Iron and Steel Casting Report 2018-2026 | Top Manufacturers, Types and Applications

May 29, 2020
The global iron and steel casting market was valued at US$ 130 Bn in 2017 and is anticipated to expand at a CAGR of more than 4% from 2018 to 2026, according to a new report published by Transparency Market Research (TMR) titled ‘Iron and Steel Casting Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026.’ The iron and steel casting process involves production of any object of desired shape and size by pouring or injecting molten iron and steel into a mold. Such products are manufactured on a large scale for a wide range of sectors such as oil & gas, agriculture, automotive, power generation, industrial units, and manufacturing machinery.Request A Sample – of aluminum alloys as substitutes in the automotive industry to hinder marketAutomotive manufacturers have shifted their focus toward cast aluminum instead of the conventional iron and steel products. They want to benefit from superior properties of aluminum casting products such as corrosion resistance, lightness, and high performance. These products can also help manufacturers meet the emission limits set by different regulatory bodies. Furthermore, use of aluminum can reduce the total weight of a vehicle by 10% to 15%. Use of aluminum is preferred in electric vehicles to reduce the vehicle weight. This, in turn, increases the durability of batteries. There are several other factors that drive the use of aluminum in the automotive sector. Increasing adoption of aluminum casting products acts as a restraint of the iron and steel casting market.Request a COVID-19 Impact Analysis @ degree of competition in the marketA large number of iron and steel casting companies operate in the market. These companies range from small and local manufacturers to medium-sized national-level companies and even, multinational companies. While large companies such as ArcelorMittal and Tata Steel account for a considerable share of the global market, the rest of the market is fragmented. The level of expertise of iron and steel casting companies is a significant factor affecting the competitive ability of market players. In terms of expertise and use of technology, multinational companies are better than small- and medium-sized companies. Some of the important companies in the market include Tata Steel Limited, Kobe Steel, Ltd., ArcelorMittal, Nucor Corporation, and Hitachi Metals Ltd.Explore Transparency Market Research’s award-winning coverage of the global Chemicals and Materials Industry.
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