Iron Casting Market

The global Iron Casting Market was valued at USD 10.2 Billion in 2022 and is projected to reach a value of USD 15.13 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 5.8% over the forecast period.

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Iron Casting is a manufacturing process wherein molten material is poured into a mould containing a hollow cavity of the desired shape. The molten metal is then allowed to solidify. This part is known as the casting. The global Iron Casting market is expected to dominate in growth during the forecast period. Favourable government policies towards the industrial sector and investment in rail infrastructure are expected to drive market expansion. Governments worldwide are investing in rail infrastructure enhancement projects in response to the increased demand for greater railway connectivity. For example, the French government established an action plan in October 2022 to treble rail freight by 2030. It intends to invest EUR 1 billion (USD 1.11 billion) to boost competition among rail freight carriers. It expects to invest an additional EUR 170 million (USD 187.9 million) annually until 2024 to improve track conditions.

Large-scale car factories, machinery and tool makers, rising need for pipes and fittings as the petrochemical sector expands, and infrastructural expansions are driving the product demand in the country. The United States government authorized a USD 1 trillion Bipartisan plan in November 2021 to modernize the country's infrastructure, including water systems, airports, trains, electricity infrastructure, motorways, and bridges. This infrastructure upgrade is planned to be completed by 2025, which is predicted to fuel the country's market expansion throughout the projection period. The rising demand for castings has increased competitiveness in the nation, prompting market participants to pursue initiatives like capacity expansions and mergers and acquisitions. For example, in February 2021, Victaulic bought Waupaca Foundry, Inc.'s ductile iron foundry to enhance its manufacturing capacity in the United States by 70%. The factory features two foundry moulding lines, allowing the firm to produce much more.

The automobile sector has always been a major end-user of Iron Casting, leading the revenue and volume share market. Economic recovery in the United States and Europe has increased automobile demand. The rebound resulted in greater employment, improved per capita income, and easy financing, bolstering consumer purchasing power and business morale. Automakers must increase their production levels by building or expanding new capacities. Cast iron is commonly found in engine parts, gears and bushings, suspension, brakes, steering, and crankshafts. The heavy commercial vehicle and tractor segments are turning towards greater horsepower engines, which are projected to increase the usage of components such as cylinder blocks and cylinder heads. Hence, the amount of cast iron used.

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Economic Insights

The World Bank predicts a recession in 2023 as central banks raise interest rates. There will also be manpower scarcity and rising raw material costs. Manufacturers have already seen sluggish market growth, and the industry is expected to develop slower in 2023 than in the previous two decades. The Ukraine-Russia conflict had a significant impact on the energy sector. It has been highlighted that Russia and Ukraine are among the biggest gas and oil suppliers. Because Russia invaded Ukraine, imports and exports were disrupted, resulting in an energy crisis for nations that rely on these two countries for fuel.

Top Market Trends

1. Modernization of the Foundry Industry: The key trend in the global Iron Casting market is the modernization of the foundry sector. Most foundries now favour automated moulding for melting, mechanized diametric moulding for sand moulding, and continuous casting for chemical sand binding. Strict quality requirements are regularly followed. Several places are also introducing environmentally friendly processes, like cold casting. Unlike traditional casting processes, the process produces no toxic emissions, and 90% of molds are recycled, resulting in less waste and less raw material use. The reduction of metal melting decreases energy usage. Also, the lightweight nature of cold-cast items makes them easier to handle and carry, lowering energy expenditures. Foundry modernization aims to simplify the production process and increase the end product quality. Thanks to a modernized foundry, custom castings can now offer ductile iron, bronze, brass, and aluminium castings.

2. Rising Demand from India: India is one of Asia Pacific's main metal casting markets. The market is largely driven by increased demand for lightweight automobiles in the country as consumer incomes rise. The expanding automobile sector, fast urbanization, and industrialization have increased the need for construction equipment. This is projected to boost demand for metal castings around the country. Furthermore, rising environmental concerns have encouraged manufacturers to offer electric cars in response to expanding environmental consciousness, supporting market growth. Moreover, metal casting is used in the products and equipment business to manufacture various household appliances, surgical instruments, and crucial components for aeroplanes and cars.

Market Segmentation

The global Iron Casting market can be categorized into Product, End-Application, and Region. Based on Product, the market can be categorized into Gray Cast Iron, Ductile Cast Iron, and Malleable Cast Iron. Furthermore, based on Application, the market can be further split into Automotive, Machinery & Tools, Pipes & Fittings, Railways, Power Generation, and Other Applications. Likewise, based on Region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Based on Product

Gray Cast Iron Dominate Sales Owing to A Lower Cost & Higher Durability

The Gray Cast Iron category is expected to dominate during the forecast period regarding revenue and share. It is a widely utilized product due to advantages such as low cost, high strength, durability, high compressive strength, thermal cycling resistance, high tensile strength, and deformation resistance. Because of its great vibration-dampening capabilities, it is employed in the automobile sector to manufacture engine and brake components. Ductile cast iron is expected to grow with the fastest growing CAGR during the forecast period owing to its several benefits, including the ability to be twisted, bent, or distorted without shattering. The material is extensively used to produce tractors and implement components, crankshafts, cylinder heads, switch boxes, electrical fittings, motor frames, etc. Demand for ductile cast iron in pipes and fittings will fuel segment growth during the projected period. For example, Welspun Corp Ltd., a pipe maker, intended to invest USD 211.8 million in June 2021 to establish a Greenfield plant in Anjar, India, to join the ductile iron pipe market.

Based on Application

Automotive to Grow Towards a Maximum Share Owing to Various Valuable Properties

The automotive segment will lead the global Iron Casting market during the forecast period in terms of revenue and share. Iron Casting are chosen in the automobile sector for longevity, resistance to high internal pressure, increased strength, increased horsepower, and cost-efficiency. Despite their high utilization in the automobile sector, Iron Casting are being replaced by aluminium castings, reducing their demand in the application category. Machinery and tools are expected to grow with the fastest growing CAGR during the forecast period owing to their great strength, wear resistance, and machinability, Iron Casting are frequently utilized in manufacturing tools and machinery. Increasing investments in manufacturing tools and machinery facilities will likely boost product consumption throughout the projection period.

Based on Region

Asia Pacific to Lead Global Sales Owing to Rising Requirements in Railways and Renewables

The global Iron Casting market is expected to be dominated by the region of Asia Pacific during the forecast period in terms of revenue and share. The rising need for Iron Casting in the railway, renewables, and machine and tool sectors is expected to drive demand throughout the projection period. For example, in October 2021, the Vietnamese government proposed a USD 10.5 billion investment to expand and improve rail infrastructure by 2030. The growth can also be attributed to the availability of raw materials, several casting foundries, well-established manufacturing facilities, and expanding product consumption in the region's key end-use sectors. Government actions to strengthen the regional automotive and construction sectors and significant regional public and private investment will favour product utilization.

North America is expected to grow with the fastest-growing CAGR during the forecast period. The region's governments are investing in renewable energy, likely boosting product demand. For example, the Canadian government announced a USD 964 million investment in renewable energy and infrastructure upgrades in June 2021. Furthermore, the region is attempting to enhance its water supply and sanitation, and as a result, it is investing in infrastructure development.

Competitive Landscape

The global Iron Casting market is highly competitive due to the numerous players in the market. Players are focused on investing heavily in their research and departments to optimize their manufacturing processes optimally. The market leaders also focus on increasing their regional presence by integrating local and regional players. Companies are merging and acquiring to expand their product offering in response to rising demand for Iron Casting.

The key players in the global Iron Casting market include - Hitachi Metals Ltd. (Japan), Liaoning Borui Machinery Co. Ltd. (Dandong Foundry) (China), Brakes India Pvt. Ltd. (India), OSCO Industries Inc. (U.S.), Chamberlin PLC (UK), Crescent Foundry (India), 1.7. Xinxing Cast Pipe Co. Ltd. (China), Georg Fischer Ltd (Switzerland), CALMET (Ireland), Casting PLC (UK), Newby Foundries Ltd. (West Midlands), Grupo Industrial Saltillo (GIS) (Mexico) among others.

Recent Market Developments

· February 2022: Cast Corporation Foundry in Minnesota was purchased by M7 Group. M7 Group expects the purchase to help them grow its product line.

· March 2022: Fonderie di Montorso S.p.A., established in Italy, acquired Fondmatic, Fiorini Core Shop, Fonderia Scaranello, Evotech Hydraulics, and Perucchini S.p.A. in 2017, 2019, 2020, 2021, and 2021, respectively. These purchases represent a watershed moment for the firm in combining casting and machining processes with maximum value addition.

· July 2020: Hyundai Steel has inked a licencing agreement to use Arcelor Mittal's hot stamping technology. According to the agreement, Hyundai Steel can pursue aggressive production and sales activities in China, Korea, and ASEAN member countries without concern about infringing on patents.

Segmentation of the Global Iron Casting Market