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Iron and Steel Casting Market Opportunities And Strategies 2024-2033 | Insights, Demand, Outlook
Iron and Steel Casting Market
Iron and Steel Casting Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $2337.46 billion In 2028 At A CAGR Of 6.5% :
The iron and steel casting market size has grown strongly in recent years. It will grow from $164.59 billion in 2023 to $176.2 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to advancements in metallurgy, urbanization and construction boom, development of energy sector, rapid industrialization, world wars and defense needs.
The iron and steel casting market size is expected to see strong growth in the next few years. It will grow to $230.81 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to adherence to industry standards, material advancements, focus on precision and quality, global market expansion, infrastructure development projects. Major trends in the forecast period include sustainable casting practices, product innovations, strategic partnerships, technological advancements.
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Iron and Steel Casting Market Major Segments
The iron and steel casting market covered in this report is segmented -
1) By Type: Large Casting, Medium Casting, Small Casting
2) By Material Type: Gray Iron, Ductile Iron, Steel, Malleable Iron
3) By Application Type: Automotive and Transport, Pipes and Fittings, Pumps and Valves, Machinery and Equipment, Other Applications
4) By End-Use Type: Machine Tools, Mining, Transportation, Construction, Electrical, Steel Industry, Other end-users
Key Driver - Government Infrastructure Investments Fueling Growth In The Iron And Steel Casting Market
Government investments in infrastructure are expected to propel the growth of the iron and steel casting market going forward. Investments in infrastructure refer to tangible assets, including elements like the energy infrastructure, roads, bridges, and highways we use every day. Cast iron and steel are used to create building structures and as construction materials. For instance, in March 2022, the government of US announced an additional investment of $166.5 million in 108 infrastructure projects as part of implementing the Bipartisan Infrastructure Law, also known as the Infrastructure Investment and Jobs Act (IIJA). Therefore, investment in infrastructure by governments is driving the growth of the iron and steel casting market.
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Prominent Trend - Brakes India And Volvo Group Pioneer Green Iron Castings In The Iron And Steel Casting Market
Product innovations are a key trend gaining popularity in the iron and steel casting market. Major companies operating in the iron and steel casting market are focused on developing new products with advanced features to sustain their position in the market. For instance, in June 2022, Brakes India, an India-based manufacturer of automotive braking systems, and Volvo Group, a Sweden-based multinational manufacturing corporation, jointly launched the industry's first Green Iron Castings, created at the former's foundries, and used to construct the latter's engines as part of the partners' shared commitment to lowering carbon emissions. Green castings offer the unique capability of reducing CO2 emissions by 0.86 million tons for Volvo and 210 million tons for the industry when completely implemented.
Iron and Steel Casting Market Players
Major companies operating in the iron and steel casting market report are ArcelorMittal S.A., AMSTED Industries Incorporated, Tata Steel Ltd., Evraz plc, Hitachi Metals Ltd., Nucor Corporation, Kobe Steel Ltd., The ESCO Group, Calmet, Hyundai Steel Co. Ltd., Nelcast Limited, OSCO Industries Inc., Peekay Steel Castings Pvt. Ltd., Impro Industries USA Inc., MetalTek International, Tupy SA, Waupaca Foundry Inc., Neenah Foundry Company, Aarrowcast Inc., Dotson Iron Castings, Grede Holdings LLC, Metal Technologies Inc., Cifuns, Brantingham Manufacturing, Badger Foundry Company, Benton Foundry, Cast Technologies Inc., American Iron & Alloys Corporation, Modern Aluminum Castings Co. Inc., Liaoning Borui Machinery Co. Ltd.
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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the iron and steel casting market analysis in 2023 and is expected to be the fastest-growing region in the forecast period. The regions covered in the iron and steel casting market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Iron and Steel Casting Market Report Structure
3. Iron and Steel Casting Market Trends And Strategies
4. Iron and Steel Casting Market - Macro Economic Scenario
5. Iron and Steel Casting Market Size And Growth
…..
27. Iron and Steel Casting Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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