Global Iron And Steel Casting Market Size By Product Type (Ductile Iron and Steel), By Application (Automotive and Transport, Machinery and Equipment, Pumps and Valve, Pipes and Fittings), By Geographic Scope And Forecast

Iron And Steel Casting Market Size And Forecast

Iron And Steel Casting Market size was valued at USD 161.91 Million in 2024 and is projected to reach USD 246.6 Million by 2031, growing at a CAGR of 5.40% during the forecasted period 2024 to 2031.

The increase in demand for vehicles and the expansion of the automobile sector as a result of rising disposable income, the rising quality of living, and cost reductions in automobiles as a result of increased demand have supplemented the need for Iron And Steel Casting components, thus driving the market growth during the forecasted period. In addition, Iron And steel castings are also widely used to produce industrial machinery from the industries is anticipated to boost the global Iron And Steel Casting Market growth. The Global Iron And Steel Casting Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Iron And Steel Casting Market Definition

Iron and steel casting is a metal shaping technique in which molten iron or steel is poured into a pre-set mold with a negative imprint of the desired shape and allowed to harden. It is one of the oldest manufacturing technologies, and it is typically used for complicated items that are difficult to produce using other methods.

Casting is used to make casings, shells, mountings, propellers, and other heavy and complicated iron and steel elements. Following the solidification of the metal, the cast is frequently machined to achieve the necessary surface quality, size, and tolerances. Construction, automotive, power plants, and other heavy sectors all require cast iron and steel parts.

Global Iron And Steel Casting Market Overview

The Global Iron and Steel Casting Market is projected to expand during the forecasted period with the growing demand for processed iron and steel via casting methods for heavy steel and heavy construction equipment in the construction industry. Due to their versatility, strength, characteristics such as malleability, ductility, and high corrosion resistance in the case of steel, iron, and steel are the most commonly used materials in the manufacture of various items, equipment, and machinery. Iron and steel are used in large-scale activities because of their characteristics.

The construction industry is expanding in response to global population expansion, urbanization, industrialization, and economic growth. As a result, iron and steel in the form of steel cast pipes, cast-iron beams, columns, sewer pipes, cisterns, and ducts are widely used in the construction industry. In addition, the growing demand for automotive products would significantly drive the global Iron And Steel Casting Market. The increasing demand for automotive applications is being driven by rapid economic development, increasing urbanization, rising disposable income, public and private investments, and supportive government policies and initiatives. Iron and steel casting is widely used in the production of suspension, engine, cylinder heads, pistons, engine blocks, gears, and driveline components.

Moreover, Iron and steel castings are also widely used in the production of agricultural equipment. Advancements in the agriculture sector are projected to boost demand even further, propelling market development. Furthermore, the rising demand for iron and steel casting for the production of earthmoving and mining equipment in the mining industry will encourage the global Iron And Steel Casting Market during the forecasted period. However, the fluctuating cost of raw materials and rapid advancement of technology may restrain the global Iron And Steel Casting Market growth during the forecasted period.

Further, government infrastructure investment will also present substantial opportunities for the iron and steel casting industry. Governments all across the world are considering infrastructure development initiatives. The developed countries are expected to spend on both the maintenance and development of current infrastructure projects. While the developing countries, on the other hand, are investing in the creation of new initiatives. Railways, ports, bridges, manufacturing facilities, and industrial units require large amounts of iron and steel casting goods like steel plates and construction equipment like loaders. Iron and steel cast components and parts are also found in this construction equipment. As a result, growing investments in infrastructure development are expected to drive the global Iron And Steel Casting Market throughout the forecast period.

Global Iron And Steel Casting MarketSegmentation Analysis

The Global Iron And Steel Casting Market is segmented on the basis of Product Type, Application, And Geography.

Iron And Steel Casting Market, By Product Type

• Ductile Iron
• Steel
• Others

Based on Product Type, The market is bifurcated into Ductile Iron, Steel, and Others. The Ductile Iron Nodular cast iron or spheroidal graphite segment will dominate the global Iron And Steel Casting Market over the predicted period due to its benefits over other metals in terms of machining, cast, and compressive strength. Also, its wide usage in various industries is driving the segment growth.

Iron And Steel Casting Market, By Application

• Automotive and Transport
• Machinery and Equipment
• Pumps and Valve
• Pipes and Fittings
• Others

Based on Application, The market is bifurcated into Automotive and Transport, Machinery and Equipment, Pumps and Valve, Pipes and Fittings, and Others. The Automotive and Transport segment dominates the global Iron And Steel Casting Market owing to the growing demand for automobiles across the globe. Iron casting is widely used for manufacturing engine components, suspension components, driveline, and braking components in the automotive sector, while Steel casting is widely used in cars and trucks. Also, the rising spending power of the middle-class populace coupled with proliferating urbanization in developing countries, and increasing demand for luxury automobiles is driving the growth of this segment further.

Iron And Steel Casting Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the World

On the basis of Regional Analysis, The Global Iron And Steel Casting Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. The North American region dominates the market during the forecast period because of rising expenditures in infrastructure and construction activities. In addition, the Asia Pacific region is expected to be the fastest-growing market due to the abundance of raw materials, the existence of multiple casting foundries, well-established production facilities, and expanding product consumption in major end-use industries. Also, supportive government initiatives to support the regional automotive and construction industry, coupled with heavy investments in the public and private sector, will positively impact the global Iron And Steel Casting Market.

Key Players

The “Global Iron And Steel Casting Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Tata Steel, Hyundai Steel, Nelcast, ArcelorMittal, Amsted Rail, Evraz, Calmet, OSCO Industries, Hitachi Metals, Nuco. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

Partnerships, Collaborations, and Agreements

• In July 2020, Hyundai Steel inked a license agreement for the use of an Arcelor Mittal-patented hot stamping technology. The agreement permits Hyundai Steel to aggressively perform manufacturing and sales activities in Korea, China, and ASEAN member countries without restrictions or concern of patent infringement. The arrangement is likely to assist Hyundai Steel in increasing its sales of related materials and parts.
• In July 2020, Tata Steel said that it had achieved an agreement with its Dutch unions to resolve the issues that had resulted in the strike action at its steel factory in IJmuiden, the Netherlands. The employment contract for employees in the Netherlands will be extended by five years as part of the deal, and there will be no mandatory redundancies as a result of the company’s transformation program.

Mergers and Acquisitions

• In June 2019, Tata Steel announced the completion of its acquisition of the indebted Bhushan Energy Ltd. The statement came after the National Company Law Tribunal (NCLT) accepted Tata Steel’s resolution plan to acquire Bhushan Energy for around Rs 800 crore.
• In December 2019, ArcelorMittal today announced the completion of its acquisition of Essar Steel India Limited, as well as the formation of a joint venture with Nippon Steel Corporation, ArcelorMittal Nippon Steel India Limited, which will own and operate ESIL. ArcelorMittal’s acquisition of Essar Steel is a significant strategic move. Both India’s and Essar’s attractiveness are long-lasting. Essar has sizable, profitable, and well-located operations, and the Indian economy’s and hence Indian steel demand’s long-term growth potential is widely known.

Product Launches and Product Expansions

• In 2021, Tata Steel has relaunched its five-million-tonne expansion project in Kalinganagar (Odisha). Jindal Steel & Power (JSPL) intends to increase capacity at Angul by 6 million tonnes (Odisha).
• In February 2021, Tata Steel is banking on increased steel demand to more than double its capacity to 40 million tonnes. Asia’s oldest steelmaker aims to resume growth plans at its current facilities in Odisha and Jharkhand after reducing debt by Rs 18,000 crore. Tata Steel is betting on rising steel demand to more than double its capacity to 40 million tonnes. After reducing its debt by Rs 18,000 crore, Asia’s oldest steelmaker intends to continue growth plans at its existing sites in Odisha and Jharkhand.

Report Scope

Research Methodology of Market Research

To know more about the Research Methodology and other aspects of the research study, kindly get in touch with our .

Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

Customization of the Report

• In case of any please connect with our sales team, who will ensure that your requirements are met.