Global Iron and Steel Casting Market was valued at US$ 130 Bn in past. Iron and Steel Casting Market is anticipated to expand at a CAGR of more than 4% until 2026
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The thriving construction sector and the infrastructure investments by the government bodies of numerous countries are expected to invite tremendous growth opportunities across the global market for iron and steel casting during the forecast period of 2018-2026.
Vital applications using cast iron and steel are pipes and fittings, machinery, pumps, and valves. The growing influence across these applications will invite promising growth for iron and steel casting market between 2018 and 2026.
Iron and steel casting is a process used to produce cast iron and steel such as ductile iron, gray iron, steel, and others. This process is prominently carried out for reducing silicone and carbon content in steel and iron. Casting involves manufacturing finished iron and steel products. The process uses molds to give shape to molten metal. The benefits of casting include widespread customization and metallurgical flexibility.
Research and development activities form an important part of the iron and steel casting market growth trajectory. These activities help in finding new methods for better casting methods. Further, these activities also help increase the revenue of players. Strategic collaborations also have a crucial role in the overall development of the iron and steel casting market. The players indulge in mergers, acquisitions, joint ventures, and partnerships. The activities strengthen the influence of the players in the iron and steel casting market, eventually boosting the growth prospects.
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Transparency Market Research’s (TMR’s) report on the iron and steel casting market has every component that will assist the stakeholder in understanding the current scenario. The overall market research survey on iron and steel casting by TMR suggests a stable growth period.
According to the TMR experts, the market for iron and steel casting is prognosticated to expand at 4 percent CAGR during the forecast period of 2018-2026. In the context of valuation, the iron and steel casting market is estimated to reach US$ 202.83 bn by 2026. The global market was valued at US$ 130 bn in 2017.
Acceleration in Infrastructural Development across Various Countries Propels Growth Opportunities
Government bodies of numerous countries are striving to improve their infrastructural aspect. Enhancing the existing infrastructure and an increase in the development of new projects will serve as a promising growth generator for the iron and steel casting market. Iron and steel casting products are used for improving and developing varied infrastructure projects such as ports, manufacturing facilities, railways, industrial units, bridges etc. These factors will increase the growth rate considerably.
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Expanding Popularity of Gray Iron Material to Invite Tremendous Growth
Gray iron is the most commonly used material for casting purposes. It is a cast iron type comprising 2 percent carbon content. The properties that gray iron exhibits such as ductility, impact resistivity, good yield strength, malleability, etc. will bring immense growth prospects. In addition, it is affordable and easy to weld and melt. These aspects add extra stars of growth.
Swelling Use of Private and Public Transport Brings Extensive Growth
Transport mechanism is being improved across many regions around the world. Automobile sales have also increased considerably over the years due to factors such as rising disposable income, need for better commuting, etc. Iron and steel casting products are used on a large scale in the automotive and transport sector. The use of iron and steel casting products in braking systems, flywheels, transmission cases, reducer shells, and others will assure exponential growth for the iron and steel casting market during the forecast period of 2018-2026.
Some well-entrenched players in the iron and steel casting market are Kobe Steel, Ltd., Amsted Rail, Tata Steel Limited, Nucor Corporation, and Hitachi Metals Ltd.
Global Iron and Steel Casting Market, by Material
Global Iron and Steel Casting Market, by Application
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Nov 24, 2022
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