echnology research and advisory company Technavio expects the aluminium die-casting machinery market size to grow by $1.21-billion during the period 2020 to 2024.
"One of the primary growth drivers for this market is the benefits offered by aluminium die-casting machinery,” says a Technavio industrials senior analyst.
According to the report, the aluminium die-casting machinery market is expected to post a year-on-year growth rate of 3.78% with 69% of the growth originating from Asia Pacific.
The presence of a large base of automotive components manufacturers, increasing prevalence of aerospace and defence equipment manufacturers, and growing production of neighbourhood electric vehicles (EVs) in China will significantly drive the aluminium die-casting machinery market growth in this region over the forecast period.
China and Japan are the key markets for aluminium die-casting machinery in the Asia Pacific. Market growth in this region will be faster than the growth of the market in other regions.
The aluminium die-casting machinery market size is expected to accelerate at a compound annual growth rate of over 5% during the forecast period and is segmented by product and geography. As mentioned in the report, the market is fragmented owed to the presence of many established vendors holding significant market share.
“Better surface finish and tight tolerance of aluminium die-cast parts produced by high pressure die-casting (HPDC), high efficacy of HPDC in critical applications, and the increasing demand for neighbourhood EVs are expected to boost the growth of the market segment during the forecast period.”
Additionally, the report also adds that market growth in this segment will be slower than the growth of the market in the low pressured die-casting and other segments.
Moreover, there is a preference for die-casting machinery over sand casting and forging, to manufacture metal products, because of its ability to produce lightweight metal parts with a quality surface finish.