Steel Casting Market Size, Share, Growth and Industry analysis, By Type (Carbon Steel Casting, Low-Alloy Steel Casting, High Alloy Steel Casting), By Application (Automobile, Construction, Mining) and Regional Forecast to 2034

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STEEL CASTING MARKET OVERVIEW

The global steel casting market size was valued at USD 77.059 billion in 2025 and is expected to reach USD 89.3 billion by 2034, growing at a compound annual growth rate (CAGR) of about 1.65% from 2025 to 2034.

The United States Steel Casting Market size is projected at USD 26.14627 Billion in 2025, the Europe Steel Casting Market size is projected at USD 21.56894 Billion in 2025, and the China Steel Casting Market size is projected at USD 19.34192 Billion in 2025.

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.

KEY FINDINGS

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.

• According to the World Steel Association, global crude steel output reached 1,885.9 million tonnes in 2024, providing the melt base for cast steels used in wind, power and transport components; renewables alone added ~507 GW in 2024, expanding demand for large cast hubs, frames and housings.

• According to Doosan Enerbility (Doosan Heavy), single steel castings up to 350 tonnes and shop capacity of 22,000 t/y are now routine for turbines/reactors, while Japan Steel Works handles ingots up to ~650 t for ultra-large cast/forged parts—evidence of a trend toward fewer weldments and more near-net heavy castings.

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STEEL CASTING MARKET SEGMENTATION

By Type Analysis

By type, market is segmented into carbon steel casting, low-alloy steel casting and high alloy steel casting. 

By Application Analysis

Based on applications, the market is classified into Automobile, Construction, Mining.

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.

• According to the Association of American Railroads (AAR), North America operates ~1.6 million freight cars and ~28,000 locomotives across a network of ~140,000 route-miles, sustaining steady demand for cast bogies, wheels, couplers and draft gear.

• According to India’s Ministry of Steel, 2024 data show continued growth in crude steel and consumption (government release), which underpins local demand for cast rolls, valves, pumps and heavy equipment; India is among the top steel producers, exceeding 100 Mt/year—a scale that structurally supports steel casting of industrial components.

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.

• According to the American Foundry Society (AFS), the count of U.S. metalcasting facilities declined to ~1,719 plants (2023) from higher levels in prior decades, tightening domestic supply options for certain steel castings.

• According to ClassNK (classification society) approvals cited by Kobe Steel, full-range approvals and fatigue-property margins (e.g., 5% in certain high-cycle conditions per ship-class testing) are required for marine/offshore castings, raising compliance time and test-piece volumes for producers.

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STEEL CASTING MARKET REGIONAL INSIGHTS

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.

• Doosan Heavy Industries & Construction (Enerbility): According to company specs, maximum single steel casting ~350 t; integrated casting/forging shop capacity ~22,000 t/y for power and industrial components.

• Kobe Steel (KOBELCO): According to ClassNK approvals noted by Kobe Steel, full-range marine/offshore casting qualifications include ~5% fatigue-strength margins in specific certified tests—positioning for safety-critical castings.

List of Top Steel Casting Companies

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

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.