Industrial Casting Market in the US is estimated to stand at a market revenue of USD 4914.44 Mn
The Industrial Casting Market in US is estimated to witness staggering market growth of USD 4914.44 million from 2023 to 2027. Determinants of growth in this sector are the growing demand from the automotive industry, the increased use of simulation-based castings, and the increased demand for iron casting from the renewable energy sector. The market for Industrial casting in the US is evaluated to grow CAGR of 5.31%
Industrial Casting Market in US at a Glance
Industrial Casting Market in the US: Navigating the Business Drivers
The Rising demand for renewable energy is growing across the globe. Castings are an important part of the wind energy sector. To match the rising demand for renewable energy, the industrial casting market in the US is witnessing a surge in market development.
Components cast in this field include rotor hubs, gears, and bearing housings. generally, materials that rust or corrode are avoided thus generating demand for industrial casting.
Alternative energy sources with a high potential for growth include biomass and heat pumps, geothermal heat, solar PV cells, hydropower, and wind. Iron castings are anticipated to play a significant role in the evolution and adoption of these renewable energy sources.
In recent times shift from ferrous to non-ferrous castings has been the primary trend. End-user industries such as automotive, telecommunications, and industrial machinery are also looking to lightweight products to improve quality and efficiency by reducing overall weight leading to the US metal casting market shifting to non-ferrous castings, especially aluminum castings, due to their superior properties. Several automotive manufacturers are steadily moving from the deployment of cast iron engine blocks to aluminum engine blocks.
Industrial Casting Market In US: End-User Segment Analysis
The market has been segmented into machinery, automotive, electrical and electronics, construction, and others based on the end users. The machinery segment will account for the largest share of the end-user segment.
Our report also includes an in-depth analysis of market information that predicts market growth by revenue model across the US from 2023 to 2027.
Industrial Casting Market In US: Key Players Analysis
Vendors are striving consistently for deeper market penetration through various strategic measures. Some of the market players constantly upgrading themselves to enhance their market presence.
Market Players: Prominent market players worth mentioning in this industry are Georg Fischer AG, Great Lakes Castings LLC, Grupo Industrial Saltillo SAB de CV, Impro Precision Industries Ltd., KSB SE and Co. KGaA, Meridian Lightweight Technologies Inc., MetalTek International, Neenah Enterprises Inc., Industries Inc., Pace Industries, etc.
For instance: Honda has shifted to aluminum engine blocks, which are sturdier under high horsepower conditions than cast iron.
Technavio's report includes categorizing the vendors as dominant, leading, strong, tentative, and weak, which also includes data-backed qualitative analysis of vendors segmented into pure play, category-focused, industry-focused, and diversified. Request sample report today.
