Latest News- Iron Castings Market: Automobile is expected to lead the End-user segment during 2024-2028

The Iron Castings Market is being driven by Growth in automobile segment

The Iron Castings Market is expected to grow at a CAGR of 5.98% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 50.34 billion. In the contemporary iron castings market, there has been a significant shift towards automated processes and environmentally-friendly techniques. Foundries are increasingly adopting automated molding methods for melting, mechanized diametric molding for sand molding, and continuous casting for chemical sand binding. Strict adherence to quality standards is a priority. Notably, the cold casting process, which does not emit harmful emissions and recycles 90% of molds, is gaining popularity. This process not only reduces waste production and raw material usage but also eliminates the need for metal melting, thereby decreasing energy consumption. Additionally, the lightweight nature of cold-cast products facilitates easier handling and shipping, leading to reduced energy costs. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• End-user
  • Automobile
  • Industrial machinery
  • Infrastructure and construction machines
  • Power
  • Pipe fittings and others
• Product
  • Gray iron
  • Duct iron
  • Malleable iron
• Casting Material
  • Iron Casting
  • Steel Casting
• Casting Process
  • Sand Casting
  • Investment Casting (Lost Wax Casting)
  • Die Casting
  • Centrifugal Casting
  • Continuous Casting
• Geography
  • APAC
    • China
    • India
    • Japan
  • Europe
    • Germany
  • North America
    • US
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growth in automobile segment
• Increase in demand for iron castings from housing and infrastructure segments
• Mechanization of agriculture

However, the market also witnesses some limitations, which are as follows:

• Increasing competition from aluminum casting
• Concerns associated with energy consumption
• Environmental concerns associated with iron casting

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Market Scope in Iron Castings Market Research Report

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Research Analysis Overview

The global Iron Castings Market encompasses the production of metal components through foundry operations in the steel industry. Automotive sector and machinery production are key end-users. Foundries ensure regulatory compliance and innovation trends, addressing casting defects through metallurgical properties, heat treatment, machining processes, and surface finishing. Market segmentation includes regional markets, customer preferences, and cost optimization. Challenges include market consolidation, regulatory compliance, and industry partnerships. Market research and forecasts focus on customer satisfaction, aftermarket services, material sourcing, energy efficiency, waste management, workforce training, digitalization trends, and predictive maintenance. Industry associations and trade policies play a crucial role. Product differentiation and brand positioning are achieved through innovation and distribution channels.

Market Research Overview

The global iron castings market is a significant segment of the larger steel market, which falls under the umbrella of the metals and mining industry. According to Technavio's market research, the steel market encompasses businesses producing iron and steel, as well as related products. This market's size is determined by the consolidated revenue generated by manufacturers and providers of various industrial metals, such as aluminum, copper, gold, silver, and steel. The steel market also includes entities engaged in the mining of metallurgical coal used for steel production. In the context of the iron castings sector, this market's growth is influenced by the automotive industry's demand for metal components and machinery production. The global iron castings market's expansion is closely tied to the steel industry's performance and advancements in casting processes.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/