The global iron casting market size is expected to reach USD 172.66 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 6.1% over the forecast period. The increasing investments in the infrastructure & renewable energy industry are expected to propel the demand for the product. Iron castings are produced by pouring melted cast iron into casts or molds to make products of desired shape and size, via various methods such as sand and investment casting. Different product types available in the market include gray, ductile, and malleable, which are used according to their application requirements.
Iron Casting Market Report Highlights
- Based on the product, ductile cast iron is anticipated to register the fastest CAGR of 6.4%, in terms of revenue, from 2022 to 2030. The product is preferable in various end-use industries such as automotive, water system & sanitization, and renewables as it offers higher toughness and strength than gray cast iron.
- Based on application, the railway is expected to grow at a CAGR of 7.4%, in terms of revenue, across the forecast period. This growth is attributable to increasing investments by countries to develop their rail infrastructure to promote transportation of goods via rail and improve connectivity.
- Based on region, North America is expected to register a CAGR of 5.5%, in terms of revenue, over the forecast period. Rising emphasis on shifting towards renewables, investment in railways, up-gradation & development of water system & sanitization, and advancement of machines & tools is expected to drive the market growth in the region.
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Based on product, gray cast iron held the largest revenue share of the global market in 2021, and this trend is expected to continue across the forecast period. It is preferred owing to the benefits it offers such as abrasive resistance, vibration damping capacity, and better castability than other types. The product is used for making machine tool bases, soil pipes, automobile engine blocks, and internal combustion engine head manifolds.
Based on region, Asia Pacific held the largest revenue share of the global market in 2021. In the region, China was the key market in 2021 but India is expected to register the fastest growth rate across the forecast period. The increasing demand for the product from various industries such as railways, renewables, machines & tools, and infrastructure is propelling competition in the region.
In February 2022, Bharat Forge announced the acquisition of JS Autocast Foundry India, a manufacturer of ductile iron castings for hydraulics, wind energy, automotive, and off highways. The acquisition is anticipated to help Bharat Forge expand its product portfolio as well as manufacturing presence.
The global market is highly competitive in nature. Key players in the industry are carrying out mergers & acquisitions for the development of their business. For instance, In November 2021, Wisconsin-based Charter Manufacturing acquired Aarrowcast Inc., a gray and ductile iron casting manufacturer. Aarrowcast Inc. has a production capacity of 42,000 tons per year. This acquisition is expected to help Charter Manufacturing to expand the manufacturing of its metal offerings and diversify its customer base.
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We have segmented the global iron casting market based on product, application, and region.
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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Industrial sectors depend on reliable casting solutions for machinery systems, engineering components, production equipment, and OEM manufacturing applications. Sharma Technocast operates as a trus
The latest trending report Global Iron Casting [Ferrous Castings] Market 2020 by Manufacturers, Regions, Type and Application, Forecast to 2025 offered by DecisionDatabases.com is an informative study covering the market with detailed analysis.
The report will assist reader with better understanding and decision making.The Iron Casting [Ferrous Castings] market report provides a detailed analysis of global market size, regional and country-level market size, segmentation market growth, market share, competitive Landscape, sales analysis, impact of domestic and global market players, value chain optimization, trade regulations, recent developments, opportunities analysis, strategic market growth analysis, product launches, area marketplace expanding, and technological innovations.The global Iron Casting [Ferrous Castings] market size is expected to gain market growth in the forecast period of 2020 to 2025, with a CAGR of -2.0%% in the forecast period of 2020 to 2025 and will expected to reach USD 7740.7 million by 2025, from USD 8395.5 million in 2019.Final Report will cover the impact of COVID-19 on this industry.Browse the complete report and table of contents @ https://www.decisiondatabases.com/ip/29836-iron-casting-ferrous-castings-market-analysis-reportThe major players covered in Iron Casting [Ferrous Castings] are:Waupaca FoundryChassixMetal TechnologiesAAM(Grede Holdings)INTAT PrecisionNeenah FoundryCadillac CastingWescast IndustriesCifunsaAarrowcastGeorg FischerMeide CastingRochester Metal ProductsFaw FoundryXinxing Ductile Iron PipesGoldens’FoundryHuaxiang GroupWeichaiBy Type, Iron Casting [Ferrous Castings] market has been segmented intoGray Iron CastingsDuctile Iron CastingsOthersBy Application, Iron Casting [Ferrous Castings] has been segmented into:Machinery & EquipmentAutomotivePipe & FittingValves, Pumps & CompressorsRailOthersThe report offers in-depth assessment of the growth and other aspects of the Iron Casting [Ferrous Castings] market in important countries (regions), including:North America (United States, Canada and Mexico)Europe (Germany, France, UK, Russia and Italy)Asia-Pacific (China, Japan, Korea, India and Southeast Asia)South America (Brazil, Argentina, etc.
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