Global Iron And Steel Casting Market Overview
Iron And Steel Casting Market Size was estimated at 149.04 (USD Billion) in 2022. The Iron And Steel Casting Industry is expected to grow from 157.44 (USD Billion) in 2023 to 257.59 (USD Billion) by 2032. The Iron And Steel Casting Market CAGR (growth rate) is expected to be around 5.63% during the forecast period (2024 - 2032).
Key Iron And Steel Casting Market Trends Highlighted
The Iron And Steel Casting Market has experienced a shift in demand toward lightweight and high-performance castings in the automobile, construction and aerospace industries. Major drivers here include an increased number of infrastructural projects being undertaken and the process of urbanization, both helping increases in demand for castings and the productivity of its manufacture. The opportunities consist of the search for new materials and technologies, for example, additive technologies for producing structure lightweight and complicated parts. Recent changes indicate that the manufacturers are adapting to the new way of production that is environmentally friendly and makes attempts to reduce carbon footprint. It is also worth mentioning that technology improvements, such as AI and IoT, have helped improve production efficiency and supply chain management.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Iron And Steel Casting Market Drivers
Rising Demand for Infrastructure Development
The Iron And Steel Casting Market Industry is primarily driven by the increasing demand for infrastructure development, particularly in emerging economies. The construction of roads, bridges, airports, and other public infrastructure requires substantial amounts of iron and steel castings. These castings are used in structural components, reinforcing bars, and other essential elements of building and construction. The growth in infrastructure spending worldwide is expected to continue in the coming years, creating a positive outlook for the Iron And Steel Casting Market Industry.
Growth in Automotive and Transportation Sector
Another crucial market determinant of the Iron And Steel Casting Market Industry is the automotive and transportation sector. Iron and steel castings are employed in a wide range of automotive parts, including engine blocks, transmission housings, and suspension systems. The increasing need for vehicles, especially in developing countries, is driving the growth of the Iron And Steel Casting Market Industry. Moreover, the widespread adoption of electric vehicles is poised to propel the industry’s growth even further, owing to the fact that electric vehicles necessitate castings that are custom-built for their motors and various other components.
Technological Advancements and Product Innovations
Technological advancements and product innovations are shaping the Iron And Steel Casting Market Industry. The development of new casting techniques, such as 3D printing and additive manufacturing, is improving the efficiency and precision of casting processes. These advancements are enabling manufacturers to produce complex and high-quality castings that meet the evolving needs of various industries. Moreover, the increasing adoption of automation and digitalization is optimizing production processes and reducing costs, further contributing to the growth of the Iron And Steel Casting Market Industry.
Iron And Steel Casting Market Segment Insights:
Iron And Steel Casting Market Type Insights
The Iron And Steel Casting Market is segmented by Type into Sand Casting, Investment Casting, Die Casting, Centrifugal Casting, and Continuous Casting. In 2023, the Sand Casting segment constituted the largest market share and was valued at USD 65.45 billion. Sand casting is a versatile and cost-efficient process for producing a broad range of products – from small and complex items to large and heavy-duty machinery. The investment Casting segment is expected to grow with the highest CAGR in the forecast period, which is 6.2%. The main reason is the increasing usage of small and medium-sized high-precision and complicated castings in aerospace, automotive, and medical businesses.Die Casting is the next most important segment that, is valued at USD 35.67 billion in 2023. Die casting is a procedure to manufacture high-volume castings with precision and high-quality surface finish. Another important segment is Centrifugal Casting, with USD 18.34 billion in value in 2023. Centrifugal Casting is usually used to produce long cylindrical parts. Last but not least Casting type is Continuous Casting, which is valued at USD 27.11 billion. It can be used to cast long and relatively narrow products, such as threads or steel pipe billets.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Iron And Steel Casting Market Material Insights
The Material segment of the Iron And Steel Casting Market is expected to witness steady growth in the coming years. Among the key materials used in iron and steel casting, Grey Iron holds the largest market share due to its low cost, excellent machinability, and wide range of applications. Ductile Iron, with its superior strength and toughness compared to Grey Iron, is gaining popularity in the automotive and construction industries. Steel castings, known for their high strength and durability, are widely used in heavy machinery and transportation sectors.Stainless Steel castings offer excellent corrosion resistance and hygiene properties, making them suitable for food processing, chemical processing, and medical applications. Non-Ferrous Alloys, such as aluminum, copper, and titanium alloys, are used in specialized applications where lightweight, corrosion resistance, or high strength is required.
Iron And Steel Casting Market Application Insights
The growth of the segment is attributed to the increasing demand for iron and steel castings in various industries, including automotive, construction, mining, oil gas, power generation, and transportation. In the automotive industry, iron and steel castings are used in the production of engine blocks, crankshafts, and other components. The growing demand for automobiles, particularly in emerging economies, is expected to drive the demand for iron and steel castings in this sector. The construction industry is another major consumer of iron and steel castings.These castings are used in the construction of bridges, buildings, and other structures. The increasing urbanization and infrastructure development activities around the world are expected to support the growth of the iron and steel casting market in this segment. In the mining industry, iron and steel castings are used in the production of mining equipment, such as excavators, bulldozers, and crushers. The growing demand for minerals and metals is expected to boost the demand for iron and steel castings in this sector. The oil gas industry also uses iron and steel castings in the production of pipelines, valves, and other components.The increasing exploration and production activities in the oil-gas sector are expected to drive the demand for iron and steel castings in this segment. In the power generation industry, iron and steel castings are used in the production of turbines, generators, and other components. The growing demand for electricity, particularly in developing countries, is expected to support the growth of the iron and steel casting market in this segment. The transportation industry uses iron and steel castings in the production of trains, ships, and aircraft.The increasing demand for transportation services, particularly in the logistics and e-commerce sectors, is expected to drive the demand for iron and steel castings in this segment.
Iron And Steel Casting Market End User Insights
The end-user segment plays a vital role in shaping the dynamics of the Iron And Steel Casting Market. Market segmentation involves dividing the market into distinct groups based on their unique characteristics and requirements. Key end-user segments in the Iron And Steel Casting Market include Original Equipment Manufacturers (OEMs), Aftermarket, Industrial, and Infrastructure. OEMs are original equipment manufacturers who utilize iron and steel castings as components in their products. They represent a significant portion of the market, driven by the demand for durable and high-performance components in industries such as automotive, construction, and machinery.The Aftermarket segment caters to the replacement and repair of iron and steel castings in existing equipment. It is supported by the growing need for maintenance and refurbishment in various industries. The Industrial segment encompasses a wide range of industries that employ iron and steel castings for various applications. These include manufacturing, energy, mining, and agriculture. The Infrastructure segment covers the use of iron and steel castings in construction projects, such as bridges, buildings, and transportation systems. The Iron And Steel Casting Market revenue for the Industrial segment is expected to reach USD 95.43 billion by 2024, while the Infrastructure segment is projected to account for USD 40.21 billion by the same year.This highlights the significant market growth opportunities presented by these end-user segments.
Iron And Steel Casting Market Process Insights
Green Sand Casting, Shell Molding, Lost Foam Casting, Metal Injection Molding, and Vacuum Casting are the key processes in the Iron And Steel Casting Market. Green Sand Casting held the largest share of the market in 2023, and it is expected to continue to dominate the market throughout the forecast period. The growth of this segment can be attributed to the low cost and versatility of the process. Shell Molding is another popular process, which is expected to witness significant growth in the coming years. The high precision and dimensional accuracy of the process makes it suitable for the production of complex castings.Lost Foam Casting is a relatively new process that has gained popularity in recent years. The process is highly automated, which results in lower production costs. Metal Injection Molding is a specialized process, which is used to produce small and intricate castings. The process is well-suited for the production of high-volume castings. Vacuum Casting is a high-pressure process, which is used to produce castings with excellent surface finish and dimensional accuracy. The process is well-suited for the production of castings for aerospace and medical applications.The Iron And Steel Casting Market is expected to grow at a CAGR of 5.63% from 2023 to 2032, reaching a value of USD 257.59 billion by 2032. The growth of the market can be attributed to the increasing demand for castings in various industries, such as automotive, construction, and energy.
Iron And Steel Casting Market Regional Insights
The regional segmentation of the Iron And Steel Casting Market offers insights into market size, growth potential, and regional dynamics. North America dominated the market in 2023, accounting for a significant share of the Iron And Steel Casting Market revenue. The region's robust automotive and construction industries fuel market growth, contributing to the high demand for iron and steel castings. Europe held the second-largest market share, supported by well-established industrial sectors and infrastructure development. The Asia-Pacific region is poised for substantial growth, driven by urbanization, industrialization, and government initiatives in emerging economies.South America, the Middle East, and Africa (MEA) represent emerging markets with growing demand for iron and steel castings in infrastructure, energy, and construction sectors. These regions present lucrative opportunities for market expansion and strategic investments. Regional analysis enables stakeholders to understand the competitive landscape, identify growth opportunities, and develop targeted marketing strategies to capture market share.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Iron And Steel Casting Market Key Players And Competitive Insights:
Key players in the industry are developing new technologies to cater to the increasing demand for lightweight and high-performance materials across different industries. Major players are concentrating proactively on research and development activities such as enhancement of the properties of iron and steel casting by making use of different measures for increasing production efficiency as well as decreasing the adverse impact on the environment. The development of the Iron And Steel Casting Market is driven by a number of factors, such as surging demand for the product from the automotive, construction and energy industries, implementation of government regulations with a view to cutting down the emission level, and technological up gradations in the casting processes.One of the companies leading in the Iron And Steel Casting Market is Tata Steel. The company is one of the major players in the Iron And Steel Casting Market, with a major presence all around the, world by having more than 26 manufacturing sites located across different parts of the globe. The company offers a vast range of products such as iron, steel, and other metallic casting, which are used in different products prevailing across different industries such as iron and steel hopping cars, automobiles and other transport vehicles, the building and construction industry, blackboards and various other industrial uses. The company is also into the implementation of a wide range of technology and applications to enhance the performance and life of the iron and steel castings. Some of the proprietary technologies implemented by the company are Maximould, Tata Sherlock and Precision tube technology. One of the other companies competing in the Iron And Steel Casting Market is WISCO. The company is based in China and supplies its products all around the globe. The company is also into the production of a wide range of products that are supplied to the automotive and construction industry, such as railway fasteners, automobile bodies, and engine parts. The company has adequate capabilities to develop new technology with a view to increasing the efficiency and quality of the castings.
Key Companies in the Iron And Steel Casting Market Include:
Iron And Steel Casting Market Industry Developments
The Iron And Steel Casting Market is projected to reach USD 257.59 billion by 2032, exhibiting a CAGR of 5.63% during the forecast period (2024-2032). Increasing demand from the automotive, construction, and infrastructure sectors is driving the market growth. Asia-Pacific region holds the largest market share due to rapid industrialization and urbanization in countries like China and India. Key industry participants are focusing on strategic collaborations, acquisitions, and product innovations to gain a competitive advantage. Recent developments include:- In 2023, Tata Steel announced plans to invest USD 1 billion in its Kalinganagar plant in India to expand its steel casting capacity.- In 2022, ThyssenKrupp Uhde and POSCO signed a contract for the construction of a new steel casting plant in South Korea.These developments indicate continued growth and innovation in the Iron And Steel Casting Market.
Iron And Steel Casting Market Segmentation Insights
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Iron And Steel Casting Market Type Outlook
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Sand Casting
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Investment Casting
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Die Casting
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Centrifugal Casting
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Continuous Casting
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Iron And Steel Casting Market Material Outlook
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Grey Iron
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Ductile Iron
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Steel
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Stainless Steel
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Non-Ferrous Alloys
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Iron And Steel Casting Market Application Outlook
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Automotive
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Construction
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Mining
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Oil Gas
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Power Generation
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Transportation
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Iron And Steel Casting Market End User Outlook
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Iron And Steel Casting Market Process Outlook
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Green Sand Casting
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Shell Molding
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Lost Foam Casting
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Metal Injection Molding
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Vacuum Casting
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Iron And Steel Casting Market Regional Outlook
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North America
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Europe
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South America
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Asia Pacific
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Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
149.04 (USD Billion) |
| Market Size 2023 |
157.44 (USD Billion) |
| Market Size 2032 |
257.59 (USD Billion) |
| Compound Annual Growth Rate (CAGR) |
5.63% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Hebei Iron and Steel Group, Wuhan Iron and Steel Group Corporation, POSCO, HBIS Group, Jiangsu Shagang Group, Baowu Steel Group, TATA Stell, Nippon Steel Corporation, Schaeffler Group, Hyundai Steel, Shougang Group, Vallourec, WISCO, Nucor Corporation, ArcelorMittal, JSW Steel |
| Segments Covered |
Type, Material, Application, End User, Process, Regional |
| Key Market Opportunities |
Growing demand for construction infrastructure and transportation Increasing industrial automation Rising investments in renewable energy Adoption of lightweight and advanced materials Expansion into emerging markets |
| Key Market Dynamics |
Growing infrastructure Rising automotive industry Increasing demand in construction Technological advancements Government regulations. |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Iron And Steel Casting Market is expected to reach a valuation of 257.59 Billion USD by 2032, expanding at a CAGR of 5.63% from 2024 to 2032.
The Asia-Pacific region is expected to dominate the Iron And Steel Casting Market, owing to the growing demand from automotive, construction, and infrastructure industries in countries such as China, India, and South Korea.
Iron and Steel Castings are used in a wide range of applications, including automotive components, construction machinery, agricultural equipment, and railway systems.
Some of the key players in the Iron And Steel Casting Market are Terex Corporation, Caterpillar Inc., Komatsu Ltd., Hyundai Heavy Industries Co., Ltd., and Liebherr Group.
The growth of the Iron And Steel Casting Market is primarily driven by the increasing demand for construction equipment, mining machinery, and agricultural machinery.
The Iron And Steel Casting Market faces challenges such as the volatility of raw material prices, competition from alternative materials, and stringent environmental regulations.
Growth opportunities in the Iron And Steel Casting Market include the development of new alloys and technologies, expansion into emerging markets, and increased adoption of renewable energy applications.
Key trends in the Iron And Steel Casting Market include the adoption of digital technologies, the development of lightweight materials, and the focus on sustainability.
The COVID-19 pandemic had a negative impact on the Iron And Steel Casting Market due to disruptions in supply chains and reduced demand from key industries.
The Iron And Steel Casting Market is projected to grow at a CAGR of 5.63% from 2024 to 2032.
