Global Iron Casting Market Report
Global Iron Casting Market by Product (Ductile Cast Iron, Gray Cast Iron, and Malleable Cast Iron), Application (Automotive, Machinery & Tools, Railways, Power Generation, Pipes & Fittings, and Others), Industry Vertical (BFSI, Manufacturing, Retail, Healthcare, IT & Telecom, and Others), and Region (North America, Europe, Asia-Pacific, and LAMEA): Opportunity Analysis and Industry Forecast, 2023-2032
Iron Casting Overview
In the production process of casting iron, molten metal is poured into a mold that has a hollow chamber in the required shape. The metal is then given time to harden. The casting refers to this component. The industry responsible for the manufacture and sale of cast iron components is referred to as the iron casting market. Cast iron is a robust and adaptable material that finds widespread usage across many industries due to its resilience to heat and capacity for complicated shaping.
Iron is melted and poured into molds during the iron casting process to produce final goods. Within the mold, the molten iron solidifies, taking on the shape of the mold to create a solid cast iron component. These components go through additional processing, such as machining, surface finishing, and heat treatment, after cooling and being removed from the mold in order to meet the required standards. Cast iron is a desirable material in many industries where toughness, heat resistance, and elaborate designs are required because of its versatility, strength, and longevity.
Global Iron Casting Market Analysis
The Global Iron Casting Market Size was $103.1 billion in 2022 and is predicted to grow with a CAGR of 6.6%, by generating a revenue of $193.2 billion by 2032.
COVID-19 Impact on Iron Casting Market
The COVID-19 pandemic has had an effect on the iron casting market, as it has on many other sectors of the economy. Global supply networks were disrupted by the pandemic, and this included the availability of the raw materials and components needed for iron casting. The production capacity of iron casting foundries has been impacted by lockdown procedures, travel restrictions, and temporary closures of manufacturing facilities, which delayed the procurement and shipping of raw materials. The market for iron casting products fluctuated as a result of the COVID-19 pandemic. Due to decreased economic activity, production halts, and supply chain disruptions, industries like automotive, construction, and industrial machinery saw drops in demand. On the other hand, depending on their particular needs, industries like healthcare, agriculture, and energy utilities maintained or boosted demand for iron casting items.
There can be a revival in demand for iron casting products as economies grow stronger and industrial activities pick up.. The pandemic exposed the weaknesses in international supply chains. To increase resilience in response, there may be a tendency towards reshoring or regionalizing supply chains. This might improve demand for nearby iron casting foundries, resulting in a more reliable supply of parts and less reliance on other vendors.
Growing Demand for Iron Casting in Construction Sector to Drive the Market Growth
Infrastructure development initiatives, such as those involving the construction of buildings, roads, bridges, trains, and utilities, are what fuel demand for iron casting products. The need for iron casting parts such as pipes, fittings, and structural components rises as governments engage in infrastructure improvements and new projects. The iron casting market is significantly influenced by the automotive industry. The production of engine blocks, cylinder heads, brake parts, and suspension components frequently use iron casting products. The demand for iron casting products is influenced by the demand for automobiles and their related components. For equipment like turbines, valves, pumps, and pipes in the energy and utilities industry, including power generation, transmission, and distribution, iron casting components are essential. The demand for iron casting products is driven by the expansion of renewable energy projects as well as the modernization and maintenance of existing infrastructure.
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Raw Material Prices to Restrain the Market Growth
The price of raw materials, especially iron ore and other alloying elements, can fluctuate dramatically, which is a concern for the iron casting business. The production costs for foundries can be considerably impacted by unexpected price rises, which can also reduce profit margins and perhaps damage market competitiveness. The iron casting business faces difficulties as a result of expanding environmental restrictions and sustainability standards. It can be necessary to make expensive upgrades and alterations to current foundry operations due to stricter pollution standards, waste management laws, and energy efficiency requirements. The iron casting industry is quite competitive, and there are many foundries operating internationally. Price pressure and smaller profit margins might result from fierce manufacturing competition. For domestic or more expensive foundries, competing with low-cost producers or imports from nations with lower labor costs can be difficult.
Infrastructure Investment to Generate Excellent Growth Opportunities
Global governments' rising infrastructure spending offers the iron casting sector considerable potential. A sizable supply of iron casting components is necessary for infrastructure projects like building roads and bridges, expanding railroads, and installing water management systems. The emphasis on developing sustainable infrastructure also creates market opportunities for products made of eco-friendly iron casting. Opportunities for the iron casting market are brought about by the increased focus on renewable energy sources like wind and solar power. Iron casting materials need to be strong and long-lasting for components such turbine housings, rotor hubs, and other wind turbine components. There will be more demand for iron casting items as the field of renewable energy grows. The demand for infrastructure and building projects is driven by rapid urbanization, particularly in developing nations.
To know more about global iron casting market opportunities, get in touch with our analysts here.
Global Iron Casting Market Share, by Product, 2022
The gray cast iron sub-segment accounted for the highest market share in 2022. Gray cast iron has a number of advantageous qualities that make it suited for a variety of applications. The ability to absorb vibrations well, high wear resistance, superior machinability, and strong thermal conductivity are just a few of these qualities. In contrast to other cast iron kinds, it has a relatively low tensile strength and impact resistance. For some applications, gray cast iron is a favored option due to its many benefits. These benefits include exceptional wear resistance, high thermal conductivity, superior machinability, and a comparatively inexpensive cost in comparison to other materials. Applications where vibration and noise reduction are critical benefit from its dampening capabilities.
Global Iron Casting Market Size, by Application, 2022
The automotive sub-segment accounted for the highest market share in 2022. For iron casting products, the automotive sector is a large market. Due to its desirable qualities, affordability, and adaptability for mass manufacturing, iron castings are widely used in a variety of automotive components. The production of brake system parts like brake calipers, brake drums, and brake discs depends heavily on iron castings. To ensure dependable and effective brake performance, gray cast iron, which is renowned for its high wear resistance and outstanding heat dissipation capabilities, is frequently employed in these applications. Iron castings are used to create chassis and structural elements like brackets, cross members, and frame pieces. These castings help the vehicle's structure be more robust and rigid overall, promoting stability and safety. Exhaust manifolds, which collect and direct exhaust gases from the engine cylinders, are made of iron castings. Iron castings are appropriate for handling the heat produced by exhaust gases due to their high temperature resistance.
Global Iron casting Market Growth, by Region, 2022
The Asia-Pacific region accounted for the highest market share in 2022. In terms of both production and consumption, the Asia-Pacific region is an important market for the iron casting sector. With various nations in the region having a significant presence in the sector, Asia-Pacific is a significant center of production for iron castings. The world's greatest manufacturer of iron castings is China in particular. Iron casting industries are well-established in a number of other nations in the region, including Taiwan, South Korea, Japan, India, and others. The demand for iron castings is influenced by the industrialization of the region and the expansion of the machinery manufacturing industry. Pumps, valves, machine tools, agricultural gear, and construction equipment are just a few examples of the industrial machinery and equipment in which iron castings are used. The construction sector is expanding significantly in the Asia-Pacific region as a result of infrastructural investments, urbanization, and population increase. Applications for iron castings in construction include utility parts, manhole covers, drainage systems and building frames.
Competitive Scenario in the Iron Casting Market
Innovation and new products are some of the strategies followed by leading companies. In January 2023, Brakes India, a part of the TSF Group (part of erstwhile TVS Group), is aiming at a wider market share by leveraging on innovation, introduction of new products, growing electric-vehicle segment and overseas expansion.
Some of the leading iron casting market players are Hitachi Metals, Ltd, Brakes India Private Limited, LIAONING BORUI MACHINERY CO., LTD (DANDONG FOUNDRY), OSCO Industries, Inc, Crescent Foundry, Xinxing Cast Pipe Co., Ltd, Chamberlin plc, CALMET, Casting P.L.C, and Georg Fischer Ltd.
Historical Market Estimations
Base Year for Market Estimation
Forecast Timeline for Market Projection
North America, Europe, Asia-Pacific, and LAMEA
Segmentation by Product
Segmentation by Application
Key Companies Profiled
Q1. What is the size of the global iron casting market?
A. The size of the global iron casting market was over $103.1 billion in 2022 and is projected to reach $193.2 billion by 2032.
Q2. Which are the major companies in the iron casting market?
A. Hitachi Metals, Ltd and Brakes India Private limited are some of the key players in the global communication software market.
Q3. Which region, among others, possesses greater investment opportunities in the near future?
A. The Asia-Pacific region possesses great investment opportunities for investors to witness the most promising growth in the future.
Q4. What are the strategies opted by the leading players in this market?
A. Product portfolio expansion, Technological advancements are the two key strategies opted by the operating companies in this market.
Q5. Which companies are investing more on R&D practices?
A. Hitachi Metals Ltd and Thyssenkrupp AG are the companies investing more on R&D activities for developing new products and technologies.