Die Casting Machines Market Expected to Reach $4.9 Billion by 2030
PORTLAND, OR, UNITES STATES, November 6, 2023 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled, “Die Casting Machines Market” size was $2.7 billion in 2020, and is estimated to reach $4.9 billion by 2030, growing at a CAGR of 6.1% from 2021 to 2030. In 2020, the cold chamber segment accounted for the highest die casting machines market share and gravity die casting machines is expected to witness significant growth during the forecast period, owing to increase in demand in demand from machinery manufacturing and automotive industry.
The market is analyzed with respect to different applications in industrial verticals such as transportation, mechanical & manufacturing equipment, building & construction and others. The market is mainly driven by growth of the global manufacturing industry and increase in investment in automotive, electronics and defense industry.
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The rising demand for automobiles, electronic products and home appliances has significantly increased the use of metals and alloys, attributed to their versatility of use and physical properties. This has driven the die casting machines market growth, owing to its capability to efficiently cast metals in required shapes and sizes.
Furthermore, growth of the construction industry has positively influenced the die casting machines market. In addition, various government initiative and free trade agreements across the globe have propelled manufacturing activities, thereby fueling the demand for die casting machines.
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Segmented Based On:
The global die casting machines market is segmented on the basis of type, material, end-user, and region.
By type, it is divided into cold chamber die casting machine, hot chamber die casting machine, and gravity die casting machine.
By material, the market is divided into aluminum, zinc, magnesium, and others. By end-user, it is segmented into transportation, mechanical & manufacturing equipment, building & construction, and others.
Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific region is projected to experience growth during the forecast period owing to expansion of the automotive sector in the region.
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The key players profiled in the die casting machines report include Agrati AEE Srl, Bühler AG, Form Technologies, L.K. Machinery International Limited, Norican Global A/S, Oskar Frech GmbH + Co. KG, Shibaura Machine Co., Ltd., Toyo Machinery & Metal Co., Ltd., UBE, and Zitai Precision Machinery Co., Ltd.