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Iron Castings Market by Product, End-user, and Geography - Forecast and Analysis 2021-2025

  • Published: Sep 2021
  • Pages: 120
  • SKU: IRTNTR41637
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The iron castings market share is expected to increase by 40.28 mn MT from 2019 to 2024, and the market’s growth momentum will accelerate at a CAGR of 6.45%.

This iron castings market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers iron castings market segmentations by product (gray iron, ductile iron, and malleable iron), end-user (automobile, industrial machinery, infrastructure and construction machines, power, and others), and geography (APAC, North America, Europe, South America, and MEA). The iron castings market report also offers information on several market vendors, including American Axle & Manufacturing Inc., Arconic Inc., Brakes India Pvt. Ltd., chamberlin Plc, Dandong Fuding Engineering Machinery Co. Ltd., Grupo Industrial Saltillo SAB de CV, Hitachi Metals Ltd., OSCO Industries Inc., Qingdao Tian Hua Yi He Foundry Factory, and Sumitomo Electric Industries Ltd. among others.

What will the Iron Castings Market Size be During the Forecast Period?

Download the Free Report Sample to Unlock the Iron Castings Market Size for the Forecast Period and Other Important Statistics

 

Iron Castings Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The growth in automobile segment is notably driving the iron castings market growth, although factors such as may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the iron castings market industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Iron Castings Market Driver

One of the key factors driving the iron castings market is the growth in automobile segment. Cast iron products are mostly used in engine parts, gears and bushings, suspension, brakes, steering, and crankshaft. Furthermore, 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.  Moreover, economic revival in the US and Europe has led to growth in the automobile industry. Besides, the recovery led to increased employment, growth in per capita income, and easy credit facilities, which have collectively boosted the buying power of the consumers and business sentiments. This will require automotive manufacturers to increase their production levels either by installing new capacities or by expanding the existing ones. Therefore, the expansions will require cast iron products, thereby contributing to the growth in the consumption of these products in the industry.

Key Iron Castings Market Trend

Modernization of foundry industry is another factor supporting the iron castings market growth in the forecast period. Most foundries are preferring to use automated molding methods for melting, mechanized diametric molding for sand molding, and continuous casting for chemical sand binding. Moreover, stringent quality standards are being widely practiced. Environment-friendly techniques, such as the cold casting process, are also introduced in many regions. Unlike traditional casting methods, the process does not result in harmful emissions, and 90% of molds are recycled, resulting in less waste production and reduced use of raw materials. Therefore, the elimination of the melting the metals reduces energy consumption. 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 is aimed to streamline the production process and improve the finished product quality. Modernization of foundry enables custom castings to supply ductile iron, bronze, brass, and aluminum castings.

Key Iron Castings Market Challenge

Increasing competition from aluminum will be a major challenge for the iron castings market during the forecast period. Advancement in technology are increasing the adoption of aluminum, which, in turn, is increasing manufacturing competitiveness and creating a competitive global manufacturing landscape. Therefore, the rise in competition has led to the adoption of aluminum for high-speed machinery, high volume production, and the requirement for machinery to run for longer periods. Furthermore, aluminum casting has been used recently as a substitute for iron casting, especially for ornately detailed decorative elements. The metal is lightweight, more resistant to corrosion, and less brittle than cast iron. Moreover, aluminum castings have the advantage of being produced to a near desired shape, minimizing further machining, and maximizing the yield. They are used in many end-user industries, but the transportation industry is the largest market for these castings. In addition, approximately 65% of aluminum castings produced in Western Europe are used in the transportation segment owing to the increase in the fuel economy of vehicles by reducing their curb weight. Moreover, in homes, aluminum castings find applications in washing machines, cooking pots, refrigerators, and chairs and tables. In offices, castings are used in furniture and other small, lightweight equipment, such as computers. For such reasons, use of aluminium is increasing which will hinder the market growth during the forecast period.

This iron castings market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2020-2024.

Parent Market Analysis

Technavio categorizes the global iron castings market as a part of the global steel market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the iron castings market during the forecast period.

Who are the Major Iron Castings Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • American Axle & Manufacturing Inc.
  • Arconic Inc.
  • Brakes India Pvt. Ltd.
  • chamberlin Plc
  • Dandong Fuding Engineering Machinery Co. Ltd.
  • Grupo Industrial Saltillo SAB de CV
  • Hitachi Metals Ltd.
  • OSCO Industries Inc.
  • Qingdao Tian Hua Yi He Foundry Factory
  • Sumitomo Electric Industries Ltd.

 

This statistical study of the iron castings market encompasses successful business strategies deployed by the key vendors. The iron castings market is concentrated and the vendors are deploying growth strategies such as price and quality to compete in the market.

Product Insights and News

  • BMF GROUP - The company offers Casting materials ductile iron, grey iron, malleable iron, aluminum, steel and stainless steel, copper, bronze and brass for casting.
  • Hitachi Metals Ltd. - The company offers automotive casting under the brand name of Hercunite.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The iron castings market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Iron Castings Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the iron castings market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of the global steel market includes the following core components:

  • Inputs
  • Inbound logistics
  • Operations
  • Outbound logistics
  • Marketing and sales
  • Service
  • Support activities
  • Innovation

The report has further elucidated on other innovative approaches being followed by manufacturers providers to ensure a sustainable market presence.

 

Which are the Key Regions for Iron Castings Market?

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68% of the market’s growth will originate from APAC during the forecast period. China, India, Singapore, Korea, and Indonesia are the key markets for iron castings market in APAC. Market growth in this region will be faster than the growth of the market in regions.

Modern equipment and lower labor costs have made the casting industry will facilitate the iron castings market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The outbreak of COVID-19 affected the growth of the market in focus owing to the decrease in demand for iron castings from end-users such as construction and automotive. For instance, during Q1 2020, China witnessed a decline of more than 40% in automotive sales compared to that in Q1 2019. Owing to the lockdown measures in 2020, governments in this region imposed restrictions on the movement of vehicles and individuals, which affected the import-export of iron castings. Furthermore, the outbreak of COVID-19 adversely affected the growth of several vendors in the region, owing to economic downturns and disruptions in supply chains. This affected the growth of the regional iron castings market. However, the recovery of economies from the COVID-19-induced crisis and the reopening of several manufacturing facilities are anticipated to propel market growth during 2021-2025.

What are the Revenue-generating Product Segments in the Iron Castings Market?

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The iron castings market share growth by the product segments. Gray iron segment will be significant during the forecast period. Gray iron is one of the most widely used metals. Its versatile characteristics facilitate the companies engaged in the iron casting industry to employ different molding techniques. It is easier to cast and less costly to produce when compared with the other types of cast iron. This is because it does not require special alloys essential for producing ductile iron or compacted graphite iron and does not require heat treatment of the rough castings essential for producing malleable iron.

This report provides an accurate prediction of the contribution of all the segments to the growth of the iron castings market size and actionable market insights on post COVID-19 impact on each segment.

 

Iron Castings Market Scope

Report Coverage

Details

Page number

120

Base year

2019

Forecast period

2020-2024

Growth momentum & CAGR

Accelerate at a CAGR of 6.45%

Market growth 2020-2024

40.28 mn MT

Market structure

Concentrated

YoY growth (%)

5.72

Regional analysis

Europe, North America, APAC, South America, and MEA

Performing market contribution

APAC at 68%

Key consumer countries

China, India, Germany, and France

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

American Axle & Manufacturing Inc., Arconic Inc., Brakes India Pvt. Ltd., chamberlin Plc, Dandong Fuding Engineering Machinery Co. Ltd., Grupo Industrial Saltillo SAB de CV, Hitachi Metals Ltd., OSCO Industries Inc., Qingdao Tian Hua Yi He Foundry Factory, and Sumitomo Electric Industries Ltd.

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 Iron Castings Market Report?

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will drive iron castings market growth during the next five years
  • Precise estimation of the iron castings market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the iron castings industry across Europe, North America, APAC, South America, and MEA
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of iron castings market vendors

We can help! Our analysts can customize this report to meet your requirements. Get in touch

Read More Read Less

1 Executive Summary

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 01: Parent market
    • Exhibit 02: Market characteristics
  • 2.2 Value chain analysis
    • Exhibit 03: Value chain analysis: Steel

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 04: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 05: Market segments
  • 3.3 Market size 2020
    • 3.4 Market outlook: Forecast for 2020 - 2025
      • Exhibit 06: Global - Market size and forecast 2020 - 2025 (thousand MT)
      • Exhibit 07: Global market: Year-over-year growth 2020 - 2025 (%)

    4 Five Forces Analysis

    • 4.1 Five forces summary
      • Exhibit 08: Five forces analysis 2020 & 2025
    • 4.2 Bargaining power of buyers
      • Exhibit 09: Bargaining power of buyers
    • 4.3 Bargaining power of suppliers
      • Exhibit 10: Bargaining power of suppliers
    • 4.4 Threat of new entrants
      • Exhibit 11: Threat of new entrants
    • 4.5 Threat of substitutes
      • Exhibit 12: Threat of substitutes
    • 4.6 Threat of rivalry
      • Exhibit 13: Threat of rivalry
    • 4.7 Market condition
      • Exhibit 14: Market condition - Five forces 2020

    5 Market Segmentation by Product

    • 5.1 Market segments
      • Exhibit 15: Product - Market share 2020-2025 (%)
    • 5.2 Comparison by Product
      • Exhibit 16: Comparison by Product
    • 5.3 Gray iron - Market size and forecast 2020-2025
      • Exhibit 17: Gray iron - Market size and forecast 2020-2025 (thousand MT)
      • Exhibit 18: Gray iron - Year-over-year growth 2020-2025 (%)
      • Exhibit 19: Popular grades of gray iron
    • 5.4 Ductile iron - Market size and forecast 2020-2025
      • Exhibit 20: Ductile iron - Market size and forecast 2020-2025 (thousand MT)
      • Exhibit 21: Ductile iron - Year-over-year growth 2020-2025 (%)
      • Exhibit 22: Popular grades of ductile iron
    • 5.5 Malleable iron - Market size and forecast 2020-2025
      • Exhibit 23: Malleable iron - Market size and forecast 2020-2025 (thousand MT)
      • Exhibit 24: Malleable iron - Year-over-year growth 2020-2025 (%)
    • 5.6 Market opportunity by Product
      • Exhibit 25: Market opportunity by Product

    6 Market Segmentation by End-user

    • 6.1 Market segments
      • Exhibit 26: End-user - Market share 2020-2025 (%)
    • 6.2 Comparison by End-user
      • Exhibit 27: Comparison by End-user
    • 6.3 Automobile - Market size and forecast 2020-2025
      • Exhibit 28: Automobile - Market size and forecast 2020-2025 (thousand MT)
      • Exhibit 29: Automobile - Year-over-year growth 2020-2025 (%)
    • 6.4 Industrial machinery - Market size and forecast 2020-2025
      • Exhibit 30: Industrial machinery - Market size and forecast 2020-2025 (thousand MT)
      • Exhibit 31: Industrial machinery - Year-over-year growth 2020-2025 (%)
      • Exhibit 32: Types of casting used in sugar machinery
      • Exhibit 33: Types of casting used in printing machinery
      • Exhibit 34: Types of casting used in machine tools
    • 6.5 Infrastructure and construction machines - Market size and forecast 2020-2025
      • Exhibit 35: Infrastructure and construction machines - Market size and forecast 2020-2025 (thousand MT)
      • Exhibit 36: Infrastructure and construction machines - Year-over-year growth 2020-2025 (%)
      • Exhibit 37: Types of casting used in infrastructure and construction machinery
    • 6.6 Power - Market size and forecast 2020-2025
      • Exhibit 38: Power - Market size and forecast 2020-2025 (thousand MT)
      • Exhibit 39: Power - Year-over-year growth 2020-2025 (%)
    • 6.7 Others - Market size and forecast 2020-2025
      • Exhibit 40: Others - Market size and forecast 2020-2025 (thousand MT)
      • Exhibit 41: Others - Year-over-year growth 2020-2025 (%)
    • 6.8 Market opportunity by End-user
      • Exhibit 42: Market opportunity by End-user

    7 Customer landscape

    • 7.1 Customer landscape
      • Exhibit 43: Customer landscape

    8 Geographic Landscape

    • 8.1 Geographic segmentation
      • Exhibit 44: Market share by geography 2020-2025 (%)
    • 8.2 Geographic comparison
      • Exhibit 45: Geographic comparison
    • 8.3 APAC - Market size and forecast 2020-2025
      • Exhibit 46: APAC - Market size and forecast 2020-2025 (thousand MT)
      • Exhibit 47: APAC - Year-over-year growth 2020-2025 (%)
    • 8.4 North America - Market size and forecast 2020-2025
      • Exhibit 48: North America - Market size and forecast 2020-2025 (thousand MT)
      • Exhibit 49: North America - Year-over-year growth 2020-2025 (%)
    • 8.5 Europe - Market size and forecast 2020-2025
      • Exhibit 50: Europe - Market size and forecast 2020-2025 (thousand MT)
      • Exhibit 51: Europe - Year-over-year growth 2020-2025 (%)
    • 8.6 South America - Market size and forecast 2020-2025
      • Exhibit 52: South America - Market size and forecast 2020-2025 (thousand MT)
      • Exhibit 53: South America - Year-over-year growth 2020-2025 (%)
    • 8.7 MEA - Market size and forecast 2020-2025
      • 8.8 Key leading countries
        • Exhibit 56: Key leading countries
      • 8.9 Market opportunity by geography
        • Exhibit 57: Market opportunity by geography (thousand MT)

      9 Drivers, Challenges, and Trends

      • 9.1 Market drivers
        • 9.2 Market challenges
          • Exhibit 58: Impact of drivers and challenges
        • 9.3 Market trends

          10 Vendor Landscape

          • 10.1 Vendor landscape
            • Exhibit 59: Vendor landscape
          • 10.2 Landscape disruption
            • Exhibit 60: Landscape disruption
            • Exhibit 61: Industry risks
          • 10.3 Competitive scenario

            11 Vendor Analysis

            • 11.1 Vendors covered
              • Exhibit 62: Vendors covered
            • 11.2 Market positioning of vendors
              • Exhibit 63: Market positioning of vendors
            • 11.3 Benton Foundry Inc.
              • Exhibit 64: Benton Foundry Inc. - Overview
              • Exhibit 65: Benton Foundry Inc. - Product and service
              • Exhibit 66: Benton Foundry Inc. - Key offerings
            • 11.4 BMF GROUP
              • Exhibit 67: BMF GROUP - Overview
              • Exhibit 68: BMF GROUP - Product and service
              • Exhibit 69: BMF GROUP - Key offerings
            • 11.5 Chamberlin Plc
              • Exhibit 70: Chamberlin Plc - Overview
              • Exhibit 71: Chamberlin Plc - Business segments
              • Exhibit 72: Chamberlin Plc - Key offerings
              • Exhibit 73: Chamberlin Plc - Segment focus
            • 11.6 Dandong Fuding Engineering Machinery Co. Ltd.
              • Exhibit 74: Dandong Fuding Engineering Machinery Co. Ltd. - Overview
              • Exhibit 75: Dandong Fuding Engineering Machinery Co. Ltd. - Product and service
              • Exhibit 76: Dandong Fuding Engineering Machinery Co. Ltd. - Key offerings
            • 11.7 Decatur Foundry Inc.
              • Exhibit 77: Decatur Foundry Inc. - Overview
              • Exhibit 78: Decatur Foundry Inc. - Product and service
              • Exhibit 79: Decatur Foundry Inc. - Key offerings
            • 11.8 Deeco Metals
              • Exhibit 80: Deeco Metals - Overview
              • Exhibit 81: Deeco Metals - Product and service
              • Exhibit 82: Deeco Metals - Key offerings
            • 11.9 Hitachi Metals Ltd.
              • Exhibit 83: Hitachi Metals Ltd. - Overview
              • Exhibit 84: Hitachi Metals Ltd. - Business segments
              • Exhibit 85: Hitachi Metals Ltd. - Key offerings
              • Exhibit 86: Hitachi Metals Ltd. - Segment focus
            • 11.10 OSCO Industries Inc.
              • Exhibit 87: OSCO Industries Inc. - Overview
              • Exhibit 88: OSCO Industries Inc. - Product and service
              • Exhibit 89: OSCO Industries Inc. - Key offerings
            • 11.11 Sumitomo Electric Industries Ltd.
              • Exhibit 90: Sumitomo Electric Industries Ltd. - Overview
              • Exhibit 91: Sumitomo Electric Industries Ltd. - Business segments
              • Exhibit 92: Sumitomo Electric Industries Ltd. - Key offerings
              • Exhibit 93: Sumitomo Electric Industries Ltd. - Segment focus
            • 11.12 thyssenkrupp AG
              • Exhibit 94: thyssenkrupp AG - Overview
              • Exhibit 95: thyssenkrupp AG - Business segments
              • Exhibit 96: thyssenkrupp AG - Key offerings
              • Exhibit 97: thyssenkrupp AG - Segment focus

            12 Appendix

            • 12.1 Scope of the report
              • 12.2 Currency conversion rates for US$
                • Exhibit 98: Currency conversion rates for US$
              • 12.3 Research methodology
                • Exhibit 99: Research Methodology
                • Exhibit 100: Validation techniques employed for market sizing
                • Exhibit 101: Information sources
              • 12.4 List of abbreviations
                • Exhibit 102: List of abbreviations

              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.

              TechnavioINFORMATION SOURCES

              Primary sources

              • Manufacturers and suppliers
              • Channel partners
              • Industry experts
              • Strategic decision makers

              Secondary sources

              • Industry journals and periodicals
              • Government data
              • Financial reports of key industry players
              • Historical data
              • Press releases
              Technavio

              TechnavioDATA ANALYSIS

              Data Synthesis

              • Collation of data
              • Estimation of key figures
              • Analysis of derived insights

              Data Validation

              • Triangulation with data models
              • Reference against proprietary databases
              • Corroboration with industry experts
              Technavio

              TechnavioREPORT WRITING

              Qualitative

              • Market drivers
              • Market challenges
              • Market trends
              • Five forces analysis

              Quantitative

              • Market size and forecast
              • Market segmentation
              • Geographical insights
              • Competitive landscape
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              The iron castings market growth will increase by $40.28 million MT during 2020-2024.
              The iron castings market is expected to grow at a CAGR of 6.45% during 2020-2024.
              Technavio has segmented the iron castings market by product (Gray iron, Ductile iron, and Malleable iron) ,application (Semiconductors, Life sciences, Material sciences, and Nanotechnology) , and geographic (APAC, North America, Europe, and South America).
              American Axle & Manufacturing Inc., Arconic Inc., Brakes India Pvt. Ltd., chamberlin Plc, Dandong Fuding Engineering Machinery Co. Ltd., Grupo Industrial Saltillo SAB de CV, Hitachi Metals Ltd., OSCO Industries Inc., Qingdao Tian Hua Yi He Foundry Factory, Sumitomo Electric Industries Ltd. are a few of the key vendors in the iron castings market.
              APAC will register the highest growth rate of 67.56% among the other regions. Therefore, the iron castings market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
              The key factors driving the iron castings market growth are:
              • Growth in automobile segment
              • Modernization of foundry industry
              The iron castings market vendors should focus on grabbing business opportunities from the gray iron segment as it accounted for the largest market share in the base year.
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