Pune, India, Sept. 08, 2021 (GLOBE NEWSWIRE) --
The global iron and steel casting market size is poised to show substantial growth during the forecast period owing to the rise in automotive production in emerging and advanced economies. Besides, expansion of the construction sector will augur well for production via iron & steel casting.
Iron and steel casting will potentially create positive change in die-casting and sand-casting segments, witnessing the demand across the automotive, pipe and industrial machinery sectors. The following trends could prove to be pivotal for iron & steel casting manufacturers and suppliers:
- Steel casting to provide a competitive advantage in North America
Industrial sectors, including power generation, automotive, agriculture and construction have observed a rapid uptake for steel casting. Upsides such as durability and low maintenance will play an invaluable role in reducing OPEX. The steel casting segment in the North America market is forecast to grow at a healthy CAGR of over 8% through 2027. The material is poised to gain prominence in the U.S. in industrial machinery applications, including hydro-electric turbine wheels, pump castings, marine equipment, mining machinery and turbocharger turbines, engine cylinder blocks and hydro-electric turbine wheels.
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- The U.S. to observe a growing profile of power & electric sector
Power and electric companies have fueled their value proposition through investment in iron and steel casting materials. Power generating industries have shown an increased preference for control valves, pumps and combustor components. In essence, end-use applications such as geothermal, solar thermal, coal and nuclear energy will remain a major driver of iron and steel casting across the region. North America iron & steel casting market size is tipped to surpass USD 30 billion by 2027 and could observe the share from power and electrical sector applications touch USD 5.5 billion during the period.
- Automotive sector to bolster growth potential in Europe
While the COVID-19 pandemic had a telling impact on the automotive sector, Europe has seemingly become a lucrative destination for automakers, partly due to the market presence of iron and steel casting companies. Casting is sought-after for manufacturing driveline, engine components, suspension components and braking components. European automakers are counting on cast iron to boost wear resistance and mechanical properties in gearboxes, blocks and cylinder heads. The automotive segment captured around 32.7% share of the Europe iron & steel casting market in 2020, robust outlook is forecast through 2027.
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- Europe witnesses growing penetration of iron casting materials
Iron casts have gradually become a promising material in architectural ironwork structures on the heels of properties such as pourability and favorable shrinking rates. Preferably, gray iron has become trendier for superior thermal conductivity, tremendous tensile strength and vibration damping ability. Western Europe and the U.K. could observe healthy growth amid rising demand for linkages, hydraulic components, automotive suspension, wind turbines, steering knuckles and gears pumps. The Europe iron & steel casting market size could surpass USD 47.5 billion by 2027 and will observe the iron segment grow at a stellar rate during the forecast period 2021-2027.
- China and Australia poised to boost value chain in sand casting
Sand casting has become trendier with growing demand for increased heat resistance capacity, high flexibility and lower operational costs. End-users in Australia have exhibited an inclination for sand casting to fabricate rugged and large products—decorative fences, cast iron pans and car engine parts. Considering the need to reduce lead time for the effective production of low to large size parts, sand casting is likely to boost avenues of growth. Based on revenue, the sand-casting process segment garnered USD 38,268.6 million in 2020, reflecting a robust projection through 2027.
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- Die casting touted to spur growth potentials in the Asia Pacific
Well-established players are likely to inject funds into the die casting process for rapid production cycle, material scrap reduction and high accuracy. Die casting has become vital for the manufacturing of machinery, aerospace, automotive, electronics and domestic appliance. Asia Pacific iron and steel casting market is forecast to exceed USD 103.7 billion by 2027, with the die casting segment likely to grow at a 4.9% CAGR through 2027, mainly due to the penetration in decorative hardware and HVAC products.
The growth of the construction industry will largely shape the global iron & steel casting market outlook. The Euroconstruct has estimated the construction output to reach Euro 1.7 trillion by 2023. A gradual rise in construction and automotive industries will bode well for the industry expansion. Additionally, end-users have gradually exhibited traction for ductile cast iron holds to hold tensile strength in disc brake calipers, crankshafts, pipe 7 pipe fittings, large machines and machine tooling. The construction sector is likely to reinforce the need for cast iron and steel products as developers gear to improve weather resistance attributes and reduce OPEX.
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