The Steel Casting Market is being driven by Growing construction activities
The Steel Casting Market is expected to grow at a CAGR of 4.4% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 7.23 billion. The steel casting market has experienced significant advancements in manufacturing processes over the past two decades, with the integration of industrial robots becoming increasingly prevalent. Robots offer numerous advantages, such as increased efficiency, enhanced flexibility, reduced cycle time, and heightened precision in producing final products. In the realm of steel casting, robots are primarily utilized for pouring molten metal into die casts and extracting finished components. For instance, Buhlers Ecoline Pro, an advanced casting solution, is equipped with Buhler Multistep technology, allowing engineers to program designs with exceptional flexibility. This fusion of robotics and computer numerical control tools ensures the production of high-quality, dependable, and accurate cast parts.
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The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope |
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Report Coverage |
Details |
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Page number |
217 |
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Base year |
2024 |
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Historic period |
2019-2023 |
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Forecast period |
2025-2029 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.4% |
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Market growth 2025-2029 |
USD 7.23 billion |
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Market structure |
fragmentation |
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YoY growth 2024-2025(%) |
4.2 |
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Key countries |
China, US, Japan, India, Germany, Canada, South Korea, UK, France, Italy, Australia, Mexico, UAE, Brazil, China, US, Japan, India, Germany, Canada, South Korea, UK, France, Italy, Australia, and Mexico |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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The Steel Casting Market encompasses the production of ferrous and non-ferrous castings through foundry processes, including equipment for foundry operations, core making, and pattern making. Casting alloys, grain size control, and various heat treatment and machining processes are integral. Advanced technologies like casting simulation software, finite element analysis, and process modeling facilitate design optimization. Lightweight and composite materials, along with advanced and smart materials, are trending. Digital twins, IoT, AI, machine learning, data analytics, and industry best practices drive sustainable manufacturing, circular economy, and reduced carbon footprint. Quality management systems, ISO certification, and lean manufacturing principles ensure efficiency and just-in-time production, while agile manufacturing enhances flexibility.
In the expansive metals and mining sector, the steel market occupies a significant role, encompassing iron and steel producers and related product manufacturers. According to Technavio's analysis, the global steel market's size is determined by the consolidated revenue generated by steel manufacturers, as well as those involved in the production of aluminum, copper, gold, silver, and diversified metals and mining. Key drivers propelling the steel market's growth include the burgeoning demand for steel, particularly in China, where infrastructure development initiatives have stimulated construction activity. This, in turn, has increased the demand for steel in various industries, including automotive, construction, and engineering. Furthermore, the global steel market benefits from the increasing adoption of steel castings, such as investment casting, sand casting, die casting, centrifugal casting, and lost wax casting, in various end-use sectors.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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