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The Global Automotive Parts Die-Casting market accounted for $7.0 billion in 2014 and is expected to reach $12.8 billion by 2022 growing at a Compound Annual Growth Rate (CAGR) of 7.8% during the forecast period 2014 to 2022.
Gaithersburg, Maryland, US – November 7, 2016 /MarketersMedia/ —
The growing automobile industry and amalgamation of lightweight parts in automobiles has influenced the market growth. The Environmental Protection Agency (EPA) regulations raised mile per gallon standards to 35.5 miles per gallon by 2016, and then 54.5 mpg by 2025 this requirement set by EPA is one of the prominent factors boosting the market growth. Rules imposed by Occupational Safety and Health Administration (OSHA) and initiatives by National Air Duct Cleaners Association (NADCA) to develop the technical workforce in the die casting industry are anticipated to improve the overall production of the market.
North America has the largest market and accounts for more than 30% of the global market share driven by the government initiatives, large-scale domestic production, and availability of resources. In the United States, Aluminum Die-Casting market for automobiles has matured and is witnessing stable growth over the past few years. On the other hand, China with its magnesium reserve is anticipated to emerge as the leading supplier of the magnesium die cast parts. India is progressively growing as a hub for the automobile components manufacturers, particularly for magnesium and zinc die cast auto parts. India and China are expected to boost the global market during the forecast period strongly driven by the rapid growth in automobile industry.
-The
18th Guangzhou Die-casting, Foundry & Industry Furnace Exhibition
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