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Global Iron & Steel Casting Market Will Reflect Significant Growth Prospects By 2024
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Almost all metals such as iron, copper, aluminum, and steel can be cast. However, the most common ferrous metals include grey iron, ductile iron, steel, and malleable iron. Alloys of iron & steel are widely used for casting in high performance application industries such as automobile, heavy equipment, industrial machines, and defense equipment. The iron & steel casting market is expanding steadily due to robust growth in construction and mining industries, especially in Southeast Asia and Eastern Europe. Increasing demand for iron & steel casting in automobile and electrical industries is anticipated to propel the growth of the market. Furthermore, demand for steel plates in the construction industry is expected to rise significantly in the near future due to increase in infrastructure-building activities.
The iron & steel casting market can be bifurcated into application segments such as automotive & transportation, construction, machine tools, defense, plant machinery, households, and others. The iron & steel casting market can also be bifurcated based on product forms such as pipes and tubes, plates and sheets, semi-finished cast products, and others.
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Several players operate in the iron & steel casting market. These include Steel Authority of India Limited (SAIL), ArcelorMittal S.A., ThyssenKrupp AG, Tata Group, The voestalpine Group, SSAB AB, Hebei Iron and Steel Group Co., Ltd., Shanghai Baosteel Group Corporation, and POSCO.
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