Global Iron Casting Market By Product (Gray Cast Iron, Malleable Cast Iron, and Ductile Cast Iron), By Application (Automotive, Railways, Machinery & Tools, Power Generation, and Other Applications), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2022-2032

Iron Casting Market Overview:

The global iron casting market value was USD 98,085.1 million by 2021. This market is expected to grow at a 5.9% CAGR between 2023 and 2032.

Market growth will be driven by factors such as favorable government policies and investments in rail infrastructure. Due to increased demand for better railway connectivity, governments around the world have invested in rail infrastructure projects. The French government announced in October 2021 that it would double rail freight by 2032.

Global Iron Casting Market Analysis

Product Analysis

Gray cast iron had the largest share of revenue at 66% for 2021 on the global market. It’s a popular product due to its high cost, durability, strength, and ability to withstand heat cycling, high deformation resistance, and high tensile strength. It is used to manufacture engine and brake components in the automotive industry due to its excellent vibration damping ability.

In terms of revenue, Ductile cast Iron will experience the fastest growth rate at 6.4%. This product has several advantages including its ability to be bent and twisted without breaking. This product is widely used in manufacturing tractors and implements parts such as crankshafts, shafts, cylinder heads switch boxes, electrical fittings, and motor frames.

The segment growth is expected to be driven by the increasing demand for ductile casting iron in pipes and fittings. Welspun Corp Ltd. planned to invest US$ 212 million to establish a Greenfield facility in Anjar, India in June 2021 to enter the ductile-iron pipe business. It has a microstructure that makes it suitable to be used in applications that require machinability or toughness.

It is widely used across many industries, including automotive, tools & equipment, and metal & mine. It’s used in the manufacture of electrical fittings and machinery, washers, brackets, hand tools, mining hardware, and pipe fittings, as well as machine parts.

Application Analysis

The global automotive market held a significant revenue share in 2021. It is preferred because of its cost-efficiency, durability, strength, ability to resist high internal pressures, and greater horsepower. Iron castings are not as widely used in the automotive sector, and aluminum castings have replaced them, which has negatively impacted their demand. The market segment of machines and tools also contributed considerably in 2021.

The high wear resistance, machinability, high strength, and durability of iron castings make them a popular choice for manufacturing machinery and tools. In the future, there will be an increase in investment in machinery and manufacturing tools.

The railway market is another important application segment. It is predicted to grow at the fastest CAGR during the forecast period. Due to their strength and low wear characteristics, iron castings are widely used by the railway industry in manufacturing components. Market growth will be influenced by increasing investments in railway infrastructure.

Key Market Segments

By Product

• Gray Cast Iron
• Malleable Cast Iron
• Ductile Cast Iron

By Application

• Automotive
• Railways
• Machinery & Tools
• Power Generation
• Other Applications

Market Dynamics

Because of the large presence of many manufacturers and end users in the United States, the U.S. holds a significant share of the North American iron cast market. Large-scale automobile plants, machinery and tool manufacturers, rising demand for pipes & fixtures owing to the expanding petroleum industry, infrastructural development, and large-scale automobile manufacturing are all driving the demand.

The U.S. government approved a US$ 1,000 billion Bipartisan Plan to modernize the nation’s infrastructure. It included water systems and roads as well as railways, power infrastructure, and power infrastructure. It is predicted that this will drive the country’s market growth for the period.

Due to the increased demand for castings, market players are being forced to undertake initiatives such as capacity expansions or mergers & acquisitions. Victaulic Inc., acquired Waupaca Foundry Inc., a ductile-iron foundry, in order to increase its U.S. manufacturing capacity by 72%. It has two foundry molding machines, which are expected to allow the company to produce at a greater scale.

The automotive industry has been a significant end-user of iron casting. This market is the largest in terms of both revenue and volume share. The market is facing a constant challenge as global vehicle production has declined over the past few decades.

Regional Analysis

The Asia Pacific had a revenue share of 61% in the global market in 2021. Over the forecast period, iron castings will be in high demand due to increasing requirements for them in the machine and tools, railways, renewables, and machine & equipment industries.

North America held the second-largest revenue share of the global market in 2021. The investment in renewable energy is expected to increase product demand. The Canadian government, for instance, announced in June 2021 that it would invest US$ 964 Million in renewable energy to upgrade its infrastructure.

Europe is committed to improving its water supply and sanitation and is therefore investing in its infrastructure development. The European Investment Bank has invested EUR 19.8 million (US$ 21.86million), in the construction and operation of wastewater management systems. In the future, these investments will help to accelerate the growth of iron casting in this region.

Key Regions and Countries covered іn thе rероrt:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Spain
  • Rest of Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Rest of Asia-Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• MEA
  • GCC
  • South Africa
  • Israel
  • Rest of MEA

Market Share & Key Players Analysis:

Due to the many competitors in this market, there is a lot of competition. To meet the growing demand for iron castings companies are making mergers and acquisitions in order to expand their product line. M7 Group, for example, acquired Minnesota’s Cast Corporation Foundry in February 2022.

M7 Group is expected to increase its product line with this acquisition. Fonderie di Montorso S.p.A. in Italy has also acquired five companies. This group has achieved a major milestone in consolidating casting and machining technologies that add maximum value.

Маrkеt Кеу Рlауеrѕ:

• Hitachi Metals Ltd.
• Brakes India Pvt. Ltd.
• OSCO Industries Inc.
• Chamberlin Plc
• Crescent Foundry
• Xinxing Cast Pipe Co. Ltd
• Georg Fischer Ltd.
• Casting Plc
• Other Key Players

For the Iron Castings Market research study, the following years have been considered to estimate the market size: