The global Iron Castings market reached a value of about 81.5 MMT in 2021. The industry is projected to grow at a CAGR of around 4.7% in the forecast period of 2022-2027 to reach a value of about 107.3 MMT by 2027.
The global Iron Castings industry report gives a comprehensive analysis of the industry, including key segments, trends, drivers, restraints, the competitive landscape, and other essential market aspects. The rising application of the product in a wide range of end-user industries is primarily driving the market. China is the highest category spender by region, driving the demand for the Iron casting industry.
Iron casting is a manufacturing method that involves pouring molten metal into a mould with a hollow chamber in the appropriate form and then allowing it to harden. The solidified portion, also known as a casting, is expelled or broken out of the mould to finish the process. It is a method of producing completed steel and iron parts and components. Casting provides remarkable design flexibility and personalisation and the potential to remove the need for additional assembly and fabrication. The Iron Castings industry report comprises segments by material (grey iron, ductile iron, and malleable iron) and region (North America, Europe, Asia Pacific, the Middle East, Africa, and South America).
Asia Pacific region, specifically China, holds the largest share in the market due to the abundance of raw materials, the existence of multiple casting foundries, well-established manufacturing facilities, and expanding product consumption in the region's vital end-use sectors. Government actions to support the area automotive and construction industries and significant public and private investments in the region will have a favourable impact on product utilisation in the region. Also, the rising need for iron castings in the railroads, renewables, and machine & tools sectors is expected to drive demand.
The market is being driven by the growing demand from the automotive sector. Factors like rising middle-class disposable income and expenditure, expanding urbanisation, urbanisation, etc., are propelling the industry growth. Furthermore, the rising demand for luxury vehicles in regions like North America and Europe furthers the demand for automobiles. Also, government initiatives in the sector are likely to impact the market positively.
However, the increased competition from aluminium will likely hamper the market's development.
The global Iron Castings industry report by Procurement Resource gives an in-depth analysis of the best buying practices followed by major global Iron Castings regions, such as engagement models, contract terms, and buyer and supplier negotiation levers, among others.
The primary metal, iron, internal scrap, external scrap, and alloying metal are all melted in a furnace in a cast iron foundry. The furnace is heated above the primary metal's melting point. The porosity of the final product can be increased if the hydrogen content in the mixture is more significant. Higher porosity lowers the product's value. Degassing is the process of reducing the quantity of hydrogen in a system. Moulding is often done in either a single-piece or split design. To get the required shape of the finished product, molten metal is poured into moulds. Automatic equipment or gigantic ladles delicately pour molten iron into the mould. Cutting torches, bandsaws, and ceramic cut-off blades remove the runners, gates, risers, and heads from the mould once the metal has solidified. The blasting procedure eliminates any remaining undesired particles from the formed substance. Finally, the material is sanded or machined to level off the rough edges and mould it into the correct measurements. After clearing all the operations in the cast iron foundry, the product is finally ready.
The industry is being aided by the construction industry, which will be boosted by supportive government policies and investments to raise the standard of life and grow the regional construction sector. Pipes and fittings, pots, etc., employ the material resulting in the market's growth. Furthermore, Machines and tools are one of the market's most crucial application categories. Because of their superior wear resistance, high strength, and machinability features, iron castings are frequently utilised in manufacturing tools and machinery. Also, Sewer pipes, manholes, and water pipes are examples of sanitary fittings made of iron and steel cast items. It's also used in the bases and metal columns of columns, light posts, metal stairs, and gates. As a result, the market will likely witness immense growth in the following applications.
The regional markets for the industry can be divided into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.
The iron castings industry is fragmented, and vendors compete on organic and inorganic growth methods. The market is fiercely competitive, with a slew of participants worldwide. Companies are merging and acquiring to expand their product offering in response to the rising demand for iron castings. The global iron and steel casting market will face fierce competition. It may be attributed to the deployment of different aggressive measures to reinforce their market position, such as concentrated research and development operations, growth of manufacturing capacity, and acquisitions by some significant product producers.
1. Executive Summary
2. Iron Castings Market Snapshot
2.1. Iron Castings Market Outlook
2.2. Iron Castings Industry Analysis By Material
2.2.1. Grey Iron
2.2.2. Ductile Iron
2.2.3. Malleable Iron
2.3. Iron Castings Industry Analysis By End Use Industry
2.3.3. Civil Engineering
2.4. Country Overview
3. Impact of Recent Events
4. Iron Castings Value Chain Analysis
5. Iron Castings Production Process
6. Trade Analysis
7. Major Risk Factors in Sourcing
8. Iron Castings Cost Structure
9. Iron Castings Price Analysis
10. Key Demand Indicator Analysis
11. Key Price Indicator Analysis
12. Iron Castings Market Dynamics
12.1. Drivers & Constraints
12.2. Industry Events
12.3. Innovations & Trends
12.4. Swot Analysis
12.5. Porter’s Five Forces
12.5.1. Buyer Power
12.5.2. Supplier Power
12.5.3. Threat of New Entrants
12.5.4. Threat of Substitutes
12.5.5. Industry Rivalry
13. Feedstock Market Analysis
13.1. Market Overview
13.2. Price Analysis
14. Industry Best Practices
14.1. Sourcing Strategy
14.2. Procurement Model
14.3. Contract Structure
14.4. Negotiation Levers
14.5. Pricing Model
14.6. Key Factors Influencing the Quotation
15. Key Supplier Analysis
15.1. Consolidated Metco Inc.
15.2. Weichai Holding Group Co., Ltd.
15.3. Nelcast Ltd.
15.4. Hitachi Metals Pvt. Ltd.
15.5. Waupaca Foundry Inc.
The global Iron Castings market size was valued at 81.5 MMT in 2021.
As per the End-Use Industries provided, the Automobile segment is anticipated to lead the market between the period 2022 – 2027.
The significant demand for the product from the automotive sector is one of the essential drivers of the Iron Castings market growth.
Consolidated Metco, Weichai Holding Group Co., Ltd., Nelcast Ltd., Hitachi Metals, and Waupaca Foundry are some of the leading players in the market.
The China region of the Iron casting industry holds a significant share in the market.
The global Iron Castings market attained a value of 81.5 MMT in 2021, driven by the growing demand from the automotive sector. Furthermore, the rising demand for luxury vehicles in regions like North America and Europe furthers the demand for automobiles. Aided by the extensive application of the material in end-use sectors like construction, industrial Machines, and tools, the market is expected to witness further growth in the forecast period of 2022-2027, growing at a CAGR of 4.7%. The market is projected to reach 107.3 MMT by 2027. Some of the leading players in the industry are Consolidated Metco, Weichai Holding Group Co., Ltd., Nelcast Ltd., Hitachi Metals, and Waupaca Foundry.
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