The iron and steel casting market is expected to witness lucrative growth owing to expansion of automotive manufacturing units and thriving demand from the infrastructure and construction sector. As per a report published by Global Market Insights, the global iron and steel casting market share was estimated at $145.97 billion in 2020, and is slated to surpass $210 billion by 2027, registering a CAGR of 5.4%.
Cast steel is used in multiple ranges of industrial machinery such as pump casings, turbocharger turbines, hydroelectric turbine wheels, mining machinery, marine equipment, engine cylinder blocks, etc. Cast iron is used in internal combustion engine cylinder blocks, gears, machinery bases, pump housings, oil well pumps, wind turbine housings, linkages, hydraulic components, etc. Along with this, cast iron is also used to manufacture agricultural machinery parts for plows, tillage equipment, tractors, balers, planters, and spreaders. Rising industrialization along with favorable trends may further propel the industry growth in the estimated timeframe.
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Prominent players operating in the iron & steel casting industry are Tata Steel, Nelcast Limited, CALMET, Uniabex; Waupaca Foundry, Inc., Nippon Steel Corporation, Nucor Corporation, Hitachi Metals Co., Ltd., Baosteel Group Corporation, Thyssenkrupp AG, HBIS Group Co., Ltd., Voestalpine Group, ArcelorMittal, and POSCO.
Rising demand for industrial development, sports & luxury vehicles, increasing expenditure on both residential & commercial construction, and intensifying defense and aerospace investments is ecpected to impel North American iron and steel casting market revenue share. As per a report, North America iron and steel casting market will witness around 6% CAGR in the coming years.
Notably, low alloy steel is used in construction equipment, pipelines, pressure vessels oil drilling platforms, as well as in military vehicles as to its superior machinability and cost-effectiveness. Meanwhile, high alloy steel are used in automotive applications, chemical processing, structural components, and power generating equipment.
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Other casting segment includes continuous casting process and investment casting process. Estimates suggest that the segment is expected to record around 3% CAGR in iron & steel casting market in terms of volume. Continuous casting process helps in cast shapes & irregular configurations. It operates excellently in pressure conditions. Investment casting produces components with excellent surface finish and high dimensional accuracy. However, this process is complicated and expensive.
COVID-19 pandemic has impacted the global iron and steel casting market. Strict lockdowns and travel bans imposed by the government have resulted in declining sales and import-export of the iron and steel casting.
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