Auto parts die casting market to record $2.96B by 2020

REPORTBUYER predicts the Asia Pacific market for automobile parts die-casting will reach $2.96 billion by 2020, with an estimated CAGR of 7.36% over the forecasted period. The automotive industry is dragging the attention of automotive manufacturers towards highly durable die casting parts.

Cheaper labor and low manufacturing costs in India and China further propelled the growth of the market in these countries. Over the past 2 decades, small privately run factories in this region have become much competitive and professional in producing die cast automobile parts.

Thailand is emerging as a major automobile exporting country, driven by Japanese FDI. Chinese automobile sector is growing very fast and is poised to make its impact in the international trade arena. India is consolidating its position with strong domestic and external demand for high quality parts at lower prices. All these factors together are driving the market for automotive die casting parts market in Asia pacific region.

Dynacast, Sunbeam Auto Pvt. Ltd., Caparo Aluminum India, Ryobi Group, HICOM die castings are some of the key players in the market. The market is segmented based on the production process type, by raw material type, by application type and by geography type. In a nutshell, automobile makers are now focusing on collaborating with the part die casting manufacturers in order to produce fuel-efficient and lightweight automobiles.