Steel Casting Market Size, Share, Growth, and Industry Analysis by Type (Carbon Steel Casting, Low-Alloy Steel Casting and High Alloy Steel Casting) By Application (Power Generation, Rail and Transit, Mining, Construction Machinery, Oil and Gas, Aerospace and Defense, Shipbuilding and Others), Regional Insights, and Forecast From 2023 To 2030

Updated On: 20 November 2023

Steel Casting Market Report Overview

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The global steel casting market size was USD 74130 million in 2022. As per our research, the market is expected to reach USD 90080 million in 2028, exhibiting a CAGR of 3.3% during the forecast period.

The steel casting market refers to the production and distribution of cast steel products, which are made by pouring molten steel into a mold to create a specific shape or part. Steel casting is a process used in a variety of industries, including automotive, aerospace, construction, energy, and mining. The global steel casting market is expected to grow over the next few years due to the increasing demand for steel in various industries. The Asia-Pacific region is the largest market for steel casting, followed by Europe and North America.

Some key factors driving the growth of the steel casting market include the increasing use of steel in construction and infrastructure projects, the growing demand for steel in the automotive industry, and the rising demand for energy and power generation.

COVID-19 Impact: Supply Chain Disruptions and Labor Shortages to Limit the Market Demands

The pandemic has led to a slowdown in economic activity, resulting in reduced demand for steel products, including steel castings. This has led to a decrease in production and sales of steel castings, especially in industries such as automotive, aerospace, and construction. The pandemic has disrupted global supply chains, making it difficult for steel casting manufacturers to obtain raw materials and deliver finished products to customers. This has led to delays and higher costs for manufacturers and customers alike. The pandemic has also led to labor shortages in many parts of the world, as workers become sick or are forced to quarantine. This has affected the production capacity of steel casting manufacturers, further exacerbating supply chain issues.

LATEST TRENDS

"Adoption of Automation and Digitization in Steel Casting Processes to Augment the Market Growth"

Increasing demand for steel castings in the automotive industry: With the growth of the automotive industry in developing countries, the demand for steel castings used in the manufacturing of vehicles has been on the rise.

Many steel casting manufacturers have been investing in automation and digitization to improve their efficiency and reduce costs. This includes the use of computer-aided design (CAD) and simulation software, as well as robotics and other advanced manufacturing technologies. Steel casting manufacturers have been focusing on reducing their carbon footprint and improving their sustainability credentials. This includes investing in energy-efficient technologies and using recycled materials.

Steel Casting Market Segmentation

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• By Type Analysis

By type, market is segmented into carbon steel casting, low-alloy steel casting and high alloy steel casting. The carbon steel casting type segment will dominate the market in the coming years.

• By Application Analysis

Based on applications, the market is classified into power generation, rail and transit, mining, construction machinery, oil and gas, aerospace and defense, shipbuilding and others. The power generation segment will lead the global share through 2028.

DRIVING FACTORS

"Increasing Infrastructure Development to Push the Market"

The demand for steel castings is driven by the growth of industries such as automotive, construction, and energy. These industries use steel castings for various applications such as engine parts, gears, pumps, valves, and turbines. Governments and private players are investing heavily in infrastructure development projects such as bridges, tunnels, and highways. This has led to an increase in demand for steel castings, as they are used in the construction of these structures. The steel casting industry has undergone significant technological advancements in recent years. This has resulted in the development of high-quality steel castings that offer superior performance and durability.

"Favorable Government Policies to Boost the Market Growth"

Steel castings are increasingly being used in the manufacturing of lightweight products. This is driven by the need for energy-efficient products, particularly in the automotive and aerospace industries. Governments in several countries have implemented policies that promote the growth of the steel casting industry. These policies include tax incentives, subsidies, and favorable trade agreements.

Overall, the steel casting market is expected to continue growing due to these driving factors, as well as the increasing demand for steel castings in emerging markets.

RESTRAINING FACTORS

"Environmental Concerns to Slow the Market Growth "

Steel casting requires significant investment in equipment, materials, and energy. The high production costs can make it challenging for manufacturers to remain competitive in the market. The steel industry is a major contributor to greenhouse gas emissions and other environmental issues. As governments and consumers become more environmentally conscious, there may be increased pressure to reduce the carbon footprint of steel casting.

Steel Casting Market Regional Insights

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"North America Market to Grow Exponentially with the Forecasted Period"

The steel casting market in North America is expected to grow steadily due to the increasing demand from the automotive and construction sectors. The United States is the major contributor to the growth of the steel casting market in this region.

The steel casting market in the Asia Pacific region is expected to grow significantly due to the increasing demand from the construction, automotive, and machinery industries. China, India, and Japan are the major contributors to the growth of the steel casting market in this region.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

List of Market Players Profiled

• Precision Castparts (U.S.)
• Hitachi (Japan)
• Doosan Heavy Industries & Construction (South Korea)
• Kobe Steel (Japan)
• ME Elecmetal (Chile)
• Amsted Rail (U.S.)
• Signicast (Form Technologies Company) (U.S.)
• MetalTek International (U.S.)
• Anhui Yingliu (China)
• Harrison Steel Casting (U.S.)
• Peekay Steel Castings (India)
• Impro Precision (Singaore)
• Liaoning Fu-An Heavy Industry (China)
• Tycon Alloy Industries (India)
• Japan Steel Works (Japan)
• Amsteel Castings (Malaysia)
• Isgec Heavy Engineering (India)

REPORT COVERAGE

The market research study examines the worldwide market in detail, focusing on important elements such as leading players, product/services or type, and leading end-use applications. Aside from that, the research analyses major advancements and provides insights into lighting market trends. In addition to the causes indicated above, the paper includes a number of other factors that have contributed to recent growth.