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The iron and steel casting industry, which was valued at USD 145.99 billion in 2022, is expected to develop rapidly between 2023 and 2030, with a predicted compound annual growth rate (CAGR) of nearly 7.4%.
The rising demand for castings, notably from the automobile industry, is what is primarily responsible for this growth trajectory. The dependence on iron and steel castings for components and parts remains crucial as the automobile industry develops, greatly boosting revenue growth in the casting market. The Iron & Steel Casting market is well-positioned to benefit from the sector's expansion and show significant growth over the course of the forecast period because to the durability and adaptability of castings in automotive applications as well as ongoing industry innovations.
The industry that produces cast iron and cast steel components is referred to as the iron and steel casting market. In the casting process, molten metal is poured into a mold, allowed to set, and then the mold is removed to reveal the finished product. Molten iron or steel is poured into a mould formed of sand, ceramic, or another material in the iron and steel casting industry to create elaborate forms and complex parts. The advantages of casting include the ability to create complicated geometries, cost-effectiveness for large-scale production, and the versatility to produce both small and large components.
Due to their application in the production of components, iron and steel casting are becoming more and more in demand in the automotive and electrical industries. The market is also being fuelled by increased demand for steel casting in the construction sector as a result of expanding infrastructure-building activities. The availability of alternatives, such as castings made of aluminum-based alloys, may, however, limit market expansion. The Porter's Five Forces Model, Market Attractiveness Analysis, and Value Chain Analysis were used in the creation of the research to aid organizations around the world in navigating opportunities and difficulties in the quickly changing industry. On the global market for iron and steel casting, these tools additionally provide specific information on each application and product area.
The automobile, construction, manufacturing, and aerospace industries all have strong ties to the iron and steel casting market. The necessity for strong, effective parts in these industries is what drives the demand for cast iron and steel components. The demand for iron and steel castings is anticipated to stay robust as global industrial activity keeps growing. One of the biggest markets for iron and steel castings is the automotive sector. Cast components are now used more frequently, particularly in engine blocks, cylinder heads, and transmission systems, because to the desire for lightweight and fuel-efficient automobiles. Iron and steel casting manufacturers should see new opportunities as the market for electric vehicles expands.
The demand for iron and steel castings is significantly influenced by the construction sector. Cast components are needed for structural applications in infrastructure projects such residential and commercial buildings, bridges, and transportation systems. The demand for iron and steel castings in the construction industry is anticipated to rise as a result of continuous urbanization and infrastructure development in emerging economies. The production method, product quality, and cost have all improved because to technical improvements in the iron and steel casting business. Precision casting and investment casting are two modern casting techniques that enable the highly accurate manufacture of intricate and complicated components. Further aiding in the optimization and reduction of flaws in the casting process is the use of computer-aided design (CAD) and simulation tools.
Report Coverage
Global Iron & Steel Casting research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Iron & Steel Casting report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Iron & Steel Casting competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Iron & Steel Casting market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Iron & Steel Casting market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Iron & Steel Casting market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
ArcelorMittal, POSCO, Thyssenkrupp AG, Hitachi Metals Co., Ltd., Baosteel Group Corporation, TATA Steel, Voestalpine Group, HBIS Group Co., Ltd., Nucor Corporation, Nippon Steel Corporation, CALMET, Waupaca Foundry, Inc., Uniabex, Nelcast Limited., JFE Holdings, Inc., China Baowu Steel Group Corporation Limited, Voestalpine AG, Kobe Steel, Ltd., Gerdau S.A., CITIC Limited, Schuler AG, Magna International Inc., Georg Fischer AG, Aichi Steel Corporation
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Iron & Steel Casting market based on the below-mentioned segments:
Global Iron & Steel Casting Market, By Material
Iron
White iron
Ductile iron
Gray iron
Steel
Global Iron & Steel Casting market, By Application
Automotive
Industrial machinery
Pipes
fittings and valves
Power & electrical
Sanitary
Others
Global Iron & Steel Casting market, Regional Analysis
The rising demand for castings, notably from the automobile industry, is what is primarily responsible for this growth trajectory. The dependence on iron and steel castings for components and parts remains crucial as the automobile industry develops, greatly boosting revenue growth in the casting market. The Iron & Steel Casting market is well-positioned to benefit from the sector's expansion and show significant growth over the course of the forecast period because to the durability and adaptability of castings in automotive applications as well as ongoing industry innovations.
The industry that produces cast iron and cast steel components is referred to as the iron and steel casting market. In the casting process, molten metal is poured into a mold, allowed to set, and then the mold is removed to reveal the finished product. Molten iron or steel is poured into a mould formed of sand, ceramic, or another material in the iron and steel casting industry to create elaborate forms and complex parts. The advantages of casting include the ability to create complicated geometries, cost-effectiveness for large-scale production, and the versatility to produce both small and large components.
Due to their application in the production of components, iron and steel casting are becoming more and more in demand in the automotive and electrical industries. The market is also being fuelled by increased demand for steel casting in the construction sector as a result of expanding infrastructure-building activities. The availability of alternatives, such as castings made of aluminum-based alloys, may, however, limit market expansion. The Porter's Five Forces Model, Market Attractiveness Analysis, and Value Chain Analysis were used in the creation of the research to aid organizations around the world in navigating opportunities and difficulties in the quickly changing industry. On the global market for iron and steel casting, these tools additionally provide specific information on each application and product area.
The automobile, construction, manufacturing, and aerospace industries all have strong ties to the iron and steel casting market. The necessity for strong, effective parts in these industries is what drives the demand for cast iron and steel components. The demand for iron and steel castings is anticipated to stay robust as global industrial activity keeps growing. One of the biggest markets for iron and steel castings is the automotive sector. Cast components are now used more frequently, particularly in engine blocks, cylinder heads, and transmission systems, because to the desire for lightweight and fuel-efficient automobiles. Iron and steel casting manufacturers should see new opportunities as the market for electric vehicles expands.
The demand for iron and steel castings is significantly influenced by the construction sector. Cast components are needed for structural applications in infrastructure projects such residential and commercial buildings, bridges, and transportation systems. The demand for iron and steel castings in the construction industry is anticipated to rise as a result of continuous urbanization and infrastructure development in emerging economies. The production method, product quality, and cost have all improved because to technical improvements in the iron and steel casting business. Precision casting and investment casting are two modern casting techniques that enable the highly accurate manufacture of intricate and complicated components. Further aiding in the optimization and reduction of flaws in the casting process is the use of computer-aided design (CAD) and simulation tools.
Report Coverage
Global Iron & Steel Casting research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Iron & Steel Casting report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Iron & Steel Casting competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Iron & Steel Casting market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | ArcelorMittal, POSCO, Thyssenkrupp AG, Hitachi Metals Co., Ltd., Baosteel Group Corporation, TATA Steel, Voestalpine Group, HBIS Group Co., Ltd., Nucor Corporation, Nippon Steel Corporation, CALMET, Waupaca Foundry, Inc., Uniabex, Nelcast Limited., JFE Holdings, Inc., China Baowu Steel Group Corporation Limited, Voestalpine AG, Kobe Steel, Ltd., Gerdau S.A., CITIC Limited, Schuler AG, Magna International Inc., Georg Fischer AG, Aichi Steel Corporation |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Iron & Steel Casting Market from 2021 to 2030.
- Market Forecast for Iron & Steel Casting Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Iron & Steel Casting competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Iron & Steel Casting
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Iron & Steel Casting market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Iron & Steel Casting market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
ArcelorMittal, POSCO, Thyssenkrupp AG, Hitachi Metals Co., Ltd., Baosteel Group Corporation, TATA Steel, Voestalpine Group, HBIS Group Co., Ltd., Nucor Corporation, Nippon Steel Corporation, CALMET, Waupaca Foundry, Inc., Uniabex, Nelcast Limited., JFE Holdings, Inc., China Baowu Steel Group Corporation Limited, Voestalpine AG, Kobe Steel, Ltd., Gerdau S.A., CITIC Limited, Schuler AG, Magna International Inc., Georg Fischer AG, Aichi Steel Corporation
Primary Target Market
- Market Players of Iron & Steel Casting
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Iron & Steel Casting market based on the below-mentioned segments:
Global Iron & Steel Casting Market, By Material
Iron
White iron
Ductile iron
Gray iron
Steel
Global Iron & Steel Casting market, By Application
Automotive
Industrial machinery
Pipes
fittings and valves
Power & electrical
Sanitary
Others
Global Iron & Steel Casting market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
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