Steel Casting Market to Grow by USD 7.27 Billion (2024-2028), Driven by Rising Construction Activities, AI Redefining Market Landscape - Technavio

NEW YORK, Nov. 25, 2024 /PRNewswire/ -- Report with market evolution powered by AI - The global steel casting market size is estimated to grow by USD 7.27 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 4.6% during the forecast period. Growing construction activities is driving market growth, with a trend towards introduction of automation in die casting process. However, environmental concerns related to casting industry poses a challenge.Key market players include ArcelorMittal SA, Columbia Steel Casting Co Inc., Dandong Fuding Engineering Co. Ltd., Doosan Corp., Ferralloy Inc., Fortune Foundries Pvt. Ltd., Fundiciones Del Estanda SA, Goodwin PLC, Harrison Steel Castings Co., Hitachi Ltd., Hyundai Motor Co., Isgec Heavy Engineering Ltd., Kobe Steel Ltd., Maynard Steel Casting Co., Milwaukee Precision Casting Inc., Nucor Corp., Peekay Steel Castings Pvt. Ltd., SIGMA Engineered Solutions, Stainless Foundry and Engineering Inc., and The Japan Steel Works Ltd..

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Key Market Trends Fueling Growth

The Metal Casting Market is thriving, particularly in sectors like Automotive and Telecom. Automakers are increasingly using die casting for producing components like engine blocks and transmissions using materials like Aluminum and Grey Iron Metal. Regulations driving lightweight vehicles have boosted Aluminum Casting demand. Recyclable materials are a trend, with Cast Iron and Ductile Iron being common choices. The Telecom Industry uses Stainless-Steel and Aluminum for making components. Vehicle Production in the Automotive Sector is a capital-intensive industry requiring skilled labor and advanced Foundry Equipment. The European Union (EU) sets emission regulations impacting Automotive Production and Powertrain design. Lightweight casting materials like Aluminum alloy are popular for reducing Body & chassis weight. Regional-level production numbers for Aluminum Content in Automotive and Industrial Products show growth in Asia, followed by Europe and North America. The World Foundry Organization reports increasing penetration of alternative manufacturing processes like Sand Mold. Magnesium is another material gaining traction due to its lightweight properties. The Building & Construction Industry, Infrastructure Projects, Transportation, Water Supply, and Energy Networks use Iron Casting for various components. The Metal Casting Industry's average selling price depends on the material type, volume, and process used. Components like engine blocks, cylinder heads, and crankshafts are common applications. A top-down approach to design and manufacturing ensures efficient use of resources and minimizes waste. Regional-level production numbers for Thousand units of Aluminum and Stainless-Steel castings vary widely. Emission regulations influence the choice of materials and manufacturing processes in the Automotive Sector. The use of Regulatory-compliant foundry equipment is essential for maintaining quality and ensuring environmental sustainability. 

For two decades, the manufacturing industry has experienced growth in the implementation of industrial robots. These robots bring about advantages such as increased efficiency, flexibility, reduced cycle time, and enhanced precision in producing final products. Recently, robots have been integrated with casting machines and computer numerical control tools for the creation of high-quality, dependable, and accurate cast parts. In foundries, robots are primarily utilized for pouring molten metal into die casts and extracting finished products. This fusion of technology and casting processes leads to mass production with improved consistency and productivity. 

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Market Challenges

• The Metal Casting Market faces challenges in various sectors like Automotive and Telecom, where demand for lightweight materials and regulatory compliance are key. Die-casting using sand molds is common in Automotive Sector for parts like engine blocks and transmissions using Grey Iron Metal and Aluminum. Regulations on emission and vehicle production drive the shift towards Aluminum Casting and Recyclable Materials. The Capital-Intensive Industry requires skilled labor and advanced Foundry Equipment. The EU's emission regulations impact the use of Aluminum and Stainless-Steel in Powertrains. Regional production numbers and penetration of Lightweight casting materials like Aluminum alloy vary in Thousand units, with Automotive Production leading the way. Average selling prices depend on Processed material, Components, and Volume. Material type, such as Cast Iron, Ductile Iron, and Magnesium, also influence market trends. The World Foundry Organization advocates for a Top-down approach to address industry challenges. Alternative manufacturing processes are emerging, but Metal Casting remains a crucial industry for Industrial Products, Building & Construction, Infrastructure Projects, Transportation, Water Supply, and Energy Networks.
• The steel casting market faces environmental challenges, including the generation of pollutants, dust, and hazardous gas emissions. To address these issues, governments and industry associations have established regulations and guidelines. Notable regulations, such as the Metal Molding and Casting (MMC) effluent guidelines and standards (40 CFR Part 464) by the Environmental Protection Agency (EPA), impact foundry operations. Foundries must remain aware of these regulations and take appropriate measures to ensure compliance. By doing so, they can minimize their environmental footprint and maintain a responsible business approach.

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Segment Overview

This steel casting market report extensively covers market segmentation by

1. Application 
• 1.1 Automotive and transportation
• 1.2 Construction and infrastructure
• 1.3 Mining
• 1.4 Power
• 1.5 Others
2. Product 
• 2.1 Sand casting
• 2.2 Investment casting
• 2.3 Die casting
• 2.4 Centrifugal casting
3. Geography 
• 3.1 APAC
• 3.2 North America
• 3.3 Europe
• 3.4 Middle East and Africa
• 3.5 South America

1.1 Automotive and transportation- The global steel casting market experienced significant growth in the automotive and transportation sector in 2023. Steel casting is a cost-effective solution for manufacturing various components in this industry, including drums, flywheels, engine casings, gears, suspension systems, steering systems, pipe fittings, exhaust systems, cylinder heads, and others. In automotive manufacturing, the increasing global volume of vehicle production will continue to drive demand for steel casting. Leading automobile producers, such as Germany, South Korea, Japan, India, and China, will contribute to this growth. Additionally, steel casting is extensively used in the railway and locomotive industry for components like chocks, derailers, heel blocks, joint bars, rail braces, railway tracks and lines, and other locomotive parts. In the aerospace sector, steel casting is utilized for manufacturing turbine engines and aircraft components due to its high quality and precision. The rising middle-class population, with an annual income between USD20,000 and USD150,000, is expected to reach over 48% of the global population by 2027. This demographic's increasing spending power on domestic airline travel will fuel the demand for freight aircraft, leading to growth in the steel casting market for this segment. Overall, the automotive and transportation sector's expansion will significantly contribute to the global steel casting market's growth during the forecast period.

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Research Analysis

The global steel casting market is witnessing significant growth due to its extensive applications in various industries. Automotive sector is a major consumer, with the increasing production of lightweight vehicles leading to a higher demand for aluminum casting and magnesium components. Die casting using sand molds is a popular method in automotive manufacturing, while the construction market relies on cast iron and grey iron metal for infrastructure projects and industrial products. Recyclable materials are increasingly being used to reduce environmental impact. The telecom industry utilizes stainless-steel castings for their durability and resistance to corrosion. Emission regulations drive the demand for iron casting in powertrains and engine components. The transportation, water supply, energy networks, and building & construction industries also contribute to the market growth. Skilled labor is essential for the production of high-quality steel castings, making it a labor-intensive process. Ductile iron and various alloys are used in various applications, including vehicle components, pipes, and engine blocks.

Market Research Overview

The Steel Casting Market encompasses the production of various types of steel castings, including those made from grey iron metal, ductile iron, and stainless-steel, using processes like sand mold and die casting. This capital-intensive industry caters to diverse sectors, with significant demand coming from the Automotive Sector for manufacturing engine components, transmissions, and lightweight vehicle parts using aluminum casting and magnesium. The Telecom Industry also utilizes steel castings for producing antennas and other infrastructure equipment. Regulations, particularly emission regulations, influence the market's growth, driving the adoption of lightweight casting materials like aluminum alloy and the increase in aluminum content in vehicle production. The European Union (EU) and other regional bodies set regulations that impact regional-level production numbers and penetration. The Metal Casting Industry's average selling price depends on the volume of components produced, material type, and process used. Foundry Equipment manufacturers cater to this industry, providing essential machinery for the production of castings. The market includes various types of castings, such as those for powertrains, body & chassis, and industrial products. The Building & Construction Industry and Infrastructure Projects also rely on steel castings for transportation, water supply, and energy networks. Alternative manufacturing processes like 3D printing and investment casting are gaining traction, potentially impacting the traditional steel casting market. The market's growth is influenced by vehicle type, regional-level production numbers, and regional-level penetration, with thousands of units produced annually.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Application
• Automotive And Transportation
• Construction And Infrastructure
• Mining
• Power
• Others
• Product
• Sand Casting
• Investment Casting
• Die Casting
• Centrifugal Casting
• Geography
• APAC
• North America
• Europe
• Middle East And Africa
• South America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

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SOURCE Technavio