Press release
Iron and Steel Casting Market Poised for 8 % Growth, Set to Hit $248.88 Billion by 2029
Iron and Steel Casting Market
The iron and steel casting market is predicted to expand due to increased government spending on infrastructure. Such investments are focused on tangible assets such as energy infrastructure, roadways, bridges, and highways that we use on a daily basis. Both cast iron and steel are leveraged to erec*t building structures and serve as building materials. For instance, in March 2022, the US government unveiled further investment plans worth $166.5 million for 108 infrastructure undertakings as part of the execution of the Bipartisan Infrastructure Law, also recognized as the Infrastructure Investment and Jobs Act (IIJA). Hence, state investments in infrastructure are fueling the expansion of the iron and steel casting market.
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What is the future CAGR of the iron and steel casting market, and how will it impact industry expansion?
The market size of the iron and steel casting sector has seen robust growth in the past few years. It is set to expand from $173.74 billion in 2024 to $185.13 billion in 2025, registering a compound annual growth rate (CAGR) of 6.6%. The historical growth can be linked to factors such as progress in metallurgy, the surge in urbanization and construction, advancements in the energy sector, swift industrialization, global conflicts and defense requirements.
The market size for iron and steel casting is predicted to significantly increase in the upcoming years, with an anticipated value of $248.88 billion by 2029, growing at a compound annual growth rate (CAGR) of 7.7%. Expansion during the forecasted period can be associated with compliance with industrial norms, advancements in materials, emphasis on precision and high quality, worldwide market growth, and infrastructure development initiatives. The trend forecast for that time-frame is eco-friendly casting methods, innovative products, strategic collaborations, and advancements in technology.
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What are the most significant trends transforming the iron and steel casting market today?
The trend of product innovation is taking center stage in the iron and steel casting industry. Major players in this market are adopting strategies that involve the creation of new products with cutting-edge features in order to maintain a competitive edge. For example, in June 2022, Brakes India, a leader in the production of auto braking systems, and Volvo Group, a global manufacturing company, collaborated to release the industry's first Green Iron Castings. These were produced at Brakes India's foundries, and are utilized in the assembly of Volvo's engines, demonstrating a mutual goal of reducing carbon emissions. The Green castings can potentially reduce CO2 emissions by 0.86 million tons for Volvo and 210 million tons for the overall industry upon full adoption.
Which key market segments comprise the iron and steel casting market and drive its revenue growth?
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
Subsegments:
1) By Large Casting: Heavy Machinery Components, Shipbuilding Parts, Industrial Equipment
2) By Medium Casting: Automotive Parts, Construction Components
3) By Small Casting: Consumer Goods, Precision Components
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What regions are at the forefront of iron and steel casting market expansion?
Asia-Pacific was the largest region in the iron and steel casting market analysis in 2024 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.
Who are the leading players fueling growth in the iron and steel casting market?
Major companies operating in the iron and steel casting market 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, Liaoning Borui Machinery Co. Ltd.
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What Is Covered In The Iron and Steel Casting Global Market Report?
• Market Size Forecast: Examine the iron and steel casting market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the iron and steel casting market for a structured understanding.
• Key Players Overview: Analyze major players in the iron and steel casting market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the iron and steel casting market.
• Segment Contributions: Evaluate how different segments drive overall growth in the iron and steel casting market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the iron and steel casting market.
• Industry Challenges: Identify potential risks and obstacles affecting the iron and steel casting market.
• Competitive Landscape: Review strategic developments in the iron and steel casting market, including expansions, agreements, and new product launches.
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