India Automotive Parts Magnesium Die Casting Market Size

India Automotive Parts Magnesium Die Casting Market Analysis

The India Automotive Parts Magnesium Die Casting Market size is estimated at USD 228.45 million in 2024, and is expected to reach USD 314.47 million by 2029, growing at a CAGR of 6.60% during the forecast period (2024-2029).

The India Automotive Parts Magnesium Die Casting Market size is estimated at USD 228.45 million in 2024, and is expected to reach USD 314.47 million by 2029, growing at a CAGR of 6.60% during the forecast period (2024-2029).

• The COVID-19 pandemic had a significant impact on the automotive parts magnesium die-casting market. The market experienced a decline in demand due to reduced production and sales of vehicles during the pandemic. The disruption in the global supply chain also affected the availability of raw materials, leading to an increase in prices. However, as the automotive industry recovers from the pandemic, the demand for magnesium die-casting parts has shown a rebound, particularly due to the increasing focus on lightweight and fuel-efficient vehicles.
• 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, original equipment manufacturers (OEMs) 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 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, magnesium alloys have a comparable strength-to-weight ratio to aluminum. They also have a high vibration damping capacity making them ideal for usage in automotive. In order to reduce emissions, OEMs have adapted to making lighter vehicles as their strategy, and magnesium is found to be one of the best alternatives to traditional steel and aluminum.
• The Government of India aims to develop India as a global manufacturer 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 the government, changing requirements of OEMs, 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 forecast period.