Machine Tools Limited (India)
Market Dynamics
The malleability of aluminum lends itself to die casting, also for intricate patterns. Although the initial investment requirements for aluminum die-casting machines are high, demand is growing, particularly for specially shaped aluminum parts. Aluminum die-casting machines use less power than steel die-casting machines, which also drives the market growth. In addition, aluminum is easily recyclable, further contributing to high demand, especially in the packaging industry.
According to the International Resource Panel, the per capita use of aluminum in 2010 was over 80 kg, with developed countries recording levels in excess of 350 kg. Developing nations have a low per capita intake of 35 kg of aluminum, but this figure is growing with the rapid growth of industries in developing economies. With more than 60 million metric tons of aluminum produced worldwide in 2018 alone, the demand for aluminum die-casting machines is expected to rise at the same time as the per capita consumption of aluminum increases.
COVID-19 Impact on the Global Aluminum Die Casting Machine Market
Aluminum die casting is a process that produces defined, smooth, accurate, and textured metal components. Aluminum die-casting alloys are lightweight and have high dimensional steadiness for thin walls and complicated component geometries. The growing applications of aluminum in industries such as construction, automotive, power, and aerospace around the globe are the main drivers for the industry's growth. However, the COVID-19 pandemic has had a dramatic effect on all these sectors and slowed down economic growth, contributing to a loss of revenue for most organizations. Companies focus on reducing operating costs, minimizing risks, and maximizing profits to survive in the market. The rapid spread of COVID-19 from China to all other parts of the world has positively affected some industries, although most others have been negatively affected. Growing cases of COVID-19 worldwide have resulted in a lockdown, halting business operations, which in turn, has hampered the growth of the market. Decreasing demand for aluminum from different industries is the primary factor hindering the industry's growth during the current pandemic crisis.
Prior to the outbreak of COVID-19, the high adoption of lightweight, high-strength castings, particularly in the automotive sector, fueled demand for finished products. Manufacturers operating in the automotive industry had concentrated on such products because of the different compliance norms for fuel-efficiency laid down by the European and U.S. regulatory authorities. However, the COVID-19 pandemic has had a negative effect on the automotive industry by reducing vehicle sales, which, in turn, has decreased the adoption of casting, thereby adversely affecting the growth of the market. According to the MRFR analysis, automobile manufacturers prefer aluminum over iron or steel to produce parts. However, the halted production of auto parts due to the closure of manufacturing plants has dramatically impacted the growth of the industry.
Market Segmentation
The global aluminum die casting machine market has been segmented into product types and industry verticals.
By product type, the global aluminum die casting machine market has been segmented into High-Pressure Die Casting (HPC), Low-Pressure Die Casting (LPDC), and others. High-Pressure Die Casting (HPC) is the largest segment as HPDC is employed for over two-thirds of aluminum die casting. HPDC offers a short casting cycle time and smooth surfaces and is well suited for automation. They have higher investment and operating costs, and the finished products made using HPDC machines have low strength values than products made using LPDC machines. Low-Pressure Die Casting (LPDC) is excellent for casting aluminum when strength and intricate patterns are needed. It is also more efficient in terms of metal utilization but casting time is slow, significantly reducing demand. LPDC is used for high-density applications, usually for advanced engineering. The other segment includes vacuum-assisted HPDC and semi-solid metal casting.
By industry vertical, the global aluminum die casting machine market has been segmented into automotive, power, building and construction, and others. Automotive is the largest segment as automobile manufacturers are increasingly looking to aluminum instead of steel and iron to produce parts. Aluminum is much lighter than steel and, thus, drastically improves the fuel economy of automobiles. This is a significant driver for the growth of the segment with rising costs of fossil fuels and a focus on electric cars. The use of aluminum in power lines, transmission cables, and power grids offers a better conductivity-to-weight ratio than copper. This growth of the segment can be due to the need to minimize transmission losses. Aluminum is used widely in building and construction for wiring, window paneling, and door fixtures due to its malleability, ductility, lightness, and resistance to corrosion. The growth of the global construction industry is driving the growth of the worldwide aluminum die-casting machine market, specifically, the high-pressure aluminum die casting (HPDC) segment. In the Others segment, aluminum is used extensively for utensils, in the aerospace industry, and in packaging.
Regional Analysis
Regionally, the global aluminum die casting machine market has been segmented into North America, Europe, Asia Pacific, and the rest of the world.
The North American aluminum die casting machine market is rising due to the increasing demand for die cast aluminum in the power, aerospace, construction, automotive, and packaging industries in the region.
The development of the European die casting machine market is powered by manufacturing centers in Germany and the United Kingdom, where aluminum is widely used to manufacture automobiles, packaging, and kitchen utensils.
The Asia Pacific is the largest regional market for aluminum die casting machines. The development of power infrastructure and a broad market for aluminum utensils are pushing market growth in the region. In addition, aluminum is increasingly used in the automotive industry in the region, which is the largest in the world.
The rest of the world is a small regional market, powered mainly by domestic demand for utensils and the growth of power infrastructure. In addition, Africa has significant bauxite reserves that can boost the development of the aluminum die casting machine market in the region.
Access Full Report@ https://www.marketresearchfuture.com/reports/aluminum-die-casting-machine-market-8250
About Market Research Future:
Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
Our rapidly expanding market research company is assisted by a competent team of research analysts who provide useful analytics and data on technological and economic developments. Our deemed analysts make industrial visits and collect valuable information from influential market players. Our main goal is to keep our clients informed of new opportunities and challenges in various markets. We offer step-by-step assistance to our valued clients through strategic and consulting services to reach managerial and actionable decisions.
Contact:
99 Hudson Street,5Th Floor
New York, New York 10013
United States of America
Phone:
+44 2035 002 764(UK)
Email: sales@marketresearchfuture.com
Website: https://www.marketresearchfuture.com
Blog: https://marketresearchandgrowthforecast.blogspot.com