Steel Casting Market worth $42.18 billion by 2029- Exclusive Report by MarketsandMarkets™

DELRAY BEACH, Fla., Jan. 29, 2025 /PRNewswire/ -- The report "Steel Casting Market by Type (Carbon Steel, Low-Alloy Steel, High-Alloy Steel), Process (Sand Casting, Investment Casting, Die Casting), Formulation (Solvent Based, Solventless, Emulsion), Application, & Region - Global Forecast to 2029", global steel casting market is projected to grow from USD 33.90 billion in 2025 to USD 42.18 billion by 2029, at a CAGR of 5.6%, during the forecast period.

Steel casting refers to the pouring of molten steel into molds to produce specified shapes and parts with high strength, toughness, and wear resistance. These castings are used widely in automotive, construction, aerospace, energy, and machinery due to their toughness and resistance to extreme conditions. The steel casting market is being driven by factors such as rapid industrialization, increased demand from automotive and renewable energy sectors, and technological advancements in casting technologies. Still, high production costs, supply chain disruptions, and competition from lightweight materials restrain growth in the market. Emerging markets, customization demand, and sustainability trends offer substantial opportunities for growth in the following years.

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220– Tables
49– Figures
255– Pages

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By Type, carbon steel casting accounted for the largest market share in 2024.

Carbon steel casting leads with the highest share in the global steel casting market in 2024. It finds its application within a large majority of industries ranging from automotive and construction to the manufacturing sector as well. Its strength, machining, and good durability are compared to other varieties of steel available at a more reduced cost. Some of the high demanding components include an engine block, valves, and structural parts which are usually found in cast form. The versatility of carbon steel in handling both high and low temperatures, along with its ability to withstand wear and corrosion, further drives its demand in critical applications.

By Process, Sand Casting Process accounted for the largest market share in 2024.

The highest demand for sand casting process is because of its flexibility, economy, and capacity for large and intricate components. Its application is extensive among construction machinery, automotive, mining, and energy industries where large and intricate steel parts are in high demand. Sand casting is particularly preferred for its flexibility towards a high range of sizes and sizes, for both small and high volumes. In addition, its relatively low tooling costs as well as the flexibility to use various alloys are the reasons it finds widespread preference. Its versatility in being applied to diverse sectors ensures that sand casting is at the core of the steel casting market.

By Formulation, Solvent-based formulation accounted for the largest share in 2024.

Solvent-based formulation currently dominate the market due to their proven in performance and wide applicability to all forms of industries. Such formulation is preferred when excellent adhesion, durability, and resistance under extreme conditions are to be sustained in critical components of a construction automobile industry and energy sector. Solvent-based formulations ensure that results on complex and high-strength steel parts are consistent and that is where the reliability of finished products will be maintained. As an established efficiency and adaptability factor, they continue to dominate the market despite growing environmental regulations, especially in regions that place a priority on performance rather than the use of eco-friendly alternatives.

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By Application, the Power generation segment accounted for the largest share in 2024.

The power generation segment dominated the steel casting market in 2024 due to the rising demand for energy across the globe and the growing upgrades in infrastructure. Steel castings are the backbone of the manufacturing of components in the turbines, generators, and other heavy-duty equipment used in thermal, hydro, nuclear, and renewable energy plants. Steel's strength, resistance to high temperatures, and mechanical strength make it a critical component in many power generation applications where extreme conditions prevail. Renewable energy, particularly wind and solar power, added more momentum to the demand for steel castings because these sources require precision-engineered steel components.

Asia Pacific accounted for the largest share of the steel casting Market in 2024.

The Asia-Pacific region is projected to dominate the steel casting market, driven by strong industrial base, increasing infrastructure development, and expanding manufacturing sector. India and Japan have also emerged as lead contributors in this account because of their increasing demand for steel component usage in the Automotive, Construction, and Energy Sector respectively. The large-scale infrastructure projects undertaken by China and giant industrial output of India coupled with rapid construction activities and automotive production certainly enhanced the demand for steel castings. Coupled with the abundance of raw materials, the cheap labor charges, and advancements in manufacturing technologies, this has added further robustness to the region. Government policies that helped accelerate industrialization further assisted the market to reach further heights. It has also been fuelled by ever-increasing foreign investments.

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Market Players

The steel casting Market comprises major players such as ArcelorMittal (Luxembourg), Doosan Corporation (South Korea), Kobe Steel, Ltd., (Japan), Nucor Corporation (US), Isgec Heavy Engineering Ltd. (India), and Georg Fischer Ltd. (Switzerland), The Japan Steel Works, Ltd. (Japan), Nelcast Limited (India), Ferralloy, Inc. (US), POSCO (South Korea) and others are covered in the steel casting market. Expansions, acquisitions, joint ventures, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the steel casting Market.

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