Iron & Steel Casting Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI1545
Global Iron & Steel Casting Market size will be driven by growth of its various end-user industries such as construction, mining, and automobiles.
The iron & steel casting market will be chiefly driven by high growth in the construction industry where steel plates and heavy construction equipment are used. Construction industry was valued around USD 8 trillion in 2015 and is expected to grow at a healthy rate due to economic growth in Asia Pacific and North America.
Iron & steel casting market will also be boosted by high growth in the mining industry as the product is used in manufacturing earth moving and mining equipment. Total world mineral production was more than 17 billion tons in 2015. The mining industry is expected to progress at a steady rate during the forecast period.
Iron & steel casting market will also be augmented by rising demand for automobiles as the product is extensively employed to fabricate engine parts. Total vehicle production in 2015 was more than 90 million and it is projected to increase in the coming years due to high demand in developing economies like China, India, Brazil etc. Growth in machine tools, aerospace, steel and electricals industries worldwide will also be a positive influence for the iron & steel casting market as the product has wide applications in these fields.
Use of aluminum-based alloys and other composite materials in aerospace industry and high energy requirement for casting processes may hamper the iron & steel casting market during the forecast period. Heavy nature of the product gives them a competitive disadvantage from light weight substitutes such as aluminum and magnesium alloys in order to increase the performance characteristics of the automobiles and aerospace.
By material type, iron & steel casting market is segmented into two major categories, which are iron casting and steel casting. Iron casting is further segmented as grey cast iron, white cast iron, and other cast iron alloys. Steel casting segment is bifurcated into carbon and alloy steel castings. Various alloying elements such as carbon, silicon, nickel, chromium, etc. are used in iron & steel to impart distinct properties.
By product, iron & steel casting market is segmented as bars, pipes & tubes, sheets & plates, semi-finished cast products and other types such as rods, balls, etc. Sheets and plates are used in construction and electrical industries while bars are employed in steel manufacturing. Semi-finished cast products are intermediate castings which needs further machining before being a finished product.
Iron & steel casting market, by end-user, is segmented into machine tools, mining, transportation, construction, electrical, steel industry and other end-users such as power generation, defense, etc. Machine tools will garner a significant share of the total iron & steel casting market and is poised to grow at a steady rate owing to the various other industries that these tools are used in. Mining and construction segments also have a substantial share which will grow at a fast pace. Transportation industry segment will also experience high growth, mostly in developing nations.
Asia pacific is a significant iron & steel casting market due to robust industrialization in countries like China and India. Fast developing infrastructure and construction industry in this region will be a major factor resulting in increase in the market share in Asia Pacific. Europe and North America also have substantial share of the iron & steel casting market due to growth of construction industry and presence of manufacturing companies in the U.S. and eastern European nations like Germany and France. Latin America and Middle East iron & steel casting market will also experience a steady growth due to improving economic condition in these regions leading to a rise in manufacturing as well as construction activities.
Key players in the global iron & steel casting market are ArcelorMittal SA, Steel Authority of India Limited (SAIL), Tata Group, ThyssenKrupp AG, The Voestalpine Group, Hebei Iron and Steel Group Co, SSAB AB, POSCO, Shanghai Baosteel Group Corporation, Peekay Steel, Pacific Steel Casting Company LLC, Hitachi Metals, ESCO, Calmet and Kobe Steel.
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