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The iron castings market size is estimated to grow at a CAGR of 5.15% between 2022 and 2027 with the market size forecast to increase by 23,204.12 thousand tons.
This iron castings market report extensively covers market segmentation by End-user (automobile, industrial machinery, infrastructure and construction machines, power, and others), Product (gray iron, duct iron, and malleable iron), and Geography (APAC, Europe, North America, South America, and Middle East and Africa). Our report examines historic data from 2017 to 2021, besides analyzing the current market scenario.
The growth of the market depends on several factors, including the growth of the market depends on several factors, including the growth in the automobile segment, an increase in demand from housing and infrastructure segments, and industrialization in developing countries.
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Cast iron is an alloy of iron and carbon, it is hard, brittle, and non-malleable. The concentration of carbon varies from 2% to 5%. The alloy has a lower melting temperature and requires less refining when compared with steel, which has a typical carbon content of 0.5%.
The market share growth by the automobile segment will be significant during the forecast period. Light trucks and cars are the major end-users of iron castings 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 valued at 27,349.55 thousand tons in 2017 and continue to grow by 2021. In the automotive industry, the rising global volume of vehicle production will increase the demand for iron casting 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 for iron casting during the forecast period.
Based on products, the gray iron segment holds the largest market share. Gray iron is widely used in the automobile industry because it can withstand high pressures and temperatures, high strength-to-weight ratio, corrosion resistance, and greater wear resistance compared with aluminum. It is widely used in power transmission housings, gearboxes, and speed changers in automotive and non-automotive applications due to its high vibration-dampening ability.
Gray iron is also used to manufacture brake drums because of its dimensional steadiness under differential heating. The other applications of gray iron include compressor housings for appliances and other equipment, construction castings, fittings, sliding surfaces (machine tool ways, cylinder bores, piston rings), and rolls for rolling mills.
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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The continuous increase in manufacturing activities in emerging markets, such as India, Singapore, Korea, and Indonesia, is driving market growth 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. Modern equipment and lower labor costs have made the casting industry in APAC globally competitive. Most foundries in APAC use cupolas that employ low ash metallurgical coke. The growing awareness about environment conservation has made many foundries switch to induction furnaces and coke-less cupolas.
The global iron castings market is primarily being driven by the automotive sector's expansion. Cast iron components, such as engine parts, gears, and suspensions, are widely utilized in heavy commercial vehicles and tractors. These segments are shifting towards higher-horsepower engines, leading to increased demand for cast iron components like cylinder blocks and heads.
Economic recovery in the US and Europe has stimulated the automotive industry, resulting in greater employment, higher per capita income, and increased access to credit. This has enhanced consumer purchasing power and business confidence. As a result, automakers will need to boost production capacity by adding new facilities or expanding existing ones, leading to a higher demand for cast iron products within the industry.
The predominant trend in the global iron castings market is the modernization of the foundry industry. Foundries now favor automated molding techniques, mechanized sand molding, and continuous casting. Stringent quality standards are widely adopted, and environmentally friendly practices like the cold casting process are gaining traction. Cold casting reduces emissions, recycles 90% of molds, minimizes waste, and lowers raw material usage by eliminating metal melting, resulting in reduced energy consumption.
Additionally, cold-cast products are lightweight, making them easier to handle and ship, leading to lower energy costs. Modernizing foundries aims to streamline production processes and enhance the quality of finished products. These modernized foundries can supply custom castings in materials such as ductile iron, bronze, brass, and aluminum.
The global iron castings market faces a significant challenge from aluminum. Technological advances have boosted aluminum adoption, creating intense competition in manufacturing. Aluminum is increasingly used in high-speed machinery, high-volume production, and extended machine operation. Iron casting is sturdy but mostly used in columns due to its superior compression strength over tensile strength. However, it's prone to corrosion when exposed to moisture.
Aluminum casting is replacing iron in intricate decorative elements due to its lightweight, corrosion resistance, and reduced brittleness. Aluminum castings require minimal additional machining, especially in the transportation industry, where they dominate. These factors hinder market growth.
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.
Benton Foundry - The company offers iron castings that are equipped with the latest technology to ensure that castings are produced with unrivalled quality, faster turnaround, and lower total cost.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
BMF GROUP, chamberlin Plc, Dandong Fuding Engineering Machinery Co. Ltd., Decatur Foundry Inc., Deeco Metals, Endurance Technologies Ltd., Hitachi Metals Ltd., Krakatau Posco, MAGMA Giessereitechnologie GmbH, NINGBO INNOVAW MECHANICAL CO., LTD, OSCO Industries Inc., Plymouth Foundry Inc., Qingdao Tian Hua Yi He Foundry Factory, Reliance Foundry Co. Ltd., Shibaura Machine CO., LTD, Sumitomo Electric Industries Ltd., thyssenkrupp AG, Waupaca Foundry Inc., 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 Iron Castings Market Customer Landscape
This report predicts segment contributions to market growth, including COVID-19 impacts and recovery strategies. The pandemic initially increased demand in APAC. However, as countries like India, China, Australia, and Japan lifted lockdowns due to widespread vaccination efforts in 2021, iron casting plant operations resumed, driving demand for iron casting products in APAC. The agriculture sector also saw notable growth and increased demand for food grains, contributing to rising demand for iron casting products in APAC during the forecast period.
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Iron Castings Market Scope |
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Report Coverage |
Details |
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Page number |
173 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.15% |
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Market growth 2023-2027 |
23,204.12 thousand t |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
5.55 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 68% |
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Key countries |
US, China, India, Japan, and Germany |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Benton Foundry Inc., BMF GROUP, chamberlin Plc, Dandong Fuding Engineering Machinery Co. Ltd., Decatur Foundry Inc., Deeco Metals, Endurance Technologies Ltd., Hitachi Metals Ltd., Krakatau Posco, MAGMA Giessereitechnologie GmbH, NINGBO INNOVAW MECHANICAL CO., LTD, OSCO Industries Inc., Plymouth Foundry Inc., Qingdao Tian Hua Yi He Foundry Factory, Reliance Foundry Co. Ltd., Shibaura Machine CO., LTD, Sumitomo Electric Industries Ltd., thyssenkrupp AG, Waupaca Foundry Inc., and Willman Industries Inc |
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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 |
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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. |
We can help! Our analysts can customize this market research report to meet your requirements.
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
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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