Market Research Report
Automotive Parts Magnesium Die Casting Market - Growth, Trends, and Forecast (2020 - 2025)
|Published by||Mordor Intelligence LLP||Product code||408244|
|Published||Content info||80 Pages
Delivery time: 2-3 business days
|Automotive Parts Magnesium Die Casting Market - Growth, Trends, and Forecast (2020 - 2025)|
|Published: February 1, 2020||Content info: 80 Pages||
The automotive parts magnesium die casting market is expected to register a CAGR of over 8% during the forecast period, 2020 - 2025.
Increased Application in Body Assemblies
Key body structure applications, such as floor rails, shock towers, and pillars, are now being manufactured, using high-pressure non-ferrous castings. The use of magnesium in automotive body parts is limited, but it has recently been observed to be expanding.
GM has been employing a single-piece die cast roof frame, since the introduction of C-5 Corvette in 1997. Cadillac XLR roadster's retractable hardtop convertible roof and top frame employ magnesium alloys. SUVs and Ford F-150 trucks are coated with magnesium castings, for the vehicles' radiator support, and Dodge Viper is coated with one-piece magnesium front-of-dash die casting. In Europe, for body panel applications, the German auto giants, Volkswagen and Mercedes, have employed thin-wall magnesium die castings. Thin-wall casing application constitutes the major part of magnesium usage, in the automotive industry. Thin-wall die castings, such as closure inners, can often offset the material cost penalty of magnesium, over steel sheet metal construction, due to part consolidation.
The first magnesium die cast closure to ever meet 55 mph rear crash requirements is used in lift gate inner panel, and the part is found in 2010 Lincoln MKT. The key aspect to manufacturing thin-wall castings, which are approximately less than 2mm, lies in the design of casting, using proper radii, and smooth die-filling of the ribs to stiffen the parts.
Thus, depending on the application and the area of employment, magnesium die casting components are gaining popularity within the body part segment, and their usage is expected to increase during the forecast period.
North America - Leading the Market
North America is a matured market for die casting, around the world. The maturity of this market, in the region, is mainly due to the large-scale domestic production, government initiatives, and availability of resources.
The new Ford Explorer, which was considered the truck of the year, in North America, uses magnesium seat frames. The strategic use of magnesium parts enabled the Ford Motor Company to deliver quality, fuel efficiency, and reliability, to its customers. Magnesium, being the lightest material, is now becoming a key element for powertrain and body applications in the vehicles produced by leading automakers, such as Ford, Lincoln, and others.
The United States has one of the largest automotive markets, in the world. It is home to over 13 major auto manufacturers. With an average of eight million passenger vehicle production, per annum, and regulations pertaining to the emission standards, automakers are sourcing components for manufacturing lightweight vehicles, by employing alloy and die-cast parts, which, in turn, is driving the market for the overall automotive parts magnesium die casting, in the country.
Within the North American region, the United States is the major market, accounting for over 86% of the regional market share. Canada accounted for 13% of the market, in 2019. The market is expected to grow considerably, with the presence of global players, such as Meridian Lightweight Technologies.
Meridian Light Weight Technologies, Pace Industries, Shiloh Industries, Inc., Georg Fischer AG, Gibbs Die Casting (Koch Enterprises), and Dynacast are the some of the major players in the global automotive parts magnesium die casting market.
The global market for automotive parts magnesium die casting is highly consolidated. Meridian Light Weight Technologies emerged as the single largest supplier of magnesium automotive die cast components, in 2019, followed by Brazil-based Rima. The key players in the market have focused their revenues on R&D, to come up with better production processes and alloys. This strategy will assist in the production of premium quality die cast parts, for the global automotive and industrial sectors. The key players have also expanded their reign, globally, by various mergers, expansions, and acquisitions.