The Steel Casting Market is expected to grow at a CAGR of 4.6% to reach USD 7.27 billion by 2028. The manufacturing industry has experienced significant growth in the implementation of industrial robots over the past two decades. Robots offer numerous advantages in the production process, such as increased efficiency, enhanced flexibility, reduced cycle times, and heightened precision in producing final products. These benefits have led to the gradual integration of robots into casting machines, in conjunction with computer numerical control tools, to create high-quality, dependable, and precise cast components. In foundries, robots are primarily utilized for pouring molten metal into die casts and extracting finished products from molds.
APAC dominates the regional market because of The steel casting market represents a significant business opportunity, driven by the increasing demand for durable and cost-effective solutions in various industries. Key sectors, such as power generation, oil and gas, and transportation, rely heavily on steel castings for their infrastructure needs. Market growth is further fueled by technological advancements, including improved production processes and innovative materials, leading to higher efficiency and product quality.
There are various factors that drive the Steel Casting Market market which are as following: The construction sector's expansion is fueling the demand for steel castings, as these components are essential in manufacturing robust and durable construction equipment. In the industry, steel casting foundries produce equipment that boasts minimal maintenance costs and can endure high pressure in various climatic conditions. The global construction industry is projected to expand at a moderate pace throughout the forecast period. Notable contributors to this market include India, China, Brazil, Malaysia, Russia, Saudi Arabia, and Vietnam. APAC houses a significant number of emerging economies, such as Indonesia, Malaysia, Vietnam, Japan, and the Philippines, which are also key players in the global construction landscape.
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Steel Casting Market Segmentation
The market witnesses several challenges, which are as follows The steel casting industry is subject to various environmental regulations due to the generation of pollutants, including dust, particles, and hazardous gases. To mitigate these environmental hazards, governments and industry associations have established stringent standards and guidelines. Notable regulations, such as the Metal Molding and Casting (MMC) effluent guidelines and standards (40 CFR Part 464) by the Environmental Protection Agency (EPA), significantly impact foundry operations. Foundries must remain informed of applicable regulations and implement necessary measures to ensure compliance, safeguarding both their business operations and the environment.
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Some of the key companies that have been profiled in the report include:
The global steel market encompasses businesses involved in the manufacture and provision of iron and steel, as well as related products. According to Technavio, the metals and mining industry, which includes steel production, is estimated based on the consolidated revenue generated by aluminum, copper, gold, silver, and steel manufacturers, in addition to diversified metals and mining companies, and precious metals and minerals producers. Factors driving growth in the steel market include the increasing demand for steel, particularly in China, where government stimulus measures have bolstered construction activity. - The Steel Casting Market is experiencing significant growth, fueled by the Growing construction activities. Businesses are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
The Steel Casting Market encompasses a wide range of industries, including Powertrains, Energy Networks, Water Supply, Transportation, Infrastructure Projects, Building & Construction Industry, and the Industrial Products sector. Steel castings are essential components in various applications, from engine blocks and cylinder heads in Powertrains to transformer cases in Energy Networks and water pipes in Water Supply. Emission regulations have driven the demand for lighter materials like Magnesium, Ductile Iron, and Aluminum Casting in the Automotive Sector. The Telecom Industry relies on Steel Castings for components in telecom towers and other infrastructure. Cast Iron and Grey Iron Metal remain staples in various industries due to their durability and cost-effectiveness. The Construction Market utilizes Steel Castings in various applications, from structural components to decorative elements. Skilled labor and advanced technologies, such as Sand Molds and Dies, are crucial in the production process. Stainless-Steel castings are increasingly popular in the Building & Construction Industry due to their resistance to corrosion. Recyclable materials are a significant focus in today's Steel Casting Market, with Iron Casting and Aluminum Casting being highly recyclable. The Lightweight Vehicles trend is driving the demand for Aluminum Casting in the Automotive Sector. Overall, the Steel Casting Market continues to evolve, adapting to the needs of various industries while maintaining its position as a vital component in infrastructure and industrial production.
Technavio Research
Jesse Maida
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