According to a research report titled ‘Global Die Casting Services Market Size study, by Product 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 Market Study Report, global die casting services market was worth USD 65.5 billion in 2020 and is projected to register a CAGR of 6.19% over 2021-2027, reaching a valuation of USD 99.73 billion by the forecast period end.
 

Report findings state that rising awareness about environment protection is fueling the demand for environmentally friendly vehicles, and fuel-efficient, lightweight components, in turn, is drafting a favorable scenario for global die casting services market expansion. Stricter emission control standards and improving mileage requirements by regulatory authorities such as the Environmental Protection Agency (EPA) are further enhancing the market growth.
 

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Furthermore, technological advancements in die casting machines are also stimulating the overall industry development. For instance, in January 2018, Italpresse Gauss, a subsidiary of Norican Group, introduced two energy-efficient solutions, namely, ECO-FIT Plus and ECO-FIT Mode. The ECO-FIT Plus solution could reduce power consumption by almost 60% after installation.
 

Besides, surging demand for die casting services in the consumer electronics sector, rise in disposable income levels, rapid industrialization, and growth of end-user industries are presenting new opportunities in global die casting services market.
 

For those unversed, die casting is a method of manufacturing metal parts that are sharply defined, precisely positioned, and have smooth or layered surfaces. This is achieved by applying high pressure to molten metal through refillable metal dies. Notably, automation is being increasingly implemented in the aluminum die casting industry to enhance efficiency and improve the cast's longevity while requiring minimum finishing.
 

Despite the positive industry outlook, fluctuations in raw material prices coupled with requirement of accurate and precise heavy die casting procedures are major challenges for businesses in this domain.
 

From a regional frame of reference, North America die casting services industry is slated to register 4.4% CAGR over the forecast period. This can be attributed to favorable government policies and massive sales of passenger vehicles in the region.
 

Meanwhile, East Asia industry is currently expanding at a rapid pace owing to strong competition in automobile and goods & services sectors in emerging economies.
 

Key contenders in global die casting services market space are JP Minda Group, Premier Die Casting Co., Koch Enterprises Inc. (Gibs Die Casting Corp.), Form Technologies Inc., Carlton Die Castings Ltd., Linamar Corp., Kuusakoski Group Oy, Ryobi Ltd., Nemak S.A.B. de C.V., and Minda Corp. Ltd.