Iron Casting Market to Reach Valuation of USD 15.13 Billion by 2030 – Growth in the Usage of Iron Casting in Automotive Application Drives the Market

In terms of revenue, the Global {keyword}} market is expected to reach USD 15.13 Billion by 2030, growing at a CAGR (Compound Annual Growth Rate) of 5.8% from 2023 to 2030.

The market for Iron Casting is expanding as a consequence of a variety of factors, including an increase in the demand for durable and reliable parts, cost-effective manufacturing methods, technological advancements, and a focus on sustainability. Iron casting production has become more efficient and of higher quality thanks to automation, simulation software, and other cutting-edge technology. One illustration of this is computer-aided design (CAD). Businesses have also realised how important it is to use recycled materials in iron casting if they want to reduce their carbon footprint and have a beneficial impact on the environment. Castings made of iron are needed in the automotive, building, mining, agricultural, and other industries. They are used to create a variety of parts, including engine blocks, gearbox cases, brake components, suspension components, and more.

The Asia-Pacific area is home to numerous significant industries, including those that use Iron Casting extensively, including those in the automotive, building, and industrial machinery sectors. The iron casting market in the area has expanded as a result of the increased demand from these industries. Another factor is the Asia-Pacific region's generally lower labour and manufacturing costs compared to other regions, which makes it more affordable for businesses to produce Iron Casting there.

Key Highlights from the Report

· The main factor driving up the Iron Casting market is the expansion of automotive sector.

· Aluminium casting is observed to provide a tough competition to this market.

· The Asia Pacific region dominates the Iron Casting market.

Market Dynamics

The primary driver propelling the expansion of the global Iron Casting market is the expansion of the automotive sector. Most engine parts, gears, bushings, suspension, brakes, steering, and crankshaft components are made of cast iron. Heavy commercial vehicle and tractor segments are moving towards engines that produce more horsepower, which is projected to increase utilisation of parts like cylinder blocks and cylinder heads and subsequently increase the amount of cast iron consumed.

The main trend in the market for Iron Casting worldwide is the modernization of the foundry sector. Most foundries now favour automated moulding techniques for melting, automated diametric moulding for sand moulding, and continuous casting for chemical sand binding. The use of strict quality requirements is widespread. Many areas have also adopted environmentally friendly procedures, like as the cold casting method. In contrast to conventional casting techniques, the process produces no toxic emissions, and 90% of the moulds are recycled, reducing waste generation and the need for raw materials. Energy consumption is decreased by ceasing metal melting.

A significant obstacle to the expansion of the global market for Iron Casting is the rising competition from aluminium. Aluminium use is growing as a result of technological advancements, which also boost manufacturing competitiveness and produce a competitive global manufacturing environment. Aluminium is now being used for high-speed, high-volume production, and machinery that needs to run for longer periods of time due to increased competition. Iron casting has recently been replaced by aluminium casting, particularly for intricately detailed decorative components.

The Global Iron Casting Market is Segmented as follows

• Product
  • Gray Cast Iron
  • Ductile Cast Iron
  • Malleable Cast Iron
• Application
  • Automotive
  • Machinery & Tools
  • Pipes & Fittings
  • Railways
  • Power Generation
  • Other Applications
• Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

List of the Key Players of the Global Iron Casting Market is

Hitachi Metals Ltd. (Japan), Liaoning Borui Machinery Co. Ltd. (Dandong Foundry) (China), Brakes India Pvt. Ltd. (India), OSCO Industries Inc. (U.S.), Chamberlin PLC (UK), Crescent Foundry (India), 1.7. Xinxing Cast Pipe Co. Ltd. (China), Georg Fischer Ltd (Switzerland), CALMET (Ireland), Casting PLC (UK), Newby Foundries Ltd. (West Midlands), Grupo Industrial Saltillo (GIS) (Mexico)

The Global Iron Casting Market Scope can be Tabulated as below