UK Automotive Parts Magnesium Die Casting Market Size

UK Automotive Parts Magnesium Die Casting Market Analysis

The UK Automotive Parts Magnesium Die Casting Market size is estimated at USD 34.67 million in 2024, and is expected to reach USD 58.10 million by 2029, growing at a CAGR of 8.98% during the forecast period (2024-2029).

• The COVID-19 pandemic negatively impacted the market studied as initial lockdowns and travel restrictions resulted in low demand for car rental services. However, post-pandemic, with ease of restrictions, the demand is expected to restore back during the forecast period.
• Manufacturing operations were significantly affected by the COVID-19 pandemic, and the market experienced a slowdown as a result of supply chain disruptions and global trade restrictions. However, the market studied is anticipated to experience steady growth during the forecast period as global economic activity resumes.
• Owing to the high demand for automobiles in the region, the United Kingdom is one of the largest markets for automobiles in the world. The presence of leading automobile manufacturers, as well as component manufacturers, is driving growth in the region. However, because of the ongoing trade war between the United States and China, the economy is expected to be heading toward a recession, and automobile sales are expected to witness a downfall for a couple of years until the end of trade tensions.
• The increase in the adoption of lightweight ferrous materials to reduce the weight of the automobile, majorly driven by the stringent policies imposed by CAFÉ standards to cut emissions and increase the fuel efficiency of the vehicle, is driving growth in the market.
• Rules imposed by OSHA and NADCA policies to improve the technical workforce are expected to improve production standards in the die-casting industry and will boost the UK Automotive Parts Magnesium Die Casting Market in the coming year.