The global iron and steelcasting market wasvalued at US$ 130 Bn in 2017 and is anticipated to expand at a CAGR of morethan 4% from 2018 to 2026, according to a new report published by TransparencyMarket Research (TMR) titled ‘Ironand Steel Casting Market – Global Industry Analysis, Size, Share, Growth,Trends, and Forecast, 2018–2026.’ The iron and steel castingprocess involves production of any object of desired shape and size by pouringor injecting molten iron and steel into a mold. Such products are manufacturedon a large scale for a wide range of sectors such as oil & gas,agriculture, automotive, power generation, industrial units, and manufacturingmachinery.
Marketto be driven by growth of heavy industries such as construction, mining, andautomotive
Growthof heavy industries such as automotive, mining, and construction is a majordriver of the iron and steel casting market. Especially, rising demand from theconstruction industry is likely to propel the demand for iron and steel castingproducts in the near future. Construction equipment need to be sturdy, strong,and long-lasting. They need to incur low costs for maintenance and withstandvarying pressures and different climatic conditions. This type of equipmentalso requires raw materials with excellent properties. Iron and steel are amongthe most commonly used raw materials in the manufacture of equipment for heavyindustries such as power generation, manufacturing machinery, oil & gas,electricals, and industrial equipment. Traditionally, the mining industry hasbeen an important end-user of iron and steel casting products. The industry isfocused on reducing its operational costs. The low-maintenance and long-lastingnature of iron and steel casting products make them suitable for use in themining industry. The automotive industry uses iron and steel casting productsto offer sturdiness and strength to auto components and parts, so that they canwithstand varying temperatures and possible vehicle accidents.
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Availabilityof aluminum alloys as substitutes in the automotive industry to hinder market
Automotivemanufacturers have shifted their focus toward cast aluminum instead of theconventional iron and steel products. They want to benefit from superiorproperties of aluminum casting products such as corrosion resistance,lightness, and high performance. These products can also help manufacturersmeet the emission limits set by different regulatory bodies. Furthermore, useof aluminum can reduce the total weight of a vehicle by 10% to 15%. Use ofaluminum is preferred in electric vehicles to reduce the vehicle weight. This,in turn, increases the durability of batteries. There are several other factorsthat drive the use of aluminum in the automotive sector. Increasing adoption ofaluminum casting products acts as a restraint of the iron and steel castingmarket.
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Investmentsin infrastructure development by governments to drive market for iron and steelcasting products
Governmentsof developed countries such as Canada, the U.K., France, and the U.S. areplanning to invest in the maintenance of infrastructure projects. On the otherhand, governments of developing countries such as Brazil, South Africa, China,and India are planning to develop Greenfield projects. A few examples of suchprojects include the proposed bullet train in India; metro railways in severalcities of India such as Pune and Nagpur; and the Belt and Road Initiative byChina. Other countries such as Pakistan, Sri Lanka, Rwanda, and Tanzaniaare also planning to take initiative for such projects. Such projects requireiron and steel casting products in large quantities, which increases the demandfor iron and steel casting products.
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Globaliron and steel casting market segmented based on material, application, andregion
Interms of material, the global iron and steel casting market can be divided intogray iron, ductile iron, steel, and malleable iron. The gray iron segment holdsthe leading market share and is expected to maintain its dominance during theforecast period, due to low manufacturing cost, high tensile strength,ductility, and impact resistance of gray iron. Based on application, the marketcan be segregated into automotive & transport, pipes & fittings, pumps& valves, machinery & equipment, and others. Various properties of ironand steel such as ductility, durability, and impact resistance make them highlysuitable for use in the automotive & transport sector. The automotive &transport segment accounts for the leading share of the market. In terms ofregion, the global iron and steel casting market can be classified into NorthAmerica (the U.S. and Canada), Latin America (Brazil, Mexico, and Rest of LatinAmerica), Europe (Germany, the U.K., France, Italy, Spain, Russia & CIS,and Rest of Europe), Asia Pacific (China, India, Japan, ASEAN, and Rest of AsiaPacific) and Middle East & Africa (GCC, South Africa, and Rest of MiddleEast & Africa).
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Mediumdegree of competition in the market
Alarge number of iron and steel casting companies operate in the market. Thesecompanies range from small and local manufacturers to medium-sizednational-level companies and even, multinational companies. While largecompanies such as ArcelorMittal and Tata Steel account for a considerable shareof the global market, the rest of the market is fragmented. The level ofexpertise of iron and steel casting companies is a significant factor affectingthe competitive ability of market players. In terms of expertise and use oftechnology, multinational companies are better than small- and medium-sizedcompanies. Some of the important companies in the market include Tata SteelLimited, Kobe Steel, Ltd., ArcelorMittal, Nucor Corporation, and Hitachi MetalsLtd.
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