Iron Castings Market - Global Industry Analysis, Market Size, Share, Trends Analysis, Growth and Forecast 2017 - 2025
Global Iron Castings Market: Snapshot
The global iron castings market is anticipated to see a sudden rise in its demand during the forecast period 2017-2025. Various advantages such as good strength to weight ratio, impressive machinability, better damping capacity, quick transition from design to end product, having flexibility in design which optimizes its appearance for sales appeal, ability to redesign and combine more than two components obtained from other materials into a single casting. The major factor that is pushing the global iron castings market is the rise in the automotive industry across the world due to meet the demand of incessant rising population. Rise in disposable income and rapid urbanization have helped the automotive industry to grow. Cast iron are mostly used in manufacturing engine parts, suspension, crankshaft, gears and bushings, and steering. Engines which are known to deliver higher horsepower is known to bring the change in tractor and heavy commercial vehicle segment. This is anticipated to favor the use of components such as cylinder head and cylinder block which would rise the consumption of cast iron.
The global iron casting market is known to have a numerous manufacturers. The vendors in the market are range from manufacturing of low volumes of specialty products to reputed and well organized companies that produces large volumes. Recently, Betz industries, a global player in the iron castings market is known to having brought a site of 51.5 acre, near its headquarters which is on Bristol Avenue, New York. The manufacturer plans to manufacture a 41280 square foot industrial building which is likely to costs US$3.5 mn. This building is likely to be used for two dimensional machining of the gray and ductile iron castings.
Global Iron Castings Market: Overview
Iron casting s is carried out in in a foundry, where the molten iron is put into a cast or a vessel in order to make a required shape out of it. Cast materials are in general cold setting materials or metals for example concrete, plaster, epoxy, ceramic, clay, or iron. In this the molten fluid is put to obtain a desired shapes and sizes. Iron castings are utilized in the making of several intermediate products that are used in several end-use sectors. As a result, the performance of iron castings market is highly relied upon key downstream markets.
The global iron castings market is segmented into three key segments on the basis of product namely ductile iron castings, gray iron castings, and malleable iron castings. Among these gray iron is the most commonly used metal. It is used in various molding techniques owing to its versatile properties, such as low production cost, and easier to cast. The ductile iron has got high tensile strength as compared to others. It is blended with magnesium to provide better stiffness, impact resistance, and tensile strength. Moreover, malleable cast iron is similar to ductile cast iron, expect its production time is lengthier. This cast iron is usually replaced with ductile cast iron owing to its high production cost.
Global Iron Castings Market: Trends and Opportunities
Most of the metals for example copper, steel, iron, aluminum can be molded and reshaped in cast. Nevertheless, steel, ductile iron, gray iron, and malleable iron are the major ferrous metals used for the process. Alloys of iron are used widely for casting in high quality and performance application sector for example heavy equipments, automobiles, defenses equipments, and industrial machines. The iron castings market is growing steadily owing to a significant growth in mining and construction industries, particularly in Eastern Europe and South East Asia. Rise in demand for iron castings in electrical and automobile sectors is likely to boost the growth in the global market. Moreover, demand for iron in the construction sector is anticipated to increase notably in the upcoming years in future owing to uptake in infrastructure-building activities.
Replacing the iron castings with aluminum-based alloys casting in various applications for example automotive body and aircraft body is expected to fulfil the growing demand for iron castings to a large extent. In addition, iron casting needs high amount of energy. This one of the hindering factor for the market growth. Advancement in technology to make the manufacturing process easier and upgrade of light weight iron casting pipes and plates is represented to serve as a ground of potential opportunities in the market development.
Global Iron Castings Market: Regional Outlook
Geographically, Europe and Asia Pacific are the main regional markets for iron castings market. China makes the biggest of the markets for iron casting owing to the robust and rapid paced industrialization in the nation. As a result of this, there has been a significant growth in construction sector in China. Hence, Asia Pacific region is likely to experience a substantial growth in the global iron castings market in the forthcoming years. Improvement in purchase of automobiles and construction activities in Asia Pacific region is prognosticated to fuel the iron castings market in within the forecast period. Other than this, aerospace and defense sector in North America region are the key segments where iron castings are used widely.
Global Iron Castings Market: Competitive Landscape
There are plenty of key players operating in iron castings market such as Steel Authority of India Limited (SAIL), ThyssenKrupp AG, ArcelorMittal S.A., Tata Group, SSAB AB, The voestalpine Group, Hebei Iron and Steel Group Co., Ltd., POSCO, and Shanghai Baosteel Group Corporation.
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Latest Trends and Cardinal Growth Prospects
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Existing and Future Insights in Growth
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Ascensions in Technology
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The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.
The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.
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This report is the key to questions such as:
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