South Korea Automotive Parts Aluminium Die Casting Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 13.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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South Korea Automotive Parts Aluminium Die Casting Market Analysis
The South Korea automotive parts aluminium die casting market is expected to register a CAGR of over 13% during the forecasted period (2020 - 2025)
- To meet the emissions regulations and policies OEMs are trying to reduce weight of automobiles by employing lightweight non-ferrous metals. Using aluminium die casting parts has been adapted as the main strategy.
- With the increasing pollution levels around the world, carmakers are looking for lightweight components for reducing fuel consumption and curbing the emission of harmful pollutants into the atmosphere. Aluminium provides weight saving up to 50% compared to the traditional mild steel structure. Aluminium has equal or more superior strength and absorbs twice crash-induced energy. Lowering the vehicle weight will allow downsizing engine, transmission, suspension, and wheels. South Korea has highest per capita consumption of aluminium of 46,7 Kg higher than most of the developed countries because of the growing automotive industry in the country.
- The corrosive property of aluminium ensures optimum life for housings even when exposed to bad weather. In recent times autonomous cars have become increasingly popular. These cars have electromagnetic and electrical components which must be protected, and aluminium die casted housing is promising to provide protection against the external environment. Aluminium is a sustainable and resource-efficient material. It can be recycled; the world average remains 45% (as of May 2020). Aluminium pressure parts are later used in recycling process to form aluminium alloys which have very large applications.
South Korea Automotive Parts Aluminium Die Casting Market Trends
This section covers the major market trends shaping the South Korea Automotive Parts Aluminium Die Casting Market according to our research experts:
Pressure Die Casting Captures the Market
Owing to the advantages offered by the process of pressure die casting over other casting methods, the players in the industry are investing in expanding their operations in the country for fulfilling the demand of aluminium parts for automotive in the country.
Using the pressure die casting technique, high volumes of components can be produced with high accuracy over other processes. Also, the method is cost-effective and less time consuming, and other advantages and the demand in the country is enabling the significant players in the country to invest heavily and expand their operations.
Vacuum die casting has also been profitable to the manufacturers. It has shown to produce high reliable and quality parts for the transmission parts. Transmission parts of the automobile has one of the most complex mechanical combination functions which is prone to difficult conditions.
Aluminium production has been on raise in South Korea increasing year on year. In 2018, South Korea produced 958,090 metric tons of aluminium. OEMs are taking advantage of this high availability of aluminium by using aluminium die casted parts in automobiles. South Korea is also one of the leading exporters of aluminium die casting parts to China. This market is expected to grow during the forecasted period as the rules and regulations are changing across the world which is favouring the use of aluminium die casting parts.
Decline in Passenger Car Production is restraining Growth
South Korea automotive industry has been an indicator for the economic growth of the country. South Korea automotive industry has an export-oriented economy, many cars produced domestically were sold overseas. Approximately 2.4 million passenger cars were exported in 2019 which has significantly fallen from 3 million exports in 2012. Struggling global economy and stagnant demand across the world play a role. The shutting down of American car manufacturer General Motors Korean subsidiary has had negative impact on the exports by hindering production.
South Korea's automotive exports are heavily influenced by global economy and environmental regulations. Recent changes in the regulations across the world has had very huge impact on sales till 2019 and recent COVID-19 economic crisis has further reduced exports.
With technological advancements South Korean manufacturers are expected to see raise in demand for car exports which intern will increase demand for aluminium die casting automotive materials as manufacturers are looking to reduce car weight in order to keep up with emission norms across the world. But the aluminium die casting industry is also facing threat from the newly emerging composites market as composites provide the same physical properties and are much lighter than aluminium castings. However, during the forecasted period automotive parts aluminium die casting market is expected to witness high competition and grow at a slow pace.
South Korea Automotive Parts Aluminium Die Casting Industry Overview
The South Korea automotive parts zinc die casting market is neither consolidated nor fragmented. Few major players in the market are Dynacast, Amtek Group, Pace Industries, Samkee Automotive, and Kemlows Die Casting Products Ltd, among others.
In 2017, Dynacast acquired Singnicast, with moving on with its strategy of global expansion.
Brillcast Manufacturing LLC, in conjunction with local universities, implemented a comprehensive certification program for aluminium die-cast manufacturer operators.
South Korea Automotive Parts Aluminium Die Casting Market Leaders
Dynacast Inc.
AMTEK GROUP
Pace Industries
Samkee Automotive
Kemlows Die Casting Products Ltd.
*Disclaimer: Major Players sorted in no particular order
South Korea Automotive Parts Aluminium 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 By Production Process Type
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5.1.1 Pressure Die Casting
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5.1.2 Vacuum Die Casting
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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 By Application Type
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5.2.1 Body Assembly
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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 Amtek Group
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6.2.2 Dynacast Inc.
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6.2.3 ALUMINIUM DIE CASTING (CHINA) LTD.
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6.2.4 BUVO CASTINGS (EU)
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6.2.5 CASTWEL AUTOPARTS PVT. LTD.
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6.2.6 GIBBS DIE CASTING GROUP
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6.2.7 Pace Industries
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6.2.8 General Motors Company
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6.2.9 Samsree Automotive
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6.2.10 Kemlows Die Casting Products Ltd.
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7. MARKET OPPORTUNITIES AND FUTURE TRENDS
South Korea Automotive Parts Aluminium Die Casting Industry Segmentation
The South Korea Automotive Parts Aluminium Die Casting Market report covers a detailed study on the latest trends and innovations in the market which is segmented by Production Process type (Pressure Die Casting, Vacuum Die Casting, Squeeze Die Casting and Semi-Solid Die Casting) and Application Type (Body Assembly, Engine Parts, Transmission Parts and Others).
| By Production Process Type | |
| Pressure Die Casting | |
| Vacuum Die Casting | |
| Squeeze Die Casting | |
| Semi-Solid Die Casting |
| By Application Type | |
| Body Assembly | |
| Engine Parts | |
| Transmission Parts | |
| Others |
South Korea Automotive Parts Aluminium Die Casting Market Research FAQs
What is the current South Korea Automotive Parts Aluminium Die Casting Market size?
The South Korea Automotive Parts Aluminium Die Casting Market is projected to register a CAGR of greater than 13% during the forecast period (2024-2029)
Who are the key players in South Korea Automotive Parts Aluminium Die Casting Market?
Dynacast Inc., AMTEK GROUP, Pace Industries, Samkee Automotive and Kemlows Die Casting Products Ltd. are the major companies operating in the South Korea Automotive Parts Aluminium Die Casting Market.
What years does this South Korea Automotive Parts Aluminium Die Casting Market cover?
The report covers the South Korea Automotive Parts Aluminium Die Casting Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the South Korea Automotive Parts Aluminium Die Casting Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
South Korea Automotive Parts Aluminium Die Casting Industry Report
Statistics for the 2024 South Korea Automotive Parts Aluminium Die Casting market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. South Korea Automotive Parts Aluminium Die Casting analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
