India Automotive Parts Magnesium Die Casting Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 228.45 Million |
| Market Size (2029) | USD 314.47 Million |
| CAGR (2024 - 2029) | 6.60 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
India Automotive Parts Magnesium Die Casting Market Analysis
The India Automotive Parts Magnesium Die Casting Market size is estimated at USD 228.45 million in 2024, and is expected to reach USD 314.47 million by 2029, growing at a CAGR of 6.60% during the forecast period (2024-2029).
The India Automotive Parts Magnesium Die Casting Market size is estimated at USD 228.45 million in 2024, and is expected to reach USD 314.47 million by 2029, growing at a CAGR of 6.60% during the forecast period (2024-2029).
- The COVID-19 pandemic had a significant impact on the automotive parts magnesium die-casting market. The market experienced a decline in demand due to reduced production and sales of vehicles during the pandemic. The disruption in the global supply chain also affected the availability of raw materials, leading to an increase in prices. However, as the automotive industry recovers from the pandemic, the demand for magnesium die-casting parts has shown a rebound, particularly due to the increasing focus on lightweight and fuel-efficient vehicles.
- The Automotive industry is a key driver of macro-economic and technological advancements in India. India is expected to grow higher than many fast-growing nations over the coming years. At the same time, original equipment manufacturers (OEMs) and component manufacturers in the country aspire to achieve global eminence. Globally, the Indian automotive components industry is in a strong position and is leading in two-wheeler segment A cars and tractors. India ranked 10th in the list of top magnesium producers in the world.
- Magnesium is 33% lighter than aluminum and 75% lighter than steel. Despite the low density, magnesium alloys have a comparable strength-to-weight ratio to aluminum. They also have a high vibration damping capacity making them ideal for usage in automotive. In order to reduce emissions, OEMs have adapted to making lighter vehicles as their strategy, and magnesium is found to be one of the best alternatives to traditional steel and aluminum.
- The Government of India aims to develop India as a global manufacturer as well as an R&D hub. It has set up an R&D infrastructure project and national automotive testing (NATRip) and national automotive board to act as a facilitator between industry and government. Owing to the growing interest from the government, changing requirements of OEMs, technological advancements, and shifting market dynamics due to customer demand, the Indian automotive parts magnesium die-casting market is expected to witness significant growth in the forecast period.
India Automotive Parts Magnesium Die Casting Market Trends
Increasing automobile sales will help the market grow
- India's automotive components industry is at the forefront in multiple attributes-by volumes, it ranks first in two-wheelers, segment A cars, and tractors. India is renowned for its engineering and manufacturing industry. The Indian automotive industry has experienced healthy growth over the last few years, accounting for nearly 7.1% of India's GDP and 49% of its manufacturing GDP.
- The country is focused on exporting vehicles across the globe; India's automobile exports witnessed a significant growth of 35.9% during the fiscal year 2021-2022. The surge in exports was attributed to the rebound in global demand, particularly in key markets such as Africa, Latin America, and Asia. Passenger vehicles, two-wheelers, and three-wheelers were the primary contributors to the export growth. The increase in exports signifies the Indian automotive industry's resilience and ability to cater to international markets, driving the country's economic growth.
- By the end of 2024, India aims for 15 lakh crore INR auto sector, and for this, the central government is taking severe initiatives to bring investment into the country, which subsequently boosts production. For instance, The Production-Linked Incentive (PLI) Program in the Automotive and Auto Components Sectors was launched by the Union Cabinet, which is chaired by Prime Minister Shri Narendra Modi. The PLI scheme (with a USD 3.5 billion budget) for the automotive industry proposes financial incentives of up to 18% to promote domestic production of high-tech automotive products and draw capital to the industry's value chain.
- From April 1, 2022, for a period of five years, incentives are applicable for specific sales of goods made in India. With this PLI scheme, a total of 95 applicants have been approved: 20 under Champion OEM and 75 under Component Champion.
- Increasing purchase power, large domestic market, and ever-increasing development in infrastructure (average of 40km road per day added) have made India a favorable destination for investment.
- Such factors are likely to drive the demand for automotive parts magnesium die casting over the assessment period.
Indian Government Ensures Automotive Sector Development
- The Government of India has been focused on implementing India's Automotive mission plan, ensuring the growth of the industry. The government has reduced GST on electric vehicles from 12% to 5%. Also, the government is providing tax deductions on electric vehicles of Rs 1,50,000 on the interest paid. The electric vehicle parts segment is expected to have high growth in the forecasted period.
- Replacements in old vehicles are also likely to pick up due to an increase in the sale of used cars. The Indian Automotive component industry can be classified into organized and unorganized sectors. The organized sectors supply OEMs and have high-precision instruments, while the unorganized sector deals with low-valued products and mostly provide to the aftermarket category.
- Over the forecast period, the Automotive component industry of India is expected to become the third-largest in the world due to the rapidly globalizing world. The growth of OEMs sourcing from India and increased indigenization of global OEMs is turning the country into a preferred designing and manufacturing hub.
- Uttrakhand has almost 69% of the country's magnesite resources, followed by Rajasthan (16%) and Tamil Nadu (12%). India has the second-largest foundry industry. The Government's focus on Make in India, developing the automotive industry, and the stringent emission norms are driving the market for automotive parts magnesium die casting market.
India Automotive Parts Magnesium Die Casting Industry Overview
The Indian automotive parts magnesium die-casting market is moderately fragmented. Key players in the industry are Sundaram Clayton Ltd, Meridian Lightweight Technologies Inc, Dynacast, Sandhar Group, Magic Precision, and Pace Industries.
India Automotive Parts Magnesium Die Casting Market Leaders
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Sundaram Clayton Limited
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Sandhar Group
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Dynacast Inc.
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Meridian Lightweight Technologies Inc
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JPM Group
*Disclaimer: Major Players sorted in no particular order
India Automotive Parts Magnesium Die Casting Market News
- May 2022: GF Casting Solutions announced turnkey solutions to the many complex issues faced by automotive, showcasing its agility with its pioneering approach to developing electric drive components as well as lightweight structural parts.
- January 2022: B眉hler Group, a leading supplier of die-casting equipment, launched a new magnesium die-casting machine called "Carat 560 SM". The machine is designed for the high-volume production of lightweight automotive parts and is equipped with new features that enhance productivity and efficiency.
India Automotive Parts Magnesium Die Casting Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.1.1 Favorable Properties of Magnesium Led to Increased Adoption in Automobile Sector
4.1.2 Others
4.2 Market Restraints
4.2.1 Cost and Innovation in Alternate Production Processes
4.2.2 Others
4.3 Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Production Process Type
5.1.1 Pressure Die Casting
5.1.2 Vacuum Die Cating
5.1.3 Squeeze Die Casting
5.1.4 Semi-Solid Die Casting
5.2 Application Type
5.2.1 Body Assemblies
5.2.2 Engine Parts
5.2.3 Transmission Parts
5.2.4 Other Applications
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 JPM Group
6.2.2 Sundaram Clayton Ltd.
6.2.3 Meridian Lightweight Technologies Inc.
6.2.4 Dynacast Internationa;
6.2.5 Sandhar Group
6.2.6 Pace Industries
6.2.7 Magic Precision
6.2.8 Ryobi Die Casting
6.2.9 Shiloh Industries Inc.
6.2.10 George Fischer Ltd.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
India Automotive Parts Magnesium Die Casting Industry Segmentation
Automotive parts magnesium die casting is a manufacturing process that involves injecting molten magnesium into a mold to create high-precision and complex parts used in automobiles. It offers benefits such as lightweight, high strength, and durability, making it an ideal choice for producing parts in the automotive industry.
The Indian automotive parts magnesium die casting market is segmented by the production process and application type. By production process, the market is segmented by pressure die casting, vacuum die casting, squeeze die casting, and semi-solid die casting. By application type, the market is segmented by body assemblies, engine Parts, transmission parts, and other applications.
The report offers market size and forecasts in terms of value (in USD) for all the above segments.
| Production Process Type | |
| Pressure Die Casting | |
| Vacuum Die Cating | |
| Squeeze Die Casting | |
| Semi-Solid Die Casting |
| Application Type | |
| Body Assemblies | |
| Engine Parts | |
| Transmission Parts | |
| Other Applications |
India Automotive Parts Magnesium Die Casting Market Research FAQs
How big is the India Automotive Parts Magnesium Die Casting Market?
The India Automotive Parts Magnesium Die Casting Market size is expected to reach USD 228.45 million in 2024 and grow at a CAGR of 6.60% to reach USD 314.47 million by 2029.
What is the current India Automotive Parts Magnesium Die Casting Market size?
In 2024, the India Automotive Parts Magnesium Die Casting Market size is expected to reach USD 228.45 million.
Who are the key players in India Automotive Parts Magnesium Die Casting Market?
Sundaram Clayton Limited, Sandhar Group, Dynacast Inc., Meridian Lightweight Technologies Inc and JPM Group are the major companies operating in the India Automotive Parts Magnesium Die Casting Market.
What years does this India Automotive Parts Magnesium Die Casting Market cover, and what was the market size in 2023?
In 2023, the India Automotive Parts Magnesium Die Casting Market size was estimated at USD 213.37 million. The report covers the India Automotive Parts Magnesium Die Casting Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the India Automotive Parts Magnesium Die Casting Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
India Automotive Parts Magnesium Die Casting Industry Report
Statistics for the 2024 India Automotive Parts Magnesium Die Casting market share, size and revenue growth rate, created by 糖心vlog传媒鈩� Industry Reports. India Automotive Parts Magnesium Die Casting analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
