US & Canada,, Oct. 29, 2024 (GLOBE NEWSWIRE) -- According to a new market research by The Insight Partners, the Global Iron Castings Market is witnessing significant growth owing to the growing automotive, construction, and industrial machinery. The report runs an in-depth analysis of market trends, key players, and future opportunities. Iron castings have a variety of applications, which is expected to propel the market growth in the coming years.
Regional Analysis: -
By North America - iron casting market is anticipated to grow from US$ 33.40 billion in 2023 to US$ 50.19 billion by 2031; it is expected to register a CAGR of 5.2% from 2023 to 2031.
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Overview of Report Findings
- Market Growth: The iron castings market is expected to reach US$ 222.84 billion by 2031 from US$ 143.67 billion in 2023; it is anticipated to record a CAGR of 5.6% during the forecast period. The global iron castings market has been experiencing significant growth driven by the growing global automotive industry and the construction industry. Iron castings are also critical structural components used for the production of expansion joints, columns, beams, and trusses in the building & infrastructure industry. Using advanced manufacturing processes enables the cost-effective production of critical automotive and construction elements such as precise and durable iron casting. In addition, a rise in investments by governments and private companies in infrastructure building and construction projects fuels the demand for construction materials, specifically iron casting. Therefore, the growing automotive and construction industry drives the demand for iron casting.
- Growth of Global Industrial Machinery Industry: Industrial machinery enhances the productivity of manufacturing operations and positively impacts industrial competitiveness. According to the International Trade Administration, in 2021, the US exported machinery worth US$ 44 billion and electrical machinery worth US$ 24 billion. The sales of metalworking machinery in the US accounted for US$ 31.8 billion in 2019, according to the US Census Bureau. As per the Parker Hannifin Corporation report, the global market for computer numerically controlled (CNC) machine tools is projected to reach US$ 129 billion by 2026. Industrial machineries perform diverse operations, from material handling, assembly, and welding to finishing and palletizing applications. Iron castings are widely used in the production of bearing housing, machine tool components, and machinery frames and bases. Also, iron castings are used for structural support. Thus, the growth of the global industrial machinery industry propels the iron castings market growth.
- Rising Recycling Initiatives: Governments and organizations of various countries across the globe are focusing on establishing policies and legislation to promote and support the circular economy and recycling of metals. With several initiatives, the government of various countries are aiming to promote sustainable economic practices and recycling/reusing materials to achieve the carbon neutrality goal by 2050. The adoption of recycled iron casting has expanded among customers in response to rising environmental concerns. Iron casting can be recycled several times without compromising the material's quality. Recycling cast iron provides environmental and economic advantages, as this process reduces the amount of material that ends up in landfills. Recycling also conserves energy and reduces the demand for natural resources used in the production of new metal products. The Institute of Scrap and Recycling Industries revealed that more than 70% of the steel manufactured in the US is green steel, which is made from recycled material. In 2022, the US steel mills consumed ~57 million metric tons of recycled iron and steel to produce 82 million metric tons of steel. Moreover, recycled iron and steel exports (excluding stainless and alloy steel) declined 3.9% by quantity to 16 million metric tons. Thus, rising recycling initiatives associated with iron castings are expected to fuel the market growth during the forecast period.
- Geographical Insights: In 2023, Asia Pacific led the market with a substantial revenue share, followed by North America and Europe. Further, Asia Pacific is expected to register the highest CAGR during the forecast period.
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Market Segmentation
- Based on type, the iron castings market is segmented into gray iron, ductile iron, and others. The gray iron segment held the largest share of the market in 2023.
- By process, the iron castings market is categorized into die casting, centrifugal casting, sand casting, investment casting, and others. The sand casting segment accounted for the largest share of the market in 2023.
- In terms of end use, the iron castings market is segmented into automotive, industrial machinery, aerospace, building & construction, energy, marine, and others. The automotive segment dominated the market in 2023.
- The iron castings market is segmented into five major regions: North America, Europe, APAC, Middle East and Africa, and South and Central America.
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Competitive Strategy and Development
- Key Players: A few of the major companies operating in the iron castings market are Aarrowcast Inc, Cadillac Casting Inc, Calmet Inc, Fusium Inc, Decatur Foundry Inc, Grupo Industrial Saltillo SAB de CV, Willman Industries Inc, OSCO Industries Inc, Mesa Castings Inc, and Waupaca Foundry Inc.
- Trending Topics: Electric vehicle (EV), sustainable iron castings, additive manufacturing, Industry 4.0, recycled iron, energy efficiency, and 3D printing, among others.
Global Headlines on Iron Castings
- "Monomoy Capital Partners Acquired Global Iron Casting Supplier Waupaca Foundry"
- "Dotson Iron Castings Acquired by MacLean Power Systems"
- "Volvo Group and Brakes India Launch First-Ever Green Castings"
- "Genesys Industries Acquired Latrobe Foundry Machine & Supply, based in Latrobe, Pennsylvania"
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Conclusion
Industries such as automotive, aerospace and industrial machinery widely use components manufactured from iron casting. The adoption of recycled iron casting has expanded among customers in response to rising environmental concerns. Iron casting can be recycled several times without compromising the material's quality. Several foundries across the world are also focusing on sustainable practices such as the utilization of recycled materials and energy-efficient casting processes. Thus, the rising demand for iron casting from end-use industries propels the iron casting market growth in the country.
The report from The Insight Partners, therefore, provides several stakeholders—including raw material suppliers, iron castings manufacturers, distributors/suppliers, and others—with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.
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