India Automotive Parts Magnesium Die Casting Market Size
| Study Period: | 2018 - 2028 |
| CAGR: | > 5 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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India Automotive Parts Magnesium Die Casting Market Analysis
The Indian automotive parts magnesium die casting market is expected to register a CAGR of nearly 5%, during the forecasted period (2020 - 2025)
- The Automotive industry is a key driver of macro-economic and technological advancements in India. India is expected to grow higher than many fast-growing nations over the coming years. At the same time, OEM’s and component manufacturers in the country aspire to achieve global eminence. Globally, the Indian automotive components industry is in a strong position and is leading in a two-wheeler, segment A cars and tractors. India ranked 10th in the list of top magnesium producers in the world.
- Magnesium is 33% lighter than aluminum and 75% lighter than steel. Despite the low density, magnesim alloys have comparable strength to weight ratio to aluminum. They also have a high vibration damping capacity making them ideal for usage in automotives. In order to reduce emissions, OEMs have adapted making lighter vehicles as their strategy and magnesium is found to be one of the best alternatives to traditional steel and aluminium.
- The Government of India aims to develop India as a global manufacturing as well as an R&D hub. It has set up an R&D infrastructure project and national automotive testing (NATRip) and national automotive board to act as a facilitator between industry and government. Owing to the growing interest from government, changing requirements of OEM’s, technological advancements and shifting market dynamics due to customer demand the Indian automotive parts magnesium die casting market is expected to witness significant growth in the forecasted period (2020 - 2025).
India Automotive Parts Magnesium Die Casting Industry Segmentation
The Indian Automotive parts magnesium die casting market covers the latest trends and technological development in the market, demand by production process, application type and market share of major players across India.
| Production Process Type | |
| Pressure Die Casting | |
| Vacuum Die Cating | |
| Squeeze Die Casting | |
| Semi-Solid Die Casting |
| Application Type | |
| Body Assemblies | |
| Engine Parts | |
| Transmission Parts | |
| Others |
India Automotive Parts Magnesium Die Casting Market Trends
This section covers the major market trends shaping the India Automotive Parts Magnesium Die Casting Market according to our research experts:
Increasing automobile sales will help the market grow
Indian automotive manufacturers have been successful in the local market. India’s automotive components industry is at the forefront of many segments—by volumes, ranks first in two-wheelers, segment A cars and tractors. India is renowned for engineering and manufacturing industry. The Indian automotive component industry has experienced healthy growth over the last few years. It accounted for nearly 2.3% of India’s GDP. Increasing purchase power, large domestic market, and ever-increasing development in infrastructure (average of 40km road per day added) has made India a favorable destination for investment. The turnover of the Automotive industry was nearly Rs 1.7 lakh crore in FY20. The export of the automotive component was recorded to be nearly Rs 51,300 crore at the same time. The automobile industry in India is the 4th largest in the world. Two-Wheelers dominated the market and made up to 81% in FY19. The industry has produced close to 22,880,950 vehicles, including passenger vehicles, commercial vehicles, three-wheelers, two-wheelers, and quadbikes from April 2019-January 2020.
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Indian Government Ensures Automotive Sector Development
The Government of India has been focused on implementing India’s Automotive mission plan, ensuring the growth of the industry. As per the Union budget 2019-2020, the government has reduced GST on electric vehicles from 12% to 5%. Also, the government is providing tax deduction on electric vehicles of Rs 1,50,000 on the interest paid. The electric vehicle parts segment is expected to have high growth in the forecasted period. Replacements in the old vehicles are also likely to pick up due to an increase in the sale of the used cars. The Indian Automotive component industry can be classified into organized and unorganized sectors. The organized sectors supply to OEM’s and have high precision instruments while the unorganized sector deals with low-valued products and mostly provide to aftermarket category. Over the forecasted period, the Automotive component industry of India is expected to become the third-largest in the world due to the rapidly globalizing world. The growth of OEM’s sourcing from India and increased indigenization of global OEM’s is turning country into preferred designing and manufacturing hub. Due to the recent COVID-19 impact on the supply chain, OEMs are looking to diversify their supply chain by setting up manufacturing units in India. The department of Heavy Industries has invested US 200$ million to modernize the Automotive component industry in India by subsidy on loans and investment in new plants and equipment.
Uttrakhand has almost 69% of country’s magnesite resources, followed by Rajastan (16%), and Tamil Nadu (12%). India has second largest foundry industry. The Government’s focus on Make in India, developing the automotive industry and the stringent emission norms are driving the market for automotive parts magnesium die casting market.
India Automotive Parts Magnesium Die Casting Industry Overview
The Indian automotive parts magnesium die casting market is not highly consolidated. Key players in the industry are Sundaram Clayton Ltd, Meridian Lightweight Technologies Inc, Dynacast, Sandhar group, Magic Precision, and Pace Industries.
India Automotive Parts Magnesium Die Casting Market Leaders
Sundaram Clayton Limited
Sandhar Group
Dynacast Inc.
Meridian Lightweight Technologies Inc
JPM Group
*Disclaimer: Major Players sorted in no particular order
India Automotive Parts Magnesium Die Casting Market Report - Table of Contents
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1. INTRODUCTION
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1.1 Study Assumptions
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1.2 Scope of the Study
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2. RESEARCH METHODOLOGY
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3. EXECUTIVE SUMMARY
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4. MARKET DYNAMICS
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4.1 Market Drivers
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4.2 Market Restraints
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4.3 Porters Five Forces Analysis
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4.3.1 Threat of New Entrants
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4.3.2 Bargaining Power of Buyers/Consumers
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4.3.3 Bargaining Power of Suppliers
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4.3.4 Threat of Substitute Products
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4.3.5 Intensity of Competitive Rivalry
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5. MARKET SEGMENTATION
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5.1 Production Process Type
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5.1.1 Pressure Die Casting
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5.1.2 Vacuum Die Cating
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5.1.3 Squeeze Die Casting
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5.1.4 Semi-Solid Die Casting
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5.2 Application Type
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5.2.1 Body Assemblies
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5.2.2 Engine Parts
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5.2.3 Transmission Parts
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5.2.4 Others
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6. COMPETITIVE LANDSCAPE
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6.1 Vendor Market Share
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6.2 Company Profiles
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6.2.1 JPM Group
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6.2.2 Sundaram Clayton Ltd.
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6.2.3 Meridian Lightweight Technologies Inc.
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6.2.4 Dynacast Internationa;
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6.2.5 Sandhar Group
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6.2.6 Pace Industries
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6.2.7 Magic Precision
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6.2.8 Ryobi Die Casting
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6.2.9 Shiloh Industries Inc.
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6.2.10 George Fischer Ltd.
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7. MARKET OPPORTUNITIES AND FUTURE TRENDS
India Automotive Parts Magnesium Die Casting Market Research FAQs
What is the study period of this market?
The India Automotive Parts Magnesium Die Casting Market is studied from 2018 - 2028.
What is the growth rate of India Automotive Parts Magnesium Die Casting Market?
The India Automotive Parts Magnesium Die Casting Market is growing at a CAGR of >5% over the next 5 years.
Who are the key players in India Automotive Parts Magnesium Die Casting Market?
Sundaram Clayton Limited, Sandhar Group, Dynacast Inc., Meridian Lightweight Technologies Inc , JPM Group are the major companies operating in India Automotive Parts Magnesium Die Casting Market.
India Automotive Parts Magnesium Die Casting Industry Report
Statistics for the 2023 India Automotive Parts Magnesium Die Casting market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. India Automotive Parts Magnesium Die Casting analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.
