Market Size of Automotive Parts Magnesium Die Casting Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 4.42 Billion |
| Market Size (2029) | USD 7.00 Billion |
| CAGR (2024 - 2029) | 9.65 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Automotive Parts Magnesium Die Casting Market Analysis
The Automotive Parts Magnesium Die Casting Market size is estimated at USD 4.42 billion in 2024, and is expected to reach USD 7 billion by 2029, growing at a CAGR of 9.65% during the forecast period (2024-2029).
The COVID-19 pandemic hampered the market in focus for the year 2020, primarily attributed to decline in vehicle sales and production. The global vehicle sale declined by 16% in 2020 as compared to the 2019 vehicle sales. All main vehicle-producing countries had major declines, ranging from 11% to almost 40%. Europe represented an almost 22% share of global production. However, post-pandemic the automotive industry witnessed significant growth for the year 2020. The overall increase in vehicle sales and expected increase in electric vehicle sales is anticipated to primarily drive the market during the forecast period.
Lightweight vehicles are gaining popularity among vehicle manufacturers owing to an enhanced fuel economy of automobiles with adoption of lightweight automotive materials manufacturing crucial parts. Additionally, the light-weighting of vehicles must be done without compromising on safety before quality and performance.
An enactment of stringent emission norms across the globe is liekly to witness significant growth for the market. Rising consumer trend towards light weight vehicle is likely to increase the penetration of light weight parts such as magnesium and carbon fiber reinforced plastic, to manufacture vehicle components, which in turn is anticipated to boost the market.
Major manufacturing industries are investing in research and development activities regarding new magnesium alloys and efficient manufacturing techniques. For instance, the Indian Institute of Technology, Madras, the US Army Research Laboratory, and the University of North Texas developed a new magnesium alloy that can replace aluminum and steel alloys in the automotive industry and increase the fuel efficiency of vehicles.
Growing investment in automation of manufacturing process is likely to witness major growth for the market. High cost of magnessium die casting manufacturing process is liekly to hamper the automotive parts magnesium die casting market.
