LONDON–(BUSINESS WIRE)–Nov 3, 2020–
The new aluminum die casting machinery market Research from Technavio indicates neutral growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global Aluminum Die Casting Machinery Market 2020-2024 (Graphic: Business Wire)
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“One of the primary growth drivers for this market is the Benefits Offered by Aluminum Die Casting Machinery,” says a senior analyst for Industrials at Technavio.
The preference for die casting machinery is higher over sand casting and forging, to manufacture metal products, because of its ability to produce lightweight metal parts with a quality surface finish. Die casting machinery is also effective in the large-scale production of light metal parts because of its fast cycle time and low tolerances. Moreover, there is a significant demand for lightweight metal components from industries such as automotive and aerospace and defense equipment. Automotive manufacturers, especially in developed countries, are increasingly incorporating lightweight aluminum die-cast parts in their products to improve the overall fuel efficiency. These benefits offered by die casting machines and die-cast parts are increasing their adoption rate, which will contribute to aluminum die casting machinery market growth during the forecast period.
As the markets recover Technavio expects the aluminum die casting machinery market size to grow by USD 1.21 billion during the period 2020-2024.
Aluminum Die Casting Machinery Market Segment Highlights for 2020
- The aluminum die casting machinery market is expected to post a year-over-year growth rate of 3.78%.
- Better surface finish and tight tolerance of aluminum die-cast parts produced by HPDC, high efficacy of HPDC in critical applications, and the increasing demand for NEVs are expected to boost the growth of the market segment during the forecast period.
- Market growth in this segment will be slower than the growth of the market in the LPDC and other segments.
- 69% of the growth will originate from the APAC region.
- The presence of a large base of automotive components manufacturers, increasing prevalence of aerospace and defense equipment manufacturers, and growing production of NEVs in China will significantly drive aluminum die casting machinery market growth in this region over the forecast period.
- China and Japan are the key markets for aluminum die casting machinery in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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- The aluminum die casting machinery market size is expected to accelerate at a CAGR of over 5% during the forecast period.
- The aluminum die casting machinery market is segmented by Product (HPDC, LPDC, and Others) and Geography (APAC, Europe, North America, South America, and MEA).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including AGRATI AEE Srl, Birch Machining Co., Buhler Group, Endurance Technologies Ltd., Form Technologies, HMT Machine Tools Ltd., L.K. Technology Holdings Ltd., Toshiba Corp., Toyo Machinery & Metal Co. Ltd., and Ube Industries Ltd.
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Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE: Technavio Research
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PUB: 11/03/2020 08:30 PM/DISC: 11/03/2020 08:30 PM