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The miniature parts zinc die casting market size is projected to reach USD 11.64 billion by 2028, at a CAGR of 4.43% from 2023 to 2028. The growth of the market depends on several factors such as the advantages of die-casting machinery and die-cast parts, the increase in the growth of the construction industry and the increasing need for lightweight metal components in end-user industries.
Analysis Period | 2018-2028 |
Market Size (2018) Historic Year | USD 7.84 billion |
Market Size (2028) - Forecasted Year | USD 11.64 billion |
Historic Opportunity (2018-2022) | USD 1.15 billion |
Historic CAGR | 3.46% |
Forecasted Opportunity (2024-2028) | USD 2.27 billion |
Market Opportunity Transformation Growth | 48.34% |
Market Opportunity Capitalization | USD 3.41 billion |
The report includes a comprehensive outlook on the miniature parts zinc die casting market offering forecasts for the industry segmented by Application, which comprises automotive, electronics, medical, and others. Additionally, it categorizes Technology into pressure die casting, vacuum die casting, and others and covers Region, including North America, APAC, Europe, Middle East and Africa, and South America. The report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD billion for each of the mentioned segments.
Miniature Parts Zinc Die Casting Market Forecast 2024-2028
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Our researchers studied the data for years, with 2023 as the base year and 2024 as the estimated year, and presented the key drivers, trends, and challenges for the market.
The expansion of the building sector in rising economies such as India, Indonesia, and others is mostly owing to continued government support packages. To encourage first-time homebuyers, the Indonesian central bank scrapped a 15% minimum mortgage down payment scheme and relaxed loan disbursement criteria.
Additionally, the Asia-Pacific region's construction industry is predicted to grow gradually as a result of these government incentives, fueling demand for zinc die cast products, which, in turn, will drive the growth of the market during the forecast period.
Almost all industries are now aiming toward lightweight components, with the automobile industry leading the way. Weight reduction offers various advantages, including improved functioning and efficiency. The component weight is critical in all phases of manufacturing throughout the die casting process. This weight decrease has various advantages in the field of logistics. Automobile makers are currently aiming to create newer models with lighter parts. This is feasible without affecting the overall size and construction of the vehicle. The usage of light die casted components in vehicles can significantly increase fuel efficiency and other functional features of the vehicle. Weight reduction strategies are typically used during the die casting design process.
Moreover, during this stage, the die caster may detect areas on the component's surface with an excess thickness. This might increase manufacturing costs, and the required simulation software is utilized to help with this. Therefore, increasing the usage of die cast parts as a weight reduction strategy will fuel the growth of the market during the forecast period.
The use of completed zinc cast components, high raw material prices, and complexity in foundry installation are all capital-intensive and necessitate a large initial investment. This investment covers procedures such as manufacturing, smelting, refining, and metal recovery. The transformation of raw bauxite into cast zinc is an energy-intensive process that needs large amounts of power, water, and other resources. According to the North American Die Casting Association, die casting equipment is among the most expensive of any manufacturing technique.
Furthermore, cost-increasing issues include the fluctuating price of raw material (zinc) and the cost of trimming and finishing tools. These variables raise the initial capital required to begin producing cast zinc items. Therefore, high capital investment requirements might hamper the growth of the market during the forecast period.
The market share growth by the automotive segment will be significant during the forecast period. The automotive industry offers huge growth opportunities for the global miniature parts zinc die casting market. Casting procedures produce lightweight, easily maneuverable, and affordable accessories. Zinc is the most popular metal used for casting procedures in the automotive industry.
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The automotive was the largest segment and was valued at USD 2.69 billion in 2018. Further, the number of vehicles in use is expected to increase due to the increasing demand for vehicles of all categories. The growth of the two-wheeler industry depends on the average income and economic stability. In 2021, the use of two-wheelers will increase due to the increasing traffic in urban areas. Two-wheelers are an economical alternative to cars, and they are preferred to walking, cycling, and public transport systems. Such factors will continue to drive the demand for two-wheelers in Asian countries such as China, India, and Thailand during the forecast period. Growing production of automobiles, which includes four-wheelers and two-wheelers, will lead to a significant increase in the demand for metal cast parts, which, in turn, will drive the growth of the automotive segment in the market in focus during the forecast period.
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APAC is estimated to contribute 42% to the growth by 2028. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. This is attributed to the rising use of zinc in various applications, such as transportation and telecommunication, which, in turn, is anticipated to boost market growth during the forecast period. A rising preference for high-strength and lightweight castings is a prominent driving factor for market growth in the region. In the transportation industry, manufacturers must comply with stringent regulations to enhance fuel efficiency and reduce harmful emissions, which is possible by incorporating lightweight materials in the production of vehicles.
Moreover, the region is characterized by the presence of low-cost skilled labour, which makes it the most lucrative region for various industrial manufacturers, such as automotive, to set up production facilities. Moreover, a shift in the global production landscape toward South Asian countries is expected to positively impact market growth during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
C. Palmer Die Casting Inc - The company offers miniature parts zinc die casting of small parts that offers high ductility, high impact strengths and is easily plated or finished.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including C. Palmer Die Casting Inc., Carteret Die Casting Corp., Cascade Die Casting Group Inc., Chicago White Metal Casting Inc., Custom Metal Crafters Inc., Eco die casting Co. Ltd., EMKA Beschlagteile GmbH and Co KG., ForceBeyond, Form Technologies, Kemlows Diecasting Products Ltd., LEECH Industries, Mag tec Casting Corp., Minda Corp. Ltd., Miniature Casting Corp., Northwest Die Casting, Phb Inc., Thomas Dudley Ltd., Vexos, Yoder Industries Inc., and Rajshi Technologies India Pvt. Ltd.
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The miniature parts zinc die casting market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Miniature Parts Zinc Die Casting Market Scope |
|
Report Coverage |
Details |
Page number |
169 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.43% |
Market Growth 2024-2028 |
USD 2.27 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
4.29 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 42% |
Key countries |
US, China, Japan, India, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
C. Palmer Die Casting Inc., Carteret Die Casting Corp., Cascade Die Casting Group Inc., Chicago White Metal Casting Inc., Custom Metal Crafters Inc., Eco die casting Co. Ltd., EMKA Beschlagteile GmbH and Co KG., ForceBeyond, Form Technologies, Kemlows Diecasting Products Ltd., LEECH Industries, Mag tec Casting Corp., Minda Corp. Ltd., Miniature Casting Corp., Northwest Die Casting, Phb Inc., Thomas Dudley Ltd., Vexos, Yoder Industries Inc., and Rajshi Technologies India Pvt. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Technology
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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