Steel Casting Market Size to Reach $90.49 Billion by 2031 | Precision Castparts, Hitachi, Kobe Steel

According to QY Research announces the release of 2025 latest report "Steel Casting Market". Based on current situation and impact historical analysis (2020-2024) and forecast calculations (2025-2031), this report provides a comprehensive analysis of the global Steel Casting market, including market size, share, demand, industry development status, and forecasts for the next few years.

The global market for Steel Casting was estimated to be worth US$ 75.8 bllion in 2024 and is forecast to a readjusted size of US$ 90.49 billion by 2031 with a CAGR of 2.6% during the forecast period 2025-2031.

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A steel casting is a metal component that is formed by pouring molten steel into a mold cavity. The liquefied steel then cools and solidifies within the mold cavity. By catering the shape of the mold, and hence the casting, to perfectly fit specifications. The casting process of steel can be difficult. It is less fluid than other metals and more reactive to mold materials. Steel castings are used for a variety of reasons. They are mainly used when other types of cast irons do not have enough strength or shock resistance. Steel's physical properties allow the castings to be both strong and ductile. This makes the steel casting extremely tough and limits the chances of fracturing under pressure. Steel castings are also utilized due to their weldability and corrosion resistance. Due to its reliability and strength, numerous industries rely on steel castings. Industries that use steel castings range from food processing and electronics to oil and gas. Some specific industries that use this type of casting include the railroad, construction, drilling, transportation, and mining industries. Examples of items that are steel casting gears, valve bodies, pump casings, mining machinery, marine equipment, engine cylinder blocker, forging presses, and railroad truck frames.

Global key players of Steel Casting include Precision Castparts, Hitachi, Kobe Steel, Doosan Enerbility, ME Elecmetal, etc. The top five players hold a share about 7%. China is the world's largest market for Steel Casting and holds a share about 29%, followed by APAC (excluding China) and North America, with share about 25% and 24%, separately. In terms of product type, Carbon Steel Casting is the largest segment, accounting for a share about 47%. In terms of application, Rail and Transit is the largest field with a share about 27 percent.

At the beginning of the development of this research report, a summary of the Steel Casting market is provided, along with definitions, applications, new product launches, developments, hurdles, and geographic considerations. Rising demand across several different industries is expected to fuel the industry's rapid growth. The study Steel Casting market research report looks at key aspects as well as current industry trends. An additional feature is a graphical summary of significant organisations that highlights their market presence, effective marketing methods, and most recent developments in both historical and contemporary contexts.

Key Companies : -

The Steel Casting Market is highly competitive with both global players and regional startups driving innovation. Key companies are focusing on:

Precision Castparts
Hitachi
Doosan Enerbility
Kobe Steel
ME Elecmetal
Amsted Rail
Signicast (Form Technologies Company)
MetalTek International
Anhui Yingliu
Harrison Steel Casting
Peekay Steel Castings
Impro Precision
Liaoning Fuan Heavy Industry
Tycon Alloy Industries
Japan Steel Works
Amsteel Castings
Isgec Heavy Engineering

Key Growth Drivers : -

The growth of the Steel Casting Market can be attributed to several key factors. Technological advancements have played a pivotal role in shaping the market, enabling the development of more sophisticated and efficient Steel Casting solutions. Additionally, increasing awareness among consumers regarding the benefits of Steel Casting products has fueled demand. Furthermore, supportive government policies and regulations have created a favorable environment for market expansion.

Industry Opportunities and Challenges -

Industry Opportunities -

The Steel Casting Market presents abundant opportunities for stakeholders. The continuous evolution of technology opens doors for the development of novel products and services. Emerging markets, with their growing populations and rising disposable incomes, offer vast potential for market penetration. Additionally, strategic partnerships and collaborations can help businesses expand their reach and capabilities.

Industry Challenges -

Despite its growth potential, the Steel Casting Market is not without its challenges. Intense competition requires companies to differentiate their offerings and maintain a strong market presence. The need for substantial research and development investments can be a barrier to entry for some players. Furthermore, keeping pace with rapidly changing consumer preferences and technological advancements demands agility and innovation.

Detailed of Steel Casting Market Segmentation :-

Segment by Type : -

Carbon Steel Casting
Low-Alloy Steel Casting
High Alloy Steel Casting

Segment by Application : -

Power Generation
Rail and Transit
Mining
Construction Machinery
Oil and Gas
Aerospace and Defense
Shipbuilding
Others

Regional Insights :-

The Steel Casting Market provides a diverse geographical landscape, with several areas exhibiting unique market characteristics. While some locations see rapid growth due to factors like economic expansion and technical advancements, other regions may experience slower but more consistent market expansion. Market trends vary greatly throughout regions due to factors including cultural influences, legal frameworks, and population developments. Businesses looking to go global must understand these regional differences and adjust their strategy to take advantage of local opportunities.

North America: Market size, growth drivers, and key players.

Europe: Regulatory environment and sustainability initiatives.

Asia-Pacific: Rapid industrialization and demand growth.

Latin America: Emerging markets and opportunities.

Middle East & Africa: Focus on petrochemicals and infrastructure development.

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Importance of a Market Synopsis : -

Decision Making: A well-prepared Steel Casting market synopsis helps businesses, investors, and professionals make informed decisions. It provides a comprehensive understanding of the Steel Casting market landscape, enabling stakeholders to identify potential risks and opportunities.

Competitive Analysis: By examining the competitive landscape, a Steel Casting market synopsis allows businesses to benchmark themselves against industry leaders and identify areas for improvement or differentiation. It facilitates strategic planning and Steel Casting market positioning.

Market Entry: For companies considering entering a new market or launching a new product, a Steel Casting market synopsis provides valuable insights into market size, customer needs, and competitive factors. It guides businesses in developing effective market entry strategies.

Investment Decisions: Investors rely on Steel Casting market synopses to evaluate the feasibility and potential returns of investment opportunities. The synopsis helps them assess the market's growth prospects, competitive intensity, and long-term viability.

Knowledge Sharing: Steel Casting Market synopses serve as valuable resources for industry research, academic studies, and knowledge sharing among professionals. They provide a concise summary of Steel Casting market dynamics, making complex information accessible to a broader audience.

Table of Contents with Major Points : -

1. Executive Summary

1.1. Market Analysis
1.2. Global & Segmental Market Estimates & Forecasts, 2025-2031 (USD Billion)
1.2.1. Steel Casting Market, by Region, 2025-2031 (USD Billion)
1.2.2. Steel Casting Market, by Type, 2025-2031 (USD Billion)
1.2.3. Steel Casting Market, by Application, 2025-2031 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption

2. Global Steel Casting Market Definition and Scope

2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates

3. Global Market Dynamics

3.1. Steel Casting Market Impact Analysis (2025-2031)
3.1.1. Market Drivers
3.1.2. Market Challenges
3.1.3. Market Opportunities

4. Global Industry Analysis

4.1. Porter's 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.1.6. Futuristic Approach to Porter's 5 Force Model (2025-2031)
4.2. PEST Analysis
4.2.1. Political
4.2.2. Economical
4.2.3. Social
4.2.4. Technological
4.3. Investment Adoption Model
4.4. Analyst Recommendation & Conclusion

5. Global Market, by Type

5.1. Market Analysis
5.2. Global Steel Casting Market by Type, Performance - Potential Analysis
5.3. Global Steel Casting Market Estimates & Forecasts by Type 2025-2031 (USD Billion)
5.4. Steel Casting Market, Sub-Segment Analysis

6. Global Market, by Application

6.1. Market Analysis
6.2. Global Steel Casting Market by Application, Performance - Potential Analysis
6.3. Global Steel Casting Market Estimates & Forecasts by Application 2025-2031 (USD Billion)
6.4. Steel Casting Market, Sub-Segment Analysis
6.4.1. Others

7. Regional Analysis

7.1. Steel Casting Market, Regional Market Analysis
7.2. North America Steel Casting Market
7.3. Europe Steel Casting Market Analysis
7.4. Asia-Pacific Steel Casting Market Analysis
7.5. Latin America Steel Casting Market Analysis
7.6. Rest of The World Steel Casting Market

8 Competitive Intelligence

8.1. Top Market Strategies
8.2. Company Profiles
8.2.1. Key player 1
8.2.1.1. Key In Durationation
8.2.1.2. Overview
8.2.1.3. Financial (Subject to Data Availability)
8.2.1.4. Product Summary
8.2.1.5. Recent Developments

9. Research Process

9.1. Research Process
9.1.1. Data Mining
9.1.2. Analysis
9.1.3. Market Estimation
9.1.4. Validation
9.1.5. Publishing
9.2. Research Attributes

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