Steel Casting Market size to increase by USD 7.27 Billion between 2023 to 2028, Market Segmentation by Application, Product, Geography, Technavio
NEW YORK, Dec. 15, 2024 /PRNewswire/ -- The global steel casting market size is estimated to grow by USD 7.27 billion from 2024 to 2028, according to Technavio. The market is estimated to grow at a CAGR of 4.6% during the forecast period. The report provides a comprehensive forecast of key segments below-
Segmentation Overview
- 1.1 Automotive and transportation
- 1.2 Construction and infrastructure
- 1.3 Mining
- 1.4 Power
- 1.5 Others
- 2.1 Sand casting
- 2.2 Investment casting
- 2.3 Die casting
- 2.4 Centrifugal casting
- 3.1 APAC
- 3.2 North America
- 3.3 Europe
- 3.4 Middle East and Africa
- 3.5 South America
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1.1 Fastest growing segment:
The global steel casting market experienced significant growth in the automotive and transportation sector in 2023. Steel casting is a cost-effective solution for manufacturing various components in this industry, including drums, flywheels, engine casings, gears, suspension systems, steering systems, pipe fittings, exhaust systems, cylinder heads, and others. In automotive manufacturing, the increasing global volume of vehicle production will continue to drive demand for steel casting. Leading automobile producers, such as Germany, South Korea, Japan, India, and China, will contribute to this growth. Additionally, steel casting is extensively used in the railway and locomotive industry for components like chocks, derailers, heel blocks, joint bars, rail braces, railway tracks and lines, and other locomotive parts. In the aerospace sector, steel casting is utilized for manufacturing turbine engines and aircraft components due to its high quality and precision. The rising middle-class population, with an annual income between USD20,000 and USD150,000, is expected to reach over 48% of the global population by 2027. This demographic's increasing spending power on domestic airline travel will fuel the demand for freight aircraft, leading to growth in the steel casting market for this segment. Overall, the automotive and transportation sector's expansion will significantly contribute to the global steel casting market's growth during the forecast period.
Analyst Review
The global steel casting market is witnessing significant growth due to its extensive applications in various industries. Automotive sector is a major consumer, with the increasing production of lightweight vehicles leading to a higher demand for aluminum casting and magnesium components. Die casting using sand molds is a popular method in automotive manufacturing, while the construction market relies on cast iron and grey iron metal for infrastructure projects and industrial products. Recyclable materials are increasingly being used to reduce environmental impact. The telecom industry utilizes stainless-steel castings for their durability and resistance to corrosion. Emission regulations drive the demand for iron casting in powertrains and engine components. The transportation, water supply, energy networks, and building & construction industries also contribute to the market growth. Skilled labor is essential for the production of high-quality steel castings, making it a labor-intensive process. Ductile iron and various alloys are used in various applications, including vehicle components, pipes, and engine blocks.
Market Overview
The Steel Casting Market encompasses the production of various types of steel castings, including those made from grey iron metal, ductile iron, and stainless-steel, using processes like sand mold and die casting. This capital-intensive industry caters to diverse sectors, with significant demand coming from the Automotive Sector for manufacturing engine components, transmissions, and lightweight vehicle parts using aluminum casting and magnesium. The Telecom Industry also utilizes steel castings for producing antennas and other infrastructure equipment. Regulations, particularly emission regulations, influence the market's growth, driving the adoption of lightweight casting materials like aluminum alloy and the increase in aluminum content in vehicle production. The European Union (EU) and other regional bodies set regulations that impact regional-level production numbers and penetration. The Metal Casting Industry's average selling price depends on the volume of components produced, material type, and process used. Foundry Equipment manufacturers cater to this industry, providing essential machinery for the production of castings. The market includes various types of castings, such as those for powertrains, body & chassis, and industrial products. The Building & Construction Industry and Infrastructure Projects also rely on steel castings for transportation, water supply, and energy networks. Alternative manufacturing processes like 3D printing and investment casting are gaining traction, potentially impacting the traditional steel casting market. The market's growth is influenced by vehicle type, regional-level production numbers, and regional-level penetration, with thousands of units produced annually.
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Key Topics Covered:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Venodr Landscape
11 Vendor Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio