April 24, 2023 07:48 ET | Source: Vantage Market Research Vantage Market Research
WASHINGTON, April 24, 2023 (GLOBE NEWSWIRE) -- The Global Iron Casting Market is valued at USD 10.2 Billion in 2022 and is projected to reach USD 15.13 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 5.8% over the forecast period 2023-2030. Machinery Parts
The global iron casting market has grown steadily over the past few years, driven by demand from various industries such as automotive, construction, and industrial machinery. The increasing demand for iron-casting products is due to their high strength, durability, and cost-effectiveness.
We forecast that the gray cast iron in Iron Casting Market sales will account for more than 64% of total sales. Gray cast iron is a cost-effective material compared to other types of iron and metal alloys, making it a popular choice for many applications.
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Increasing Demand from the Automotive Industry will Increase to Support Market Expansion The automotive industry is one of the largest end-users of iron castings, using them for various applications such as engine blocks, cylinder heads, and brake systems. The global automotive industry has grown steadily over the past few years, driven by increasing disposable income, a growing population, and rising urbanization. This growth is expected to continue, which will drive the demand for iron castings in the automotive sector.
Growth in the Industrial Machinery Sector in the Iron Casting Industry Drives the market growth The industrial machinery sector is another significant end-user of iron castings, using them for various applications such as pumps, valves, and gearboxes. The industrial machinery sector has grown steadily due to increasing industrialization, automation, and technological advancements. The use of iron castings in this sector is expected to continue to increase as the demand for industrial machinery grows. Additionally, the growth of the wind energy sector, which uses large iron castings for wind turbines, is expected to further drive the demand for iron castings in the industrial machinery sector.
Top Players in the Global Iron Casting Market
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Top Trends in the Global Iron Casting Market
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Recent Developments in the Global Iron Casting Market
Gray Cast Iron Category of the Product Segment of the Global Iron Casting Market Anticipated to Generate more than half the Product Segment Revenue For better understanding, based on the Product, the Iron Casting Market is divided into Gray Cast Iron, Ductile Cast Iron, Beauty & Personal Care, and malleable Cast Iron.
The Gray Cast Iron market was the largest market by Application, and it is anticipated that it will continue to hold the top spot during the projected period. Gray cast iron has good machinability, which makes it easy to work with and shapes into various forms and sizes. Gray cast iron has excellent damping properties, which make it a preferred choice for applications that require vibration resistance.
On the other hand, the ductile cast iron category is anticipated to grow significantly. The demand for ductile cast iron is increasing in various industries, including automotive, construction, and wind energy, due to its superior mechanical properties. The increasing demand for ductile cast iron will drive its dominance in the iron-casting market.
Asia Pacific Region of the Global Iron Casting Market Expected to Generate Almost a Third of the Global Revenue The Asia Pacific region is anticipated to do so in the coming years. The Asia Pacific region is experiencing rapid industrialization, particularly in China, India, and South Korea. This has increased the demand for iron castings for various industrial applications, such as machinery and equipment, automotive components, and construction materials.
The Asia Pacific region is expected to see the fastest growth in the Iron Casting Market. The Asia Pacific region's construction industry is growing rapidly, driven by rising urbanization, increasing population, and government initiatives to develop infrastructure. This has increased the demand for iron castings for construction materials such as pipes, manhole covers, and drainage systems.
Browse market data Tables and Figures spread through 145 Pages and in-depth TOC on Iron Casting Market Forecast Report (2023-2030).
Global Iron Casting Market Segmentation
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Key Questions Answered in the Iron Casting Market Report are:
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