2021 Cast Iron and Steel Market Trends
The main players in the cast iron and steel market are ArcelorMittal, POSCO, Thyssenkrupp AG, Hitachi Metals, Baosteel Group, TATA Steel, Voestalpine Group, HBIS Group, Nucor, Nippon Steel, CALMET, Waupaca Foundry, Uniabex and Nelcast .
Pune, India, September 08, 2021 (GLOBE NEWSWIRE) –
The global cast iron and steel market size is expected to show substantial growth during the forecast period owing to the increase in automotive production in emerging and advanced economies. In addition, the expansion of the construction sector will bode well for production via smelting iron and steel.
Iron and steel casting will potentially create a positive change in the die casting and sand casting segments, reflecting the demand in the automotive, pipe and industrial machinery sectors. The following trends could prove crucial for manufacturers and suppliers of cast iron and steel parts:
Cast steel to provide a competitive advantage in North America
Industrial sectors including power generation, automotive, agriculture and construction have seen rapid adoption of smelting steel. Benefits such as durability and low maintenance will play an invaluable role in reducing OPEX. The steel foundry segment in the North American market is expected to grow at a healthy CAGR of over 8% through 2027. The material is poised to gain prominence in the United States in industrial machinery applications, including hydroelectric turbine wheels, castings. pumps, marine equipment, mining machinery and turbocharger turbines, engine cylinder blocks and hydroelectric turbine impellers.
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US to see growing profile of energy and power sector
Electricity and power companies have fueled their value proposition by investing in iron and steel casting materials. Power generation industries have shown an increased preference for control valves, pumps and combustion chamber components. Essentially, end-use applications such as geothermal, solar thermal, coal and nuclear power will remain a major driver of iron and steel smelting in the region. The size of the North American cast iron and steel market is expected to exceed $ 30 billion by 2027 and could observe that the share of energy and power sector applications will reach 5, $ 5 billion during the period.
The automotive sector will strengthen the growth potential in Europe
While the COVID-19 pandemic has had a telling impact on the automotive sector, Europe has apparently become a lucrative destination for automakers, in part due to the market presence of iron foundry companies and companies. ‘steel. Casting is sought after for the manufacture of drivetrains, engine components, suspension components and brake components. European car manufacturers rely on cast iron to increase the wear resistance and mechanical properties of gearboxes, blocks and cylinder heads. The automotive segment captured around 32.7% share of the European cast iron and steel market in 2020, strong prospects are expected until 2027.
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Europe is witnessing increasing penetration of cast iron materials
Cast iron has gradually become a promising material in architectural ironwork structures due to properties such as castability and favorable shrinkage rates. Preferably, gray cast iron has become more trendy for superior thermal conductivity, enormous tensile strength, and vibration damping ability. Western Europe and the UK could see healthy growth amid rising demand for linkages, hydraulic components, automotive suspensions, wind turbines, steering knuckles and gear pumps. The Size of the European market for cast iron and steel could exceed USD 47.5 billion by 2027 and will see the iron segment grow at a lightning pace during the forecast period 2021-2027.
China, Australia set to boost sand casting value chain
Sand casting has become more trendy with increasing demand for increased heat resistance capability, high flexibility and lower operating costs. End users in Australia have shown an inclination for sand casting to make sturdy and bulky products – decorative fences, cast iron pots and car engine parts. Given the need to reduce lead times for the efficient production of small to large parts, sand casting is likely to stimulate growth pathways. On a revenue basis, the Sand Casting Process segment garnered US $ 38,268.6 million in 2020, reflecting a strong projection to 2027.
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Die-casting touted to boost growth potential in Asia-Pacific
Well-established players are likely to inject funds into the die-casting process for a fast production run, reduced material waste and high precision. Die casting has become vital in machinery manufacturing, aerospace, automotive, electronics, and household appliances. Asia-Pacific Cast Iron and Steel Market is expected to exceed USD 103.7 billion by 2027, with the die-casting segment expected to grow at a CAGR of 4.9% through 2027, mainly due to the penetration of decorative hardware and HVAC products.
The growth of the construction industry will largely shape the outlook for the global cast iron and steel market. Euroconstruct has estimated that construction output will reach 1.7 trillion euros by 2023. A gradual increase in the construction and automotive industries will bode well for the industry’s expansion. Additionally, end users have gradually demonstrated traction for ductile iron shims to maintain tensile strength in disc brake calipers, crankshafts, pipe fittings, large machinery, and machine tools. The construction industry is likely to increase the need for cast iron and steel products as developers strive to improve weather resistance attributes and reduce OPEXs.
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