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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 automotive sector is witnessing growth alongside a surge in demand for iron castings from the housing and infrastructure segments, driven by increased construction activities. Simultaneously, the mechanization of agriculture is reshaping farming practices, leading to higher demand for machinery and equipment. The growth in the automobile segment reflects consumer preferences for mobility solutions and technological advancements in vehicle manufacturing. Furthermore, the rise in demand for iron castings from housing and infrastructure sectors underscores the importance of durable and reliable materials in construction projects. Additionally, the mechanization of agriculture streamlines farming operations, improving efficiency and productivity. These interconnected trends underscore the dynamic nature of various industries, presenting opportunities for innovation and collaboration to meet the evolving needs of consumers and stakeholders while driving sustainable growth in the market. 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.
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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.
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.
The market, integral to the automotive sector and machinery production, relies on the steel industry for its raw materials. Foundries engage in casting operations, ensuring metallurgical properties through heat treatment and precise machining processes. Surface finishing minimizes casting defects, enhancing product differentiation to meet customer preferences. Amid innovation trends, cost optimization and foundry capacity are prioritized, considering market segmentation and regional markets. Navigating trade policies and regulatory compliance, industry associations foster customer satisfaction through aftermarket services and material sourcing strategies, emphasizing energy efficiency and waste management. Workforce training aligns with digitalization trends and predictive maintenance, fostering industry partnerships and market consolidation. Driven by product innovation and customer engagement, effective brand positioning and diverse distribution channels ensure the resilience and growth of the iron castings sector.
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.
Significant 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.
Major 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.
Market Customer Landscape
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The market remains vital in various industries, relying on versatile casting processes like investment casting and sand casting to produce high-quality metal components. From alloy castings to standard iron parts, diverse production techniques ensure efficiency and precision. Foundries, equipped with advanced foundry equipment, operate globally, catering to demand trends and evolving pricing strategies. While technological advancements streamline operations, adherence to environmental regulations drives the adoption of sustainable practices. Particularly in emerging economies, the iron castings sector faces market challenges including fluctuating raw material costs and supply chain disruptions. However, with a focus on innovation and sustainability, foundry operations continue to thrive, contributing to the resilience of the iron castings market in the face of dynamic global forces.
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 market 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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