WASHINGTON, April 24, 2023 (GLOBE NEWSWIRE) -- The Global Iron Casting Market is valued at USD 10.2 Billion in 2022 and is projected to reach USD 15.13 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 5.8% over the forecast period 2023-2030.
Market Overview
The global iron casting market has grown steadily over the past few years, driven by demand from various industries such as automotive, construction, and industrial machinery. The increasing demand for iron-casting products is due to their high strength, durability, and cost-effectiveness.
We forecast that the gray cast iron in Iron Casting Market sales will account for more than 64% of total sales. Gray cast iron is a cost-effective material compared to other types of iron and metal alloys, making it a popular choice for many applications.
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Market Dynamics
Increasing Demand from the Automotive Industry will Increase to Support Market Expansion
The automotive industry is one of the largest end-users of iron castings, using them for various applications such as engine blocks, cylinder heads, and brake systems. The global automotive industry has grown steadily over the past few years, driven by increasing disposable income, a growing population, and rising urbanization. This growth is expected to continue, which will drive the demand for iron castings in the automotive sector.
Growth in the Industrial Machinery Sector in the Iron Casting Industry Drives the market growth
The industrial machinery sector is another significant end-user of iron castings, using them for various applications such as pumps, valves, and gearboxes. The industrial machinery sector has grown steadily due to increasing industrialization, automation, and technological advancements. The use of iron castings in this sector is expected to continue to increase as the demand for industrial machinery grows. Additionally, the growth of the wind energy sector, which uses large iron castings for wind turbines, is expected to further drive the demand for iron castings in the industrial machinery sector.
Top Players in the Global Iron Casting Market
- Hitachi Metals Ltd. (Japan)
- Liaoning Borui Machinery CO. L.T.D. (Dandong Foundry) (China)
- Brakes India Pvt. Ltd. (Chennai, India)
- OSCO Industries Inc. (United States)
- Chamberlin PLC (United Kingdom)
- Crescent Foundry (India)
- 1.7. Xinxing Cast Pipe Co. Ltd (China)
- Georg Fischer Ltd (Switzerland)
- CALMET (Ireland)
- Casting PLC (United Kingdom)
- Newby Foundries Ltd. (West Midlands)
- Grupo Industrial Saltillo (GIS) (Mexico)
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Top Trends in the Global Iron Casting Market
- One trend that Vantage Market Research (V.M.R.) expects to see in the iron casting industry is the increasing demand for ductile iron castings. Ductile iron, also known as nodular or spheroidal graphite iron, is a type of cast iron that has superior mechanical properties, including high tensile strength and flexibility. The increasing demand for ductile iron castings in various applications such as pipes, valves, and gears are driving the growth of the iron casting market. The use of ductile iron castings is also increasing in the wind energy industry for manufacturing turbine components.
- Another trend that V.M.R. predicts will continue in the iron casting industry is its growth in the construction industry. The global construction industry is growing rapidly, driving the demand for iron-casting products in building and construction applications. Iron castings are used in various construction products, including manhole covers, pipes, and architectural elements. The growth of urbanization and infrastructure development in emerging economies is expected to further fuel the demand for iron-casting products in the construction industry.
Top Report Findings
- Based on the Form, the liquid category controls most of the Iron Casting Market's revenue. The liquid form of ascorbic acid has become increasingly popular due to its convenience and versatility and is now considered the dominant form in the Iron Casting Market.
- Based on Type, most of the Iron Casting Market's revenue is controlled by the sodium ascorbate category. Over the projection period, the sodium ascorbate sector is anticipated to generate the highest revenue share due to the increased use of sodium ascorbate as an acidity regulator and food antioxidant.
- Based on Application, most of the Iron Casting Market's revenue is controlled by the food and beverage category. Over the projection period, the food and beverage segment is anticipated to outperform other application categories regarding revenue share. This is due to the rising use of ascorbic acid as an addition and preservative and the industry's rapid expansion. In food items, ascorbic acid is largely utilized as an antioxidant.
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Recent Developments in the Global Iron Casting Market
- In 2022, Bharat Forge stated that it had acquired JS Autocast Foundry India, a producer of ductile iron castings for hydraulics, wind energy, automobiles, and off-road vehicles.
- In 2021, Gray and ductile iron casting maker Aarrowcast Inc. was purchased by Wisconsin-based Charter Manufacturing. The annual production capability of Aarrowcast Inc. is 42,000 tons.
Gray Cast Iron Category of the Product Segment of the Global Iron Casting Market Anticipated to Generate more than half the Product Segment Revenue
For better understanding, based on the Product, the Iron Casting Market is divided into Gray Cast Iron, Ductile Cast Iron, Beauty & Personal Care, and malleable Cast Iron.
The Gray Cast Iron market was the largest market by Application, and it is anticipated that it will continue to hold the top spot during the projected period. Gray cast iron has good machinability, which makes it easy to work with and shapes into various forms and sizes. Gray cast iron has excellent damping properties, which make it a preferred choice for applications that require vibration resistance.
On the other hand, the ductile cast iron category is anticipated to grow significantly. The demand for ductile cast iron is increasing in various industries, including automotive, construction, and wind energy, due to its superior mechanical properties. The increasing demand for ductile cast iron will drive its dominance in the iron-casting market.
Asia Pacific Region of the Global Iron Casting Market Expected to Generate Almost a Third of the Global Revenue
The Asia Pacific region is anticipated to do so in the coming years. The Asia Pacific region is experiencing rapid industrialization, particularly in China, India, and South Korea. This has increased the demand for iron castings for various industrial applications, such as machinery and equipment, automotive components, and construction materials.
The Asia Pacific region is expected to see the fastest growth in the Iron Casting Market. The Asia Pacific region's construction industry is growing rapidly, driven by rising urbanization, increasing population, and government initiatives to develop infrastructure. This has increased the demand for iron castings for construction materials such as pipes, manhole covers, and drainage systems.
Browse market data Tables and Figures spread through 145 Pages and in-depth TOC on Iron Casting Market Forecast Report (2023-2030).
Global Iron Casting Market Segmentation
By Product
- Gray Cast Iron
- Ductile Cast Iron
- Malleable Cast Iron
By Application
- Automotive
- Machinery & Tools
- Pipes & Fittings
- Railways
- Power Generation
- Other Applications
By Region
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- South-East Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East & Africa
- G.C.C. Countries
- South Africa
- Rest of M.E.A.
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Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 10.2 Billion |
| Revenue Forecast by 2030 | USD 15.13 Billion |
| CAGR | 5.8% from 2023 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | Hitachi Metals Ltd., Liaoning Borui Machinery Co. Ltd. (Dandong Foundry), Brakes India Pvt. Ltd., OSCO Industries Inc., Chamberlin PLC, Crescent Foundry, Georg Fischer Ltd, CALMET, Casting PLC, Newby Foundries Ltd., Grupo Industrial Saltillo (GIS) |
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Key Questions Answered in the Iron Casting Market Report are:
- What is the current size of the iron casting market, and how is it expected to grow in the future?
- What are the key factors driving the demand for iron casting, and what are the main challenges facing the market?
- What are the major types of iron casting products available in the market, and what are their respective market shares?
- Who are the leading manufacturers and suppliers of iron casting products, and what is their market share?
- What are the main application areas of iron casting products, and how are they expected to evolve in the future?
- What are the main trends in the iron casting industry, and what are the key opportunities for growth and innovation?
- What are the regulatory and environmental factors affecting the iron casting market, and how are they being addressed by industry players?
- What is the competitive landscape of the iron casting market, and who are the major players in the market?
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