2025-2034 Iron and Steel Casting Market Evolution: Disruptions, Innovations, and Untapped Opportunities

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What Is the Expected CAGR for the Iron and Steel Casting Market Through 2025?
The growth of the iron and steel casting market has been consistent in the past few years. The market, which is set to rise from $173.74 billion in 2024 to $182.29 billion in 2025, is expected to witness a compound annual growth rate (CAGR) of 4.9%. The recorded growth in the past can be traced back to factors such as innovation in metallurgy, increased urbanization and construction activities, the evolution of the energy sector, swift industrialization, global conflicts, and defense requirements.

What's the Projected Size of the Global Iron and Steel Casting Market by 2029?
In the upcoming years, significant expansion is anticipated in the iron and steel casting market, with an expected value of $240.8 billion by 2029, a compound annual growth rate (CAGR) of 7.2%. The projected growth in this period is ascribed to compliance to industry norms, advancements in materials, emphasis on precision and quality, global market growth, and development of infrastructure projects. Key trends for the forecast period encompass sustainable casting procedures, product innovations, strategic collaborations, and technological progress.

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Top Growth Drivers in the Iron and Steel Casting Industry: What's Accelerating the Market?
The growth of the iron and steel casting market is predicted to be fueled by government expenditure on infrastructure. This includes investments in physical assets like energy infrastructure, roads, bridges, and everyday highways. Iron and steel castings are instrumental in building structures and providing construction materials. For example, in March 2022, the US government pledged an extra $166.5 million funding for 108 infrastructure initiatives under the Bipartisan Infrastructure Law or the Infrastructure Investment and Jobs Act (IIJA). Consequently, government infrastructure investments are stimulating the expansion of the iron and steel casting market.

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Which Fast-Growing Trends Are Poised to Disrupt the Iron and Steel Casting Market?
Product enhancements stand out as a rising trend in the iron and steel casting industry. Major players in this sector are investing in the development of novel products equipped with advanced features to maintain their market standing. An example of this occurred in June 2022 when Brakes India, a leading automotive braking systems producer, and Volvo Group, an international manufacturer hailing from Sweden, introduced the first ever Green Iron Castings to the industry. These were produced in the former's foundries and used for building the engines of the latter, demonstrating their joint pledge to reducing carbon emissions. With full implementation, Green castings possess the distinct potential to lessen CO2 emissions by 0.86 million tons for Volvo and remarkably, 210 million tons for the entire industry.

What Are the Main Segments in the Iron and Steel Casting Market?
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 Top Companies are Driving 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.

Which Regions Will Dominate the Iron and Steel Casting Market Through 2029?
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.

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