The global Iron Casting market size is expected to be worth around US$ 140.6 billion by 2030, according to a new report by Vision Research Reports.
The global Iron Casting market size was valued at US$ 86.0 billion in 2020 and is anticipated to grow at a CAGR of 7.1% during forecast period 2021 to 2030.
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Iron Casting Market (By Product: Gray, Ductile, Malleable; By Application: Automotive, Machinery & Tools, Pipes &Fittings, Railways, Power Generation) – Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2021 – 2030
|Market Size||US$ 140.6 Bn by 2030|
|Growth Rate||CAGR of 7.1% From 2021 to 2030|
|Forecast Period||2021 to 2030|
|Segments Covered||Product, application|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Companies Mentioned||Hitachi Metals, Ltd.; Brakes India Pvt. Ltd.; Dandong Foundry; GIS; OSCO Industries, Inc.; Chamberlin plc; Crescent Foundry; Xinxing Ductile Iron Pipes Co. Ltd.; Jinan Meide Casting Co. Ltd.; Tianjin New Wei San Industrial Co., Ltd.|
The recent outbreak of COVID-19 has hada significant impact on the iron casting demand, which has hindered market growth. The decline in growth and production of the European automotive industry owing to the COVID-19 pandemic has affected the demand for iron casting and its raw materials. To recover from their losses, European countries have allocated stimulus packages to revive the economy and several industries, such as automotive. For instance, in September 2020, the France government announced around USD 118.3 billion to reduce the economic impact of the pandemic.
Asia Pacific was also majorly impacted due to the pandemic. However, the countries are reporting quick recovery, especially China. The rapid growth in the construction & infrastructural projects in the region is expected to spur the product demand for applications in pipes & fittings. In addition, the growth of the automotive industry from the second quarter of 2020 onwards is expected to boost the product demand.
By Product Analysis
Gray cast iron was the largest segment in 2020 and held a revenue share of more than 64%. The segment is likely to maintain its position during the forecast period. Gray cast iron is the most common type of casting and is widely used in industrial applications.
the ductile iron segment is estimated to register a CAGR of 5.0% over the forecast period on account of growing demand for pipes & fittings in the building & construction sector.
Some of the common applications of gray cast iron include manhole covers, cinder blocks, internal combustion engine cylinder blocks, housings, hydraulic and suspension parts, valves, electrical boxes, wind turbine castings, machinery bases, and tractor parts among others.
By Application Analysis
Automotive was the largest application segment in 2020 and accounted for are venue share of over 29.5%. Iron castings products account for around 8% of the share in the overall weight of the vehicle.
The railways segment is estimated to grow at the fastest CAGR over the forecast period. Government allocation for the transportation infrastructure sector in developing as well as developed economies is projected to remain a key contributing factor for the segment growth.
By Regional Analysis
Asia Pacific was the largest regional market in 2020 and accounted for a revenue share of over 60%. China is the leading producer and consumer of iron casting products across the globe. The region is mainly driven by a large volume of industrial production insectors, such as automotive, building & construction, railway, energy, and machinery.
- Hitachi Metals, Ltd.
- Brakes India Private Ltd.
- Dandong Foundry
- OSCO Industries, Inc.
- Chamberlin plc
- Crescent Foundry
- Xinxing Ductile Iron Pipes Co. Ltd.
- Jinan Meide Casting Co. Ltd.
- Tianjin New Wei San Industrial Co., Ltd.
- By Product
- By Application
- Machinery & Tools
- Pipes &Fittings
- Power Generation
- North America
- Asia Pacific
- South Korea
- Central & South America
- Middle East & Africa (MEA)
- South Africa
- North America
The study objectives of this report are:
- To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
- Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
- To define, describe and forecast the market by type, application and region.
- To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
- To identify significant trends and factors driving or inhibiting the market growth.
- To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
- To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
- To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
- To strategically profile the key players and comprehensively analyze their growth strategies.
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