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 notable shift towards automated manufacturing processes. Foundries are increasingly adopting techniques such as automated molding methods for metal melting, mechanized diametric molding for sand molding, and continuous casting for chemical sand binding. Strict adherence to quality standards is a prevailing trend. Environmentally-friendly techniques, like cold casting, are gaining popularity. Unlike conventional casting methods, cold casting does not generate harmful emissions, and approximately 90% of molds are recycled, leading to reduced waste and decreased raw material usage. The omission of metal melting in cold casting significantly cuts down energy consumption. Moreover, the inherent lightweight nature of cold-cast products facilitates easier handling and shipping, thereby resulting in 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
  • Iron Casting
  • Steel Casting
• Casting Process
  • Sand Casting
  • Investment Casting (Lost Wax Casting)
  • Die Casting
  • Centrifugal Casting
  • Continuous Casting
  • 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 Iron Castings Market encompasses the production and supply of various cast iron components, parts, and assemblies using advanced Iron Casting Alloys. This industry leverages Casting Design Software, Simulation, and Digital Twin Technology for efficient Casting Process Optimization. Foundry Automation Systems, Inspection Equipment, and Non-Destructive Testing ensure Casting Quality Control and Safety Regulations. Sustainable Casting Practices and Green Technologies promote environmental stewardship. Industry Standards and Certification ensure consistent product quality. Foundry Worker Safety and Ergonomics are prioritized. Casting Innovation and Technology Advancements drive market growth, with applications ranging from Automotive to Construction. Casting Solutions are provided by Iron Casting Suppliers, Manufacturers, and Distributors.

Market Research Overview

The global iron castings market is a significant segment of the larger global steel market, which in turn is part of the comprehensive metals and mining industry. According to Technavio's market research, the metals and mining market encompasses the revenue generated by manufacturers and providers of various metals such as aluminum, copper, gold, silver, and steel, as well as diversified metals and mining companies. The steel market specifically focuses on iron and steel producers and related products, including metallurgical coal used for steel production. Iron castings, which include gray iron, ductile iron, malleable iron, spheroidal graphite iron, cast iron pipe, automotive castings, industrial machinery castings, and construction castings, are essential components of this market.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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