Selbyville, Delaware, Jan. 20, 2021 (GLOBE NEWSWIRE) -- Based on Global Market Insights Inc., report, the global iron & steel casting market size was estimated at $145.97 billion in 2020 and is slated to surpass $210 billion by 2027, registering a CAGR of 5.4% from 2021 to 2027. The report provides a comprehensive analysis of the top winning strategies, wavering industry trends, drivers & opportunities, top investment avenues, competitive scenarios, market estimations & size.
Hard carbon cast steel is used for applications where maximum hardness and wear resistance are needed. Due to its low-cost and a variety of material grades, it can be used for a wide range of industrial applications. Stainless steel and Hadfield’s manganese steel are some of the commonly used alloy cast steels. High alloy cast steel is used to produce various characteristics such as heat resistance, wear resistance, and corrosion resistance.
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Low alloy steel is used in pipelines, construction equipment, pressure vessels oil drilling platforms, and military vehicles due to its excellent machinability and cost-effectiveness. High alloy steel is used in automotive applications, structural components, chemical processing, and power generating equipment.
The other casting segment includes investment casting process and continuous casting process and will witness around 3% CAGR in iron & steel casting market volume. Investment casting produces components with excellent surface finish and high dimensional accuracy. However, this process is complicated and expensive. The continuous casting process involves heating of metals until they liquify. This process has the ability to cast regular shapes and irregular configurations. In addition, continuous casting operates in an excellent manner in pressure conditions.
Cast steel is used in a diverse range of industrial machinery such as hydroelectric turbine wheels, pump casings, mining machinery, turbocharger turbines, engine cylinder blocks, marine equipment, etc. Cast iron is used in machinery bases, wind turbine housings, internal combustion engine cylinder blocks, pump housings, linkages, gears, hydraulic components, oil well pumps, etc. In addition, cast iron is also used to manufacture agricultural machinery parts for tractors, bailers, planters, plows, tillage equipment, and spreaders. Favorable trends associated with industrialization coupled with huge investments will positively influence the iron & steel casting market growth in the future.
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North America will witness round 6% CAGR. The rising demand for sports & luxury vehicles, increasing expenditure on both residential & commercial construction, industrial development, and rising aerospace & defense investments will augment the iron & steel casting market revenue in this region.
Prominent players in the iron & steel casting industry include Nelcast Limited, Uniabex; Waupaca Foundry, Inc., CALMET, Thyssenkrupp AG, Nippon Steel Corporation, Nucor Corporation, Hitachi Metals Co., Ltd., HBIS Group Co., Ltd., Voestalpine Group, ArcelorMittal, Tata Steel, Baosteel Group Corporation, and POSCO.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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