Market Size of Automotive Parts Zinc Die Casting Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 3.00 % |
| Fastest Growing Market | Europe |
| Largest Market | Asia-Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Automotive Parts Zinc Die Casting Market Analysis
The automotive parts zinc die casting market was valued at USD 3.66 Billion in 2021 and is expected to grow to USD 4.37 Billion by 2027, by registering a CAGR of 3%, during the forecast period.
The COVID-19 pandemic hampered the market in focus for the year 2020, primarily attributed to declined sales and production of vehicles across the world. 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, since the second half of the year 2020, the market started witnessing growth due to the start of vehicle manufacturing. for the year 2021, global vehicle sales witnessed a considerable increase when compared to the year 2020.
Over the long term, Lightweight vehicles are gaining popularity among vehicle manufacturers owing to an enhanced fuel economy of automobiles with the adoption of lightweight automotive materials manufacturing crucial parts. Growing consumer trend toward safety products in the vehicle is likely to witness major growth for the market. As, zinc die casting is used to manufacture the vehicle safety component including seat belts and other parts such as brakes, sunroofs, and many others.
In order to reduce automobile emissions and increase fuel efficiency, CAFÉ standards and EPA policies are driving the automakers to reduce the weight of the automobile, by employing lightweight non-ferrous metals. Employing die-cast parts as a weight reduction strategy is a major driver for the automotive segment of the market. Although heavier than aluminum, the lower cost of these parts and higher intricacy allowance make them more suitable in certain applications.
Several vehicle manufacturers focusing on the zinc parts as zinc casted products go directly into the assembly process, as zinc casted products already have better finish which reduce the special finishing process. Zinc die casting parts are usually equipped with better mechanical properties, like toughness, and have better thermal and electrical conductivity as compared to other die casting parts, which is likely to enhance the demand for zinc die casting parts in vehicle.
