Iron & Steel Casting Market Size

Iron & Steel Casting Market Size

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.

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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.