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The Global Steel Casting Market size is estimated to grow at a CAGR of 4.35% between 2022 and 2027 with the market size forecast to increase by USD 6,587.36 million.
This steel casting market report extensively covers market segmentation by Application (automotive and transportation, construction and infrastructure, mining, power, and others), Product (sand casting, investment casting, die casting, and centrifugal casting), and Geography (APAC, North America, Europe, Middle East and Africa, and South America). Our report examines historic data from 2017 to 2021, besides analyzing the current market scenario.
The growth of the market depends on several factors such as the growing construction activities, the increasing demand for steel casting in the automotive industry, and the superior properties of steel casting.
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Steel casting is a process that involves pouring molten steel into molds made of sand or ceramic to create the desired shape. It is used to manufacture steel products for industries such as automotive, mining, oil and gas, construction, and others.
The automotive and transportation segments are estimated to witness significant growth during the forecast period. Automotive and transportation was the largest segment of the global steel casting market in 2021. In particular, steel casting plays a leading role in the manufacture of different drums, flywheels, engine casings, gear units, suspension systems, steering gears, pipe fittings, exhaust systems, and so on.
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The automotive and transportation segment dominated the market, reaching a value of USD 8,968.35 million in 2017. The automotive industry's global vehicle production is on the rise, driving the demand for steel casting in the forecast period. Leading automobile producers like Germany, South Korea, Japan, India, and China are significant contributors to the industry's production, making them major production bases. Consequently, the demand for steel casting is expected to grow in tandem with the increasing vehicle production during the forecast period.
Based on the product, sand-casting segment holds the largest market share. The sand-casting process is carried out using a sand mold, which is formed using sand- or clay-based binder. Silica that contains a mixture of sand and water is preferable as a foundry sand in this process. Sand casting is generally used to manufacture large parts, such as engine blocks, transmission cases, and connecting rods. This process requires finishing machining to achieve the required surface finishes and dimensional tolerances. Sand casting is relatively less costly and economical. Sand casting provides a strong and resilient outcome because it can withstand the high temperatures of liquid metals like steel while creating the required designs. Because of such benefits sand-casting segment is estimated to boost the market growth.
APAC is estimated to contribute 49% 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 held the largest share of the global steel casting market in 2022, with China, India, Japan, and Australia as the leading revenue-generating countries. The region is expected to experience the highest growth rate during the forecast period due to its substantial consumer base, easy access to raw materials, and cost-effective labor. The demand for steel casting is driven by its applications in automotive, mining, construction, and agriculture industries. The presence of prominent automotive manufacturers in China, India, Japan, and South Korea will boost the demand for steel casting in various automotive components, including those for electric vehicles. Additionally, increasing construction activities, such as airport and highway projects, will further drive the demand for steel casting in the APAC region.
Increasing demand for steel casting in automotive industry is a key factor driving the market growth. Automakers are focusing on producing lightweight, fuel-efficient, and eco-friendly vehicles to meet strict environmental regulations. Components made from plastic or polymers play a crucial role in making vehicles environmentally friendly by reducing emissions and improving fuel efficiency. However, for enhanced strength and durability, certain automotive components like engines, chassis, gearbox, exhaust systems, and other metal parts are manufactured using steel casting. These components are vital in the automotive industry. The growing global production of vehicles, especially in major automotive manufacturing countries like China, Germany, India, France, Italy, South Korea, Japan, and the US, will drive the demand for steel casting during the forecast period. Additionally, the rapid adoption of electric vehicles in Europe and Asia will further boost automotive production, thereby fueling the growth of the global steel casting market.
Increasing demand for scrap in secondary steel production is a major trend influencing the market. Globally, there is an increasing trend in using scrapped steel and stainless steel to reduce the carbon footprint. Recycling these materials not only enhances the steel industry's economic viability but also reduces environmental impact by decreasing the need for iron ore extraction in stainless steel production. This leads to substantial reductions in CO2 emissions, energy, water consumption, and air pollution.
Manufacturers are now favoring steel and stainless-steel scrap as the preferred raw materials, either alone or in combination with other resources, due to fluctuating iron ore prices and rising energy costs. Concerns about global warming drive this shift towards using scrap materials for steel production. Notably, various initiatives by vendors, such as Tata Steel, further contribute to this sustainable approach. With such factors in play, the global steel casting market is expected to experience positive growth during the forecast period.
Increasing demand for alternative metal alloys is a major challenge hindering the market growth. Bronze, brass, aluminum, silver, and lead are viable alternatives to steel in casting processes. Among these alternatives, aluminum is gaining popularity, especially in the automotive industry, due to its low specific gravity, which helps reduce vehicle weight. Major automobile manufacturers like Ford, Daimler, and AUDI are increasingly replacing steel with aluminum in components such as chassis and extruded aluminum tubing in heat exchangers. The use of aluminum in the automotive sector has significantly reduced the weight of vehicles, as seen in the Ford F-150 truck. This shift towards alternative metals, particularly aluminum, is expected to drive their demand in casting processes and, consequently, may negatively impact the growth of the global steel casting market during the forecast period. As a result, the increasing demand for alternative metal alloys could hinder the growth of the global steel casting market.
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.
Sigmaengineeredsolutions- The company offers steel casting products such as ferrous and non ferrous casting through its subsidiary Avalon Castings.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
ArcelorMittal SA, Columbia Steel Casting Co Inc., Dandong Fuding Engineering Co. Ltd., Doosan Corp., Ferralloy Inc., Fortune Foundries Pvt. Ltd., Fundiciones Del Estanda SA, Goodwin PLC, Harrison Steel Castings Co., Hitachi Ltd., Hyundai Motor Co., Isgec Heavy Engineering Ltd., Kobe Steel Ltd., Maynard Steel Casting Co., Milwaukee Precision Casting Inc., Nucor Corp., Peekay Steel Castings Pvt. Ltd., SIGMA Engineered Solutions, Stainless Foundry and Engineering Inc., and The Japan Steel Works Ltd.
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 Steel Casting Market Customer Landscape
The COVID-19 outbreak in 2020 negatively impacted the APAC steel casting market due to periodic lockdowns that temporarily closed manufacturing units. This led to reduced demand for steel casting products. However, government vaccination programs in the first half of 2021 stabilized the situation, allowing lockdowns to be lifted in countries like India, China, Australia, and Japan, leading to the resumption of steel casting operations and increased demand in 2021 and 2022. The agriculture sector also witnessed growth due to increased food grain demand. Consequently, the industrial and agriculture sectors' growth will drive demand for steel casting products in APAC during the forecast period.
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Steel Casting Market Scope |
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Report Coverage |
Details |
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Page number |
179 |
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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 4.35% |
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Market growth 2023-2027 |
USD 6,587.36 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
4.05 |
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Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 49% |
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Key countries |
US, Canada, China, 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 |
ArcelorMittal SA, Columbia Steel Casting Co Inc., Dandong Fuding Engineering Co. Ltd., Doosan Corp., Ferralloy Inc., Fortune Foundries Pvt. Ltd., Fundiciones Del Estanda SA, Goodwin PLC, Harrison Steel Castings Co., Hitachi Ltd., Hyundai Motor Co., Isgec Heavy Engineering Ltd., Kobe Steel Ltd., Maynard Steel Casting Co., Milwaukee Precision Casting Inc., Nucor Corp., Peekay Steel Castings Pvt. Ltd., SIGMA Engineered Solutions, Stainless Foundry and Engineering Inc., and The Japan Steel Works Ltd. |
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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 Application
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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