Overview and Scope
Iron and steel casting refers to the method of shaping molten metal in molds to create finished iron and steel goods. These are used to create a variety of intermediate goods that are used in a broad range of application sectors.
Sizing and Forecast
The iron and steel casting market size has grown strongly in recent years. It will grow from $164.59 billion in 2023 to $176.2 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to advancements in metallurgy, urbanization and construction boom, development of energy sector, rapid industrialization, world wars and defense needs.
The iron and steel casting market size is expected to see strong growth in the next few years. It will grow to $230.81 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to adherence to industry standards, material advancements, focus on precision and quality, global market expansion, infrastructure development projects.. Major trends in the forecast period include sustainable casting practices, product innovations, strategic partnerships, technological advancements.
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Segmentation & Regional Insights
The iron and steel casting market covered in this report is segmented –
1) By Type: Large Casting, Medium Casting, Small Casting
2) By Material Type: Gray Iron, Ductile Iron, Steel, Malleable Iron
3) By Application Type: Automotive and Transport, Pipes and Fittings, Pumps and Valves, Machinery and Equipment, Other Applications
4) By End-Use Type: Machine Tools, Mining, Transportation, Construction, Electrical, Steel Industry, Other end-users
Asia-Pacific was the largest region in the iron and steel casting market analysis in 2023 and is expected to be the fastest-growing region in the forecast period. The regions covered in the iron and steel casting market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
Government investments in infrastructure are expected to propel the growth of the iron and steel casting market going forward. Investments in infrastructure refer to tangible assets, including elements like the energy infrastructure, roads, bridges, and highways we use every day. Cast iron and steel are used to create building structures and as construction materials. For instance, in March 2022, the government of US announced an additional investment of $166.5 million in 108 infrastructure projects as part of implementing the Bipartisan Infrastructure Law, also known as the Infrastructure Investment and Jobs Act (IIJA). Therefore, investment in infrastructure by governments is driving the growth of the iron and steel casting market.
Key Industry Players
Major companies operating in the iron and steel casting market report are ArcelorMittal S.A., AMSTED Industries Incorporated, Tata Steel Ltd., Evraz plc, Hitachi Metals Ltd., Nucor Corporation, Kobe Steel Ltd., The ESCO Group, Calmet, Hyundai Steel Co. Ltd., Nelcast Limited, OSCO Industries Inc., Peekay Steel Castings Pvt. Ltd., Impro Industries USA Inc., MetalTek International, Tupy SA, Waupaca Foundry Inc., Neenah Foundry Company, Aarrowcast Inc., Dotson Iron Castings, Grede Holdings LLC, Metal Technologies Inc., Cifuns, Brantingham Manufacturing, Badger Foundry Company, Benton Foundry, Cast Technologies Inc., American Iron & Alloys Corporation, Modern Aluminum Castings Co. Inc., Liaoning Borui Machinery Co. Ltd.
The iron and steel casting market report table of contents includes:
1. Executive Summary
2. Iron and Steel Casting Market Characteristics
3. Iron and Steel Casting Market Trends And Strategies
4. Iron and Steel Casting Market – Macro Economic Scenario
5. Global Iron and Steel Casting Market Size and Growth
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26. South America Iron and Steel Casting Market
27. Brazil Iron and Steel Casting Market
28. Middle East Iron and Steel Casting Market
29. Africa Iron and Steel Casting Market
30. Iron and Steel Casting Market Competitive Landscape And Company Profiles
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