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The iron castings market size is estimated to grow by USD 50.34 billion at a CAGR of 5.98% between 2023 and 2028.
The report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD billion for each of the mentioned segments.
The growth of the market depends on several factors such as the growth in the automobile segment. The growth of the market hinges on multiple factors, including the increasing competition from aluminum casting. The accelerated growth of the market is due to various factors, including the modernization of the foundry industry
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This refers to objects or components that are produced by pouring molten iron into a mold and allowing it to solidify and take the shape of the mold.
The automobile segment is estimated to witness significant growth during the forecast period. Light trucks and cars are the major end-users of these in the automotive industry. Cast iron parts are subjected to a range of loads, including shearing, bending, torsion, lateral loading, and fore and aft loading. The global passenger car market is growing at a CAGR of more than 3.75%. Developing markets, such as India and China, may increase the demand for various automotive parts and components made of cast iron.
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The automobile segment was the largest segment and was valued at USD 49.23 billion in 2018. In the automotive industry, the rising global volume of vehicle production will increase the demand during the forecast period. Countries such as Germany, South Korea, Japan, India, and China, are the leading producers of automobiles worldwide. These countries are large manufacturing hubs for automotive vehicle production. The rising production of vehicles will increase the demand during the forecast period.
Product Insights
The market is segmented based on product into gray iron, duct iron, and malleable iron.
APAC is estimated to contribute 68% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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APAC has been experiencing rapid industrialization and significant infrastructure development. The demand for these is closely tied to the construction of new infrastructure, including roads, bridges, buildings, and industrial facilities. The growth of manufacturing industries and the machinery sector in APAC, including sectors like heavy machinery, industrial equipment, and machine tools, drives the demand for iron castings.
Furthermore, the continuous increase in manufacturing activities in emerging markets, such as India, Singapore, Korea, and Indonesia, is driving the market in the region. The acceptance of modern technologies, such as CAD-CAM (computer-aided designing/computer-aided manufacturing), has brought the industry to par with the best in the world. Hence, such factors are expected to drive the market in this region during the forecast period.
Key Driver
Growth in the automobile segment is the key factor driving the market. Cast iron products are mostly used in engine parts, gears and bushings, suspension, brakes, steering, and crankshaft. The heavy commercial vehicle and tractor segments are shifting toward engines that generate higher horsepower, which is likely to increase the use of components, such as cylinder block and cylinder head, which will consequently increase the volume of cast iron consumed. Furthermore, to increase the production capacity automotive manufacturers require cast iron products, thereby contributing to the growth in the consumption of these products in the automobile industry, which will propel the market during the forecast period.
Major Trend
Modernization of the foundry industry is the primary trend shaping the market. Stringent quality standards are being widely practiced. Environment-friendly techniques, such as the cold casting process, are also introduced in many regions. Furthermore, the lightweight property of cold-cast products makes them easier to handle and ship, thereby reducing energy costs. In addition, the modernization of foundries aims to streamline the production process and improve the finished product quality. Modernized foundry enables custom castings to supply ductile iron, bronze, brass, and aluminum. Therefore, the modernization of the foundry industry will drive the growth of the market during the forecast period.
Significant Challenge
Increasing competition from aluminum casting is a challenge that affects the market. This has been used recently as a substitute for iron, especially for ornately detailed decorative elements. The metal is lightweight, more resistant to corrosion, and less brittle than cast iron. These can be produced to a near-desired shape, minimizing further machining and maximizing the yield. They are used in many end-user industries, but transportation is the largest market for these castings. Thus, the increasing competition from aluminum casting will impede the global market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Benton Foundry Inc., BMF GROUP, chamberlin Plc, Dandong Fuding Engineering Machinery Co. Ltd., Decatur Foundry Inc., Deeco Metals, MAGMA Giessereitechnologie GmbH, Ningbo Metrics Automotive Components Co. Ltd., OSCO Industries Inc., Plymouth Foundry Inc., POSCO holdings Inc., Proterial Ltd., Qingdao Tian Hua Yi He Foundry Factory, Reliance Foundry Co. Ltd, Shibaura Machine CO. LTD., Sumitomo Electric Industries Ltd., Suzhou Keboer Machine Tool Group Co. Ltd., thyssenkrupp AG, and Willman Industries Inc
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
The Market is experiencing growth, driven by factors such as infrastructural developments and the presence of numerous manufacturers catering to various industries. The market serves large-scale automobile plants, machinery & tool manufacturers, and the petrochemical industry with components like pipes & fittings, switch boxes, and motor frames.
Key trends include capacity expansions, mergers & acquisitions, and the adoption of online dashboards for competitive benchmarking and accessing historical data & forecasts. The market also benefits from company revenue shares and regional opportunities, supported by initiatives such as the French government's action plan.
Iron castings, particularly gray cast iron and ductile cast iron, offer low cost, high strength, and durability, making them suitable for water systems, airports, railways, and roadways. With a focus on infrastructure and metal & mining, the market is expected to continue its growth trajectory, driven by malleable cast iron components used in agriculture, tools & equipment, and electrical fittings and equipment.
Iron Castings Market Scope |
|
Report Coverage |
Details |
Page number |
173 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.98% |
Market Growth 2024-2028 |
USD 50.34 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
5.5 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 68% |
Key countries |
US, China, India, Japan, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Benton Foundry Inc., BMF GROUP, chamberlin Plc, Dandong Fuding Engineering Machinery Co. Ltd., Decatur Foundry Inc., Deeco Metals, Hitachi Ltd., MAGMA Giessereitechnologie GmbH, Ningbo Metrics Automotive Components Co. Ltd., OSCO Industries Inc., Plymouth Foundry Inc., POSCO holdings Inc., Proterial Ltd., Qingdao Tian Hua Yi He Foundry Factory, Reliance Foundry Co. Ltd, Shibaura Machine CO. LTD., Sumitomo Electric Industries Ltd., Suzhou Keboer Machine Tool Group Co. Ltd., thyssenkrupp AG, and Willman Industries Inc |
Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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