Iron & Steel Casting Market Size, By Material (Iron [White Iron, Ductile Iron, Gray Iron], Steel), By Process (Sand Casting, Die Casting), By Application (Automotive; Industrial Machinery; Pipe, Fittings & Valves; Power & Electrical; Sanitary), Industry Analysis Report, Regional Outlook, Application Growth Potential, Price Trends, Competitive Landscape & Forecast, 2021 – 2027

Published Date: Jan 2021  |  Report ID: GMI1545  |  Authors: Kiran Pulidindi, Akshay Prakash

Report Format: PDF   |   Pages: 180   |   Base Year: 2020




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Iron & Steel Casting Market size was valued at USD 145.97 billion in 2020 and is estimated to exhibit a CAGR of over 5.4% from 2021 to 2027. Rising castings demand from automotive industry will escalate the revenue generation.
 

Casting is a procedure to manufacture finished steel and iron products & components. It uses molds to shape the molten metal. Casting offers exceptional capability for design details & customization and can eliminate the requirement for added assembly & fabrication. Various materials can be cast including several synthetics and metals; however, steel and iron offer excellent mechanical properties for a wide range of applications.
 

Iron & Steel Casting Market Outlook

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Development in the global construction and infrastructure industry will augment the iron & steel casting market share. The U.S. has witnessed more than 10% growth in the commercial construction expenditure between 2017 and 2019, whereas the country’s commercial construction spending accounted for over USD 500 billion in 2019.
 

Supportive government policies and investments in Asia Pacific to improve the standard of living and promote the regional construction sector will boost the global construction industry. Beijing Municipal Commission announced 300 construction projects, which include 100 projects to assist high-tech industries, 100 infrastructure development projects, and 100 projects to uplift the livelihood of citizens. The Government of India launched Housing for All, Smart City Mission, and Pradhan Mantri Awas Yojana to promote the construction industry in the country.
 

Iron and steel cast products are widely used for various sanitary fittings such as sewer pipes, manholes, and water pipes. It also finds applications in column bases & metal columns, lamp posts, metal staircases, and gates. Rising construction projects across the globe will further augment production usage in the near future.
 

On the other hand, volatile raw material prices coupled with rapid technology advancements may hamper the iron & steel casting market growth in the coming years. The supply-chain disruption caused by the ongoing COVID-19 pandemic will negatively influence product demand. As a preventive measure, major countries have reduced international trade and imposed restrictions on the mobility of citizens. Some manufacturing facilities are temporarily closed, whereas some are operating at a restricted level. These trends will hinder iron & steel casting consumption.
 

Iron & Steel Casting Market Report Coverage
Report Coverage Details
Base Year:2020
Market Size in 2020:146 Billion (USD)
Forecast Period:2021 to 2027
Forecast Period 2021 to 2027 CAGR:5.4%
2027 Value Projection:213.2 Billion (USD)
Historical Data for:2017 to 2020
No. of Pages:180
Tables, Charts & Figures:258
Segments covered:Material, Process, Application and Region
Growth Drivers:
  • Development in Asia Pacific automotive industry
  • Proliferating product consumption in construction and infrastructure sector
  • Increasing product demand for industrial machineries
Pitfalls & Challenges:
  • Rapid technological advancement
  • Volatile raw material prices

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Iron will be the majorly used material

In 2020, iron casting accounted for over 80% market share in iron & steel casting market. Cast iron holds an advantage over steel in terms of machining, cast, and compressive strength. It pours easily and shrinks lesser than steel. Iron is further subcategorized into white iron, ductile iron, and gray iron. Gray iron is the most commonly used cast iron and contains graphite microstructure with small fractures.
 

When gray cast iron is produced, the fractures reveal the graphite underneath the surface. It contains around 2.5% - 4.2% carbon, 1.0% - 3.0% silicon, 0.15% - 1.0% manganese, 0.02% - 0.25% sulfur, and 0.02% - 1.0% phosphorus. It has high thermal conductivity, superior vibration damping capability, and acceptable tensile strength. Additionally, this type of cast iron is cost-efficient and has an excellent ability to withstand thermal cycling. It is used in hydraulic components, pumps, linkages, gears, automotive suspension components, steering knuckles, tractor parts, wind turbine housings, machinery bases, and truck suspension components.
 

Sand casting will be the most preferred process

Iron & Steel Casting Market by Process 

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Sand casting, also known as sand molded casting, generated around USD 75 billion in 2020. It incorporates expandable sand molds to produce complex metal parts that can be made from any alloy. This process makes use of metal, furnace, pattern, and sand mold. The advantages of sand casting include production of large parts, casting of complex shapes, shorter lead times, and low cost.
 

However, this process has a few disadvantages including low material strength & dimensional accuracy, poor surface finish, and high porosity. It is used in blowers or impellers, electronic equipment, engine blocks, gas or oil tanks, automobile parts, agricultural machines, pistons, valves, medical equipment, mining equipment, etc.
 

Automotive will be the leading application segment

Iron & Steel Casting Market by Application

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Automotive accounted for approximately one-third of the overall iron & steel casting market. It can be ascribed to the proliferating automotive demand across the globe. Iron casting is widely used for manufacturing engine components, suspension components, driveline, and braking components in the automotive sector. Steel casting is also widely used in cars and trucks. Rising spending power of middle-class populace coupled with proliferating urbanization in developing countries, increasing demand for luxury automobiles in North America and Europe are some of the factors propelling the growth of global automotive and will boost product consumption in coming years.
 

Asia Pacific to dominate the industry size

Iron & Steel Casting Market by Region

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Asia Pacific dominated the global iron & steel casting market with over 60% market volume share in 2020. It can be attributed to the availability of raw materials, presence of numerous casting foundries, well-established manufacturing facilities, and rising product consumption in major end-use industries in the region. Supportive government initiatives to bolster the regional automotive and construction sector coupled with heavy public & private investments in the region will positively influence product usage in the region.
 

Research & development, acquisitions, and production capacity expansion to augment the industry foothold

The global iron & steel casting market will experience intense market competition in the coming years. It can be ascribed to the implementation of various aggressive strategies, such as focused research & development activities, expansion of production capacity, and acquisitions by some of the key product manufacturers, to bolster their market position.
 

Some key players in the iron & steel casting industry are 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, and Nelcast Limited. Major end-users opt for long-term agreements with iron & steel casting manufacturers for ensuring the efficient product supply.
 

The iron & steel casting market report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Kilo Tons and revenue in USD Million from 2017 to 2027 for the following segments:

By Material

  • Iron
    • White iron
    • Ductile iron
    • Gray iron
  • Steel

By Process

  • Sand casting
  • Die casting
  • Others

By Application

  • Automotive
  • Industrial machinery
  • Pipes, fittings and valves
  • Power & electrical
  • Sanitary
  • Others

The above information is provided on a regional and country basis for the following:

By Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Italy
    • Turkey
    • Poland
    • Russia
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Taiwan
  • Latin America
    • Brazil
    • Mexico
  • Middle East & Africa
    • South Africa
    • Egypt
    • Saudi Arabia
    • UAE

 

Frequently Asked Questions (FAQ) :

The global market for iron & steel casting had reached over USD 145.97 billion in 2020 and will expand at around 5.4% CAGR up to 2027 with increasing demand from the auto manufacturing sector.
The sand-casting process segment contributed around USD 75 billion towards iron & steel casting industry in 2020 for the production of complex metal components made from any alloy.
Iron casting segment held more than 80% of the iron & steel casting industry share in 2020 owing to advantages over steel with regards to compressive strength, cast and machining.
APAC iron & steel casting industry held over 60% of the global volume share in 2020 and will grow due to a large number of foundries, manufacturing facilities and vast availability of raw materials.

Premium Report Details

  • Published Date: Jan 2021
  • Pages: 180
  • Tables: 238
  • Charts / Figures: 20
  • Companies covered: 14
  • Countries covered: 21

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