Iron Casting market COVID-19 Impact, Trends & Business Statistics By 2030

A Look into Iron Casting Industry……Deep Analysis…..

 

The global iron casting market size is expected to reach USD 172.66 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 6.1% over the forecast period. The increasing investments in the infrastructure & renewable energy industry are expected to propel the demand for the product.

Iron castings are produced by pouring melted cast iron into casts or molds to make products of desired shape and size, via various methods such as sand and investment casting. Different product types available in the market include gray, ductile, and malleable, which are used according to their application requirements.

Based on product, gray cast iron held the largest revenue share of the global market in 2021, and this trend is expected to continue across the forecast period. It is preferred owing to the benefits it offers such as abrasive resistance, vibration damping capacity, and better castability than other types. The product is used for making machine tool bases, soil pipes, automobile engine blocks, and internal combustion engine head manifolds.

Based on region, Asia Pacific held the largest revenue share of the global market in 2021. In the region, China was the key market in 2021 but India is expected to register the fastest growth rate across the forecast period. The increasing demand for the product from various industries such as railways, renewables, machines & tools, and infrastructure is propelling competition in the region.

In February 2022, Bharat Forge announced the acquisition of JS Autocast Foundry India, a manufacturer of ductile iron castings for hydraulics, wind energy, automotive, and off highways. The acquisition is anticipated to help Bharat Forge expand its product portfolio as well as manufacturing presence.

The global market is highly competitive in nature. Key players in the industry are carrying out mergers & acquisitions for the development of their business. For instance, In November 2021, Wisconsin-based Charter Manufacturing acquired Aarrowcast Inc., a gray and ductile iron casting manufacturer. Aarrowcast Inc. has a production capacity of 42,000 tons per year. This acquisition is expected to help Charter Manufacturing to expand the manufacturing of its metal offerings and diversify its customer base.

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Owing to the surge in the demand for improved railway connectivity, governments across the globe are investing in rail infrastructure improvement projects. For instance, in October 2021, the French government announced an action plan to double the rail freight by 2030. It is planning to invest EUR 1 billion (USD 1.11 billion) for strengthening the competition among rail freight operators and is expected to further invest EUR 170 million (USD 187.9 million) every year till 2024 for alleviating tracks.

The U.S. holds the largest share of the North American iron casting market on account of the widespread presence of numerous manufacturers and end-users in the country. Large-scale automobile plants, machinery & tool manufacturers, growing demand for pipes & fittings owing to the expanding petrochemical industry, and infrastructural developments are propelling the demand for the product in the country.

Iron Casting Market Report Highlights

  • Based on the product, ductile cast iron is anticipated to register the fastest CAGR of 6.4%, in terms of revenue, from 2022 to 2030. The product is preferable in various end-use industries such as automotive, water system & sanitization, and renewables as it offers higher toughness and strength than gray cast iron.
  • Based on application, the railway is expected to grow at a CAGR of 7.4%, in terms of revenue, across the forecast period. This growth is attributable to increasing investments by countries to develop their rail infrastructure to promote transportation of goods via rail and improve connectivity.
  • Based on region, North America is expected to register a CAGR of 5.5%, in terms of revenue, over the forecast period. Rising emphasis on shifting towards renewables, investment in railways, up-gradation & development of water system & sanitization, and advancement of machines & tools is expected to drive the market growth in the region.

In November 2021, the U.S. government passed a USD 1 trillion Bipartisan plan to upgrade the infrastructure of the country, including water systems, airports, railways, power infrastructure, roadways, and bridges. This up-gradation of infrastructure is expected to be completed by 2030, which, in turn, is anticipated to propel the market growth in the country over the forecast period.

The growing demand for castings has boosted competition in the country, which is compelling market players to adopt initiatives such as capacity expansions and mergers & acquisitions. For instance, in February 2021, Victaulic acquired the ductile iron foundry of Waupaca Foundry, Inc. to increase its production capacity by 70% in the U.S. The plant has two foundry molding lines, which is expected to help the company produce at a much larger scale.

The automotive industry has been a prominent end-user of iron castings and dominates the market in terms of revenue and volume share. However, global vehicle production has been witnessing a consistent decline in the past few years, which is an ongoing challenge for the market.

List of Key Players in Iron Casting Market

  • Brakes India Private Limited
  • CALMET
  • Casting P.L.C.
  • Chamberlin plc
  • Crescent Foundry
  • Georg Fischer Ltd
  • Grupo Industrial Saltillo (GIS)
  • Hitachi Metals, Ltd
  • LIAONING BORUI MACHINERY CO., LTD (DANDONG FOUNDRY)
  • Newby Foundries Ltd
  • OSCO Industries, Inc
  • Xinxing Cast Pipe Co., Ltd

 


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