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Iron and Steel Casting Market Report 2025-2034: Industry Overview, Trends, And Forecast Analysis
Iron and Steel Casting
What Is the Current Iron and Steel Casting Market Size and Its Estimated Growth Rate?
There has been significant expansion in the iron and steel casting market recently. The market, projected to rise from $173.74 billion in 2024 to $185.13 billion in 2025, boasts a compound annual growth rate (CAGR) of 6.6%. Various factors have contributed to this growth in the past, including advancements in the field of metallurgy, urban growth and a surge in construction, development within the energy sector, swift industrialization, and the demands of world wars and defence.
In the coming years, the iron and steel casting market is projected to experience robust growth. By 2029, the market is estimated to reach a value of $248.88 billion, growing at a compound annual growth rate (CAGR) of 7.7%. Factors contributing to this anticipated growth during this period include compliance with industry standards, progress in materials technology, emphasis on accuracy and quality, worldwide market growth, and infrastructure development initiatives. Key trends for this forecast period encompass environmentally-friendly casting methods, product development and improvements, strategic collaborations, and advances in technology.
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How Are Emerging Segments Shaping the Iron and Steel Casting Market Landscape?
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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Which Growth Factors Are Influencing Iron and Steel Casting Market Expansion?
The iron and steel casting market is likely to experience growth due to anticipated government investments in infrastructure. These investments relate to tangible assets such as the everyday energy infrastructure, roads, bridges, and highways. Iron and steel are utilized for forming building structures and providing construction materials. For example, the US government, in March 2022, revealed additional funding of $166.5 million in 108 infrastructure projects under the execution of the Bipartisan Infrastructure Law, or the Infrastructure Investment and Jobs Act (IIJA). Consequently, this investment in infrastructure by governments contributes to the expansion of the iron and steel casting market.
Who Are the Dominant Players Across Different Iron and Steel Casting Market Segments?
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.
What Are the Latest Developing Trends in the Iron and Steel Casting Market?
Innovations in product development are becoming a significant trend in the iron and steel casting industry. A key strategy among major market players involves introducing new, technologically advanced products to maintain their market standing. An example of this occurred in June 2022 when Brakes India, a producer of automotive braking mechanisms based in India, and the Sweden-based global manufacturing firm, Volvo Group, collaboratively launched the industry's first Green Iron Castings. These were manufactured in Brakes India's foundries and utilized in constructing Volvo's engines, symbolic of both partners' shared dedication to carbon emission reductions. When fully adopted, green castings can potentially lower CO2 emissions by 0.86 million tons for Volvo and 210 million tons across the industry.
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Which Geographic Regions Are Expected to Dominate the Iron and Steel Casting Market in the Coming Years?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Iron and Steel Casting Market?
2. What is the CAGR expected in the Iron and Steel Casting Market?
3. What Are the Key Innovations Transforming the Iron and Steel Casting Industry?
4. Which Region Is Leading the Iron and Steel Casting Market?
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