New York, United States, Dec. 05, 2022 (GLOBE NEWSWIRE) -- The Global Iron & Steel Casting Market Size to grow from USD 1,538 billion in 2021 to USD 2,490 billion by 2030, at a CAGR of 5.5% during the forecast period. The iron & steel casting market has grown due to the increasing investments in the residential construction industry. In addition, expanding smart city initiatives is anticipated to continue to be a major force behind the trend mentioned above.
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The grey iron segment to hold a higher CAGR during the forecast period.
Based on the type, the global iron & steel casting market is categorized into Grey Iron, Malleable Iron, and Ductile Iron. The grey iron segment to hold a higher CAGR during the forecast period. The most popular variety of cast iron is grey iron, which is created by combining pig iron and limestone. When creating grey steel, hot-rolled coils are cold-drawn to increase their malleability because it has an intermediate carbon concentration and qualities that fall between those of malleable and ductile irons. The metal can then be rolled into sheets, which are strong enough but also simple to bend.
The Automotive segment is to hold a higher CAGR during the forecast period.
Based on the application, the iron & steel casting market is categorized into Automotive Segment, Infrastructure & Construction Machine, and Industrial Machinery Segment. The automotive segment is to hold a higher CAGR during the forecast period. Due to its affordability and ease of mass production, iron casting in the automotive industry has been growing. The structural elements of engine blocks and cylinder heads are made of iron casting. It can also be found inside the bodies of carburettor engines and gearbox housings, among other crucial components. Comparing cast-iron components to those produced from steel or aluminium alloys resulted in a cost reduction of almost 15% per car. Cast iron products are less expensive because they may be scraped down if too much metal is left on them; this decreases production waste and lowers costs.
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Browse 47 market data Tables and 57 Figures spread through 272 Pages and in-depth TOC on Global Iron & Steel Casting Market Size, Share, and COVID-19 Impact Analysis, By Type (Grey Iron, Malleable Iron, and Ductile Iron), By Application (Automotive Segment, Infrastructure & Construction Machine, and Industrial Machinery Segment), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030
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On credit portfolios, the COVID-19 epidemic has had a negative effect. The enormous growth has hampered the solvency of customers and businesses in unemployment and interruption of economic activity. Central banks have adopted a proactive strategy of injecting money into the market by decreasing interest rates and implementing asset purchase programmes. With persistent geopolitical tensions, global trade battles, and sporadic hurricanes and earthquakes, managing and monitoring credit, market, liquidity, and operational risk across financial markets was challenging enough. Chief risk officers and their teams have had to reevaluate outdated methods and assumptions used to manage and monitor risk due to the present pandemic crisis. The global repercussions of COVID-19 have demonstrated the significance of interconnection in international cooperation. As a result, many governments have been hurrying to find, assess, and buy trustworthy AI-powered solutions.
Asia-Pacific to hold a higher CAGR during the forecast period.
The Global Iron & Steel Casting Market has been segmented into five major regions: North America, Europe, Asia-Pacific, South America, The Middle East and Africa. Asia Pacific is estimated to account for the highest market share in 2022. It can be ascribed to the region's significant end-use industries' growing product consumption, the region's abundance of casting foundries, established production facilities, and the availability of raw materials.
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Some of the Key Developments:
In July 2020, A license agreement for the use of a hot stamping technology owned by Arcelor Mittal was signed by Hyundai Steel. According to the agreement, Hyundai Steel is free to conduct manufacturing and sales operations aggressively in China, Korea, and ASEAN member states without fear of violating any patents.
In July 2020, Tata Steel announced that it had reached a settlement with the Dutch unions over the problems that had led to the steel factory in IJmuiden, the Netherlands. As part of the agreement, the employment contract for employees in the Netherlands will be extended by five years, and no mandatory layoffs will come from the company's transformation programme.
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Key Companies & Recent Developments: The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major key players are Arcelor Mittal, China BaoWu Steel Group Corporation Limited, Nippon Steel Corporation, HBIS Group, Jiangsu Shagang Group, POSCO HOLDINGS INC., Tata Steel, JFE Steel Corporation, Shougang Group, Nucor Corporation, JSW, SAIL, NLMK, Techint Group, and U.S. Steel Corporation and others 20+ prominent key players we have added in the final report. Global Economy: Recession Risk Rising Analysis and Russia-Ukraine Conflict War Impact we have added in the final premium report.
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