Iron and Steel Casting Market Growth Catalyzed by Advancements and Infrastructure Developments: Anticipated to Reach $248.88 billion in 2029

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Booming Market Fueled by Rapid Urbanization, Technological Advancements and Governmental Infrastructure Initiatives

What Is The Projected Market Size Of The Global Iron and Steel Casting Market And Its Growth Rate?
•The market size has reported robust growth recently, expected to escalate from $173.74 billion in 2024 to $185.13 billion in 2025 at a compound annual growth rate (CAGR) of 6.6%. This growth in the historic period can be attributed to advancements in metallurgy, urbanization and construction boom, development of energy sector, and rapid industrialization.
•The iron and steel casting market is anticipated to see exceptional growth in the next few years, estimated to rise to $248.88 billion in 2029 at a CAGR of 7.7%. The forecast period growth can be associated with adherence to industry standards, material advancements, focus on precision and quality, global market expansion, and infrastructure development projects.

What Is Driving The Growth In The Iron and Steel Casting Market?
Government investments in infrastructure are a significant contributor to the growth of the iron and steel casting market. Investments in tangible assets such as energy infrastructure, roads, bridges, and highways boost the usage of cast iron and steel as construction materials and building structures. For instance, the US government announced an additional investment of $166.5 million in 108 infrastructure projects as part of implementing the Bipartisan Infrastructure Law in March 2022. Consequently, such governmental infrastructure investments steer the growth of the iron and steel casting market.

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Who Are the Key Players Driving Iron and Steel Casting Market Growth?
The major contributors operating in the iron and steel casting market include:
•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
•Liaoning Borui Machinery Co. Ltd.

What Are The Key Trends In The Iron and Steel Casting Market?
Key emerging trends include:
•Sustainable casting practices
•Product innovations
•Strategic partnerships
•Technological advancements

What Are The Segments Of The Global Iron and Steel Casting Market?
The global iron and steel casting market is segmented into:
•Type: Large Casting, Medium Casting, Small Casting
•Material Type: Gray Iron, Ductile Iron, Steel, Malleable Iron
•Application Type: Automotive And Transport, Pipes And Fittings, Pumps And Valves, Machinery And Equipment, Other Applications
•End-Use Type: Machine Tools, Mining, Transportation, Construction, Electrical, Steel Industry, Other End-Users

Which Region Leads The Iron and Steel Casting Market?
Asia-Pacific holds the largest share in the iron and steel casting market in 2024 and is anticipated to be the fastest-growing region in the forecast period. The iron and steel casting market report encompasses the following regions: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

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What Is Covered In The Iron and Steel Casting Market Global Market Report?

- Market Size Analysis: Analyze the Iron and Steel Casting Market size by key regions, countries, product types, and applications.

- Market Segmentation Analysis: Identify various subsegments within the Iron and Steel Casting Market for effective categorization.

- Key Player Focus on key players to define their market value, share, and competitive landscape.

- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.

- Market Contribution: Evaluate contributions of different segments to the overall Iron and Steel Casting Market growth.

- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.

- Industry Challenges: Analyze challenges and risks affecting the Iron and Steel Casting Market.

- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.

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This release was published on openPR.