As cited by the research report titled ‘Global Die Casting Services Market Size study, byProduct type (High Pressure Casting, Low Pressure Casting, Gravity Casting) by Application (Telecom, Consumer Goods, Automotive, Electronics, Aerospace and Defence, Other Applications) and Regional Forecasts 2021-2027’, available with MarketStudyReport, global die casting services market was worth USD 65.5 billion in 2020 and is projected to grow with a CAGR of 6.19% to accumulate USD 99.73 billion over 2021-2027.
 

With increasing focus on environment protection, the demand for environmentally friendly vehicles is rising. Lightweight components are gaining popularity so as to comply with new environmental standards and achieve maximum fuel efficiency and low emissions. This is a major factor driving global die casting services market growth.
 

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Extensive use of die casting services in consumer electronics, transportation & manufacturing sectors, rising purchasing power, growing urbanization & industrialization, and expanding end-user segments are positively swaying the industry dynamics.
 

Moreover, widespread adoption of automation, and increasing number of technological advancements are likely to generate lucrative opportunities in global die casting services industry over the estimated timeline.
 

For instance, Italpresse Gauss, which is a subsidiary of Norican Group, introduced two energy-efficiency solutions in January 2018, namely ECO-FIT Mode and ECO-FIT Plus. Notably, these systems reduced energy consumption by over 50% after installation.
 

For the record, die casting is a method of manufacturing metal parts that are sharply defined, precisely positioned, and smooth or layered on the surface. It is obtained by pressing molten metal through refillable metal dies under very high pressure.
 

Coming to negatives, highly accurate and appropriate processes required for heavy die casting, as well as shortages of raw materials and their fluctuating prices are expected to hinder global die casting services market development over the projected timeframe.
 

Considering the regional frame of reference,  North America industry is poised to register a growth rate of 4.4% over 2021-2027, owing to augmented passenger vehicle sales in the United States and Canada, manufacture of high quality products, and implementation of favorable government policies which are opening new avenues in the regional market.
 

Meanwhile, the market in East Asia is also expected to show lucrative growth trends over the forecast period, on account of increasing competition for goods & services and automobiles, coupled with rising contribution from the developing countries in the region.
 

Prominent companies in worldwide die casting services industry are J P Minda Group, Premier Engineered Products, Koch Enterprises Inc., Form Technologies Inc., Carlton Die Casting Ltd., Linamar Corporation, Kuusakoski Group Oy, Ryobi Limited, Nemak S.A.B. de C.V., and Minda Corp. Ltd.