Industrial Casting Market in US by Type and End-user- Forecast and Analysis 2023-2027

The industrial casting market in US is estimated to grow at a CAGR of 5.31% between 2022 and 2027 and the size of the market is forecast to increase by USD 4,914.44 million. The growth of the market depends on several factors, the growing demand from automotive industry, the increased use of simulation-based castings, and the increased demand for iron casting from renewable energy sector.

This report extensively covers market segmentation by type (non ferrous and ferrous) and end-user (machinery, automotive, electrical and electronics, and construction and others). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.

What will be the Size of the Industrial Casting Market in US During the Forecast Period?

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Technavio’s Exclusive Industrial Casting Market in US Customer Landscape

The report includes the adoption lifecycle of the market, spanning from the innovator’s stage to the laggard’s stage. Furthermore, the report includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.  

Global Industrial Casting Market in US Customer Landscape

Key Drivers, Trends and Challenges

Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.    

Key  Driver

Increased demand for iron casting from renewable energy sector is the key factor driving the growth of the industrial casting market in US. Castings are an important part of the wind energy sector. Components cast in this field include rotor hubs, gears and bearing housings. The rotor hub is cast as a single nodular iron part. It is important to avoid using materials that rust or corrode. Direct combustion is the most commonly used method of producing bioelectricity and involves burning biomass using excess air in low-pressure atmospheric fire tubes, fluidized bed boilers, or water tubes. Bioelectricity utilizes several cast components, such as pumping equipment, industrial fans, piping, and turbines.

Fans are characteristically huge centrifugal cast blowers, while iron pipes and tubes are partly cast components. The different types of alternative energy sources with a high potential for growth include biomass and heat pumps, geothermal heat, solar PV cells, hydropower, and wind. Iron castings are anticipated to play a significant role in the evolution and adoption of these renewable energy sources. Therefore, these factors are expected to drive the growth of the market in focus during the forecast period.

Significant Trends

Shift from ferrous to non-ferrous castings is the primary trend in the US industrial casting market. In recent years, the US metal casting market has shifted to non-ferrous castings, especially aluminum castings, due to their superior properties. End-user industries such as automotive, telecommunications, and industrial machinery are also looking to lightweight products to improve quality and efficiency by reducing overall weight. For instance, several automotive components that are usually manufactured using ferrous casting materials, such as iron and steel, are being replaced by non-ferrous casting materials, such as aluminum, zinc, and magnesium, that are lightweight, resistant to corrosion, and have a high conductivity.

Besides, several automotive manufacturers are steadily moving from the deployment of cast iron engine blocks to aluminum engine blocks. For instance, Honda has shifted to aluminum engine blocks, which are sturdier under high horsepower conditions than cast iron. Likewise, various parts of automobiles are being replaced with highly efficient, non-ferrous casting products, especially in high-performance and luxury vehicles, to increase their efficiency. This is estimated to enhance the growth of the US industrial casting market during the forecast period.

Major  Challenge

Volatile raw material prices are major challenge to the growth of the US industrial casting market. Fluctuations in raw material prices and falling prices of cast steel products are forcing the world's leading cast steel manufacturers to improve their profit margins. This has a greater impact on steelmakers who have long-term raw material supply contracts. Therefore, these manufacturers vertically integrate their upstream operations to solve these problems and remain competitive in the market. Vertical integration also gives us more control over commodity prices.

Moreover, the packaging industry is a major source of steel scrap. Approximately 70% of the steel is recycled from food and beverage cans, aerosol cans, and other packaging products. However, the prevailing low prices of iron ore are taking the scrap market share leading to a decline in scrap imports from the US. Thus, the fluctuating prices of iron ore also affect the demand for steel scrap, and as a result, it will cause a significant challenge in the market in focus during the forecast period.

Who are the Major Industrial Casting Market Vendors in US?

Vendors 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.

Alcoa Corp.: The company offers industrial casting such as advanced aluminum alloys.
Charlotte Pipe and Foundry Co.: The company offers industrial casting such as gray iron castings. Also, through this segment, the company manufactures pipes and fittings.

We also have detailed analyses of the market’s competitive landscape and offer information on 20 market vendors, including:

• Aludyne Inc.
• Andritz AG
• Charlotte Pipe and Foundry Co.
• D.W. Clark
• EJ Group Inc.
• Georg Fischer AG
• Great Lakes Castings LLC
• Grupo Industrial Saltillo SAB de CV
• Impro Precision Industries Ltd.
• KSB SE and Co. KGaA
• Meridian Lightweight Technologies Inc.
• MetalTek International
• Neenah Enterprises Inc.
• OSCO Industries Inc.
• Pace Industries

Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies vendors into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Vendors are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.  

Industrial Casting Market Segmentation in US by Type, and End- User

Type Segment Analysis:

The non ferrous segment will account for a major share of the market's growth during the forecast period. Non-ferrous casting involves the casting process using metals like aluminum, copper, zinc, magnesium, and other non-ferrous metals, such as tin, titanium, lead, nickel, and rare-earth metals. Out of all these, aluminum is the predominant metal used. The non-ferrous castings segment of the US industrial casting market is expected to grow as a result of the demand arising from the automotive industry.

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The non ferrous segment was valued at USD 8,310.65 million in 2017 and continued to grow until 2021. Based on the type, non-ferrous casting can be segmented into Aluminum, Copper, Zinc, Magnesium, and others. Aluminum is the second-most used metal in automobiles after steel because the weight reduction strategy being followed by most automobile original equipment manufacturers (OEMs). Similarly, copper castings are used in applications such as the production of valve bodies, pipes, bearings, bushings, and fittings. They are used for the advantages of copper, such as heat transfer capability, corrosion resistance, and machinability.

Moreover, the castings consume more zinc alloys than utensils because of this it is used in automotive, construction, and industrial applications. Similarly, Magnesium is one of the most abundant metals found in the earth’s crust. Because of its high bonding property, it is rarely found in a pure form. Thus, these factors are expected to lead to the growth of the global non-ferrous castings market during the forecast period.

End-User Segment Analysis:

Based on end-user, the market has been segmented into machinery, automotive, electrical and electronics, construction and others. The machinery segment will account for the largest share of the end-user segment. Factor such as, the aluminum casting is used for different heavy machinery and industrial applications, such as heavy-duty trucks and sports, floor maintenance, and garden equipment. The growing demand for machine tools will propel the growth of this segment during the forecast period.

Segment Overview

The industrial casting market in US report forecasts market growth by revenue and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. 

• Type Outlook (USD Million, 2017 - 2027)
  • Non ferrous
  • Ferrous

• End-user Outlook (USD Million, 2017 - 2027)
  • Machinery
  • Automotive
  • Electrical and electronics
  • Construction and others

Industrial Casting Market Scope in US

Report Coverage	Details
Page number	132
Base year	2022
Historic period	2017-2021
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 5.31%
Market growth 2023-2027	USD 4,914.44 million
Market structure	Fragmented
YoY growth 2022-2023(%)	4.27
Competitive landscape	Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled	Alcoa Corp., Aludyne Inc., Andritz AG, Charlotte Pipe and Foundry Co., D.W. Clark, EJ Group Inc., Georg Fischer AG, Great Lakes Castings LLC, Grupo Industrial Saltillo SAB de CV, Impro Precision Industries Ltd., KSB SE and Co. KGaA, Meridian Lightweight Technologies Inc., MetalTek International, Neenah Enterprises Inc., OSCO Industries Inc., Pace Industries, Precision Castparts Corp., Sivyer Steel Castings LLC, Sujan Industries, and The Weir Group Plc
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period.
Customization purview	If our 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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What are the Key Data Covered in this Industrial Casting Market Report in US?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the industrial casting market in US  between 2023 and 2027
• Precise estimation of the industrial casting market in US and its contribution to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the market industry across US
• A thorough analysis of the market’s competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of industrial casting market vendors in US

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