GVR Report cover Iron Casting Market Size, Share & Trends Report

Iron Casting Market Size, Share & Trends Analysis Report By Product (Malleable, Gray, Ductile), By Application (Automotive, Machinery & Tools, Railways), By Region (APAC, Europe), And Segment Forecasts, 2021 - 2028

  • Published Date: Oct, 2021
  • Base Year for Estimate: 2020
  • Report ID: GVR-4-68038-366-9
  • Format: Electronic (PDF)
  • Historical Data: 2017 - 2019
  • Number of Pages: 95

Report Overview

The global iron casting market size was valued at USD 85.00 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 6.1% from 2021 to 2028. The moderate growth for iron casting products in automotive applications post the COVID-19 pandemic is likely to push the market over the short term. The deployment of rapid vaccination programs and government regulations favoring industrial manufacturing has boosted the production of various non-essential sectors, such as automotive and construction. The OEMs and auto ancillary companies are trying to achieve production levels of pre-pandemic time. However, weakened demand from the consumers is still anticipated to remain one of the hindering factors for the market.

U.S. iron casting market size, by product, 2018 - 2028 (USD Billion)

A moderate rise in ductile and gray iron casting products is projected to benefit the market growth in the U.S. The use of cast iron pipes & fittings is likely to increase owing to its demand in building & construction applications for water, waste, and vent piping. Also, recently, EPA announced USD 6.5 billion funding for new water infrastructure projects, which is anticipated to benefit the market in the U.S.

Funding for the expansion of railway projects is likely to remain another promising factor for market growth in the U.S. Recently, in March 2020, the government allocated around USD 248.5 million for several state and local railroad infrastructure projects. This is likely to support 32 projects in 27 states of the U.S., thus benefiting the market.

The U.S. holds a prominent position in the machine & tools manufacturing sector around the world. As per the Oxford Economics forecasts, the machinery sector in the country is likely to grow by 5.9% from 2016 to 2030. This growth is likely to be led by high-tech precision equipment and high value-added machinery.

Product Insights

Gray cast iron was the largest segment in 2020 and held a revenue share of more than 64%. The segment is likely to maintain its position during the forecast period. Gray cast iron is the most common type of casting and is widely used in industrial applications.

Some of the common applications of gray cast iron include manhole covers, cinder blocks, internal combustion engine cylinder blocks, housings, hydraulic and suspension parts, valves, electrical boxes, wind turbine castings, machinery bases, and tractor parts among others. Gray cast iron parts are cost-efficient products, which is likely to increase their demand in the aforementioned applications.

In terms of volume, the ductile iron segment is estimated to register a CAGR of 5.0% over the forecast period, on account of growing demand for pipes & fittings in the building & construction sector. Properties, such as malleability and strength, enable its usage in various industrial applications.

Application Insights

Automotive was the largest application segment in 2020 and accounted for a revenue share of over 29.5%. Iron casting products account for around 8% of the share of the overall weight of the vehicle. Iron castings have wide applications in the automotive industry, such as in gears, crankshafts, control arm shafts, steering parts, differential shells, bushings, and cylinder heads.

Global iron casting market share, by application, 2020 (%)

The railways segment is estimated to grow at the fastest CAGR over the forecast period. Government allocation for the transportation infrastructure sector in developing as well as developed economies are projected to remain a key contributing factor for the segment growth. Excellent static and dynamic strength properties of iron casting drive their demand in railways applications. The others segment includes machinery & tools, pipes & fittings, power generation, diesel engines, electrical equipment, valves, pumps & compressors, shipbuilding parts, oil & gas equipment, chemical, flanges, pumps & valves, joints, and paper & textile applications.

Regional Insights

Asia Pacific was the largest regional market in 2020 and accounted for a revenue share of over 60%. China is the leading producer and consumer of iron casting products across the globe. As per the census of world casting production, China produced around 34,950 kilotons, accounting for a share of over 70% in 2019, followed by India with a production of 8,986.0 kilotons. The region is mainly driven by a large volume of industrial production in sectors such as automotive, building & construction, railway, energy, and machinery.

Post COVID-19, the economic as well as industrial growth in various countries is likely to be driven by stimulus packages provided by governments. For instance, in June 2020, Germany provided around USD 146 billion to revive the declined economy. On similar grounds, the Indian government is planning to boost various industries, which were impacted by the second wave of COVID-19.

Key Companies & Market Share Insights

The market has established businesses with wide experience. It is also a capital-intensive industry; therefore, it is difficult for new players to enter the market. However, in recent years, the industry has observed a few mergers & acquisitions by leading market players. For instance, in June 2020, the U.S.-based iron casting producer, Grede, acquired certain assets of Renaissance Manufacturing Group (RMG) Waukesha. This strategy was deployed to increase the company’s growth in the commercial vehicle and industrial space.

The leading players with integrated supply chains are projected to observe increasing revenues over the short term. This is likely to be led by the increasing prices of iron ore and demand-supply imbalance in China. Thus, the companies with high inventory levels are likely to benefit from this over the short term. Some of the prominent players in the global iron casting market include:

  • Hitachi Metals, Ltd.

  • Brakes India Private Ltd.

  • Dandong Foundry

  • GIS

  • OSCO Industries, Inc.

  • Chamberlin plc

  • Crescent Foundry

  • Xinxing Ductile Iron Pipes Co. Ltd.

  • Jinan Meide Casting Co. Ltd.

  • Tianjin New Wei San Industrial Co., Ltd.

Iron Casting Market Report Scope

Report Attribute

Details

Market size value in 2021

USD 86.39 billion

Revenue forecast in 2028

USD 136.55 billion

Growth rate

CAGR of 6.1% from 2021 to 2028

Base year for estimation

2020

Historical data

2017 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD billion, volume in kilotons, and CAGR from 2021 to 2028

Report coverage

Revenue forecast, volume forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Product, application, and region

Regional scope

North America; Europe; Asia Pacific; Central & South America; Middle East & Africa

Country scope

U.S.; Canada; Mexico; Germany; Italy; France; UK; Russia; Turkey; China; India; Japan; South Korea; Indonesia; Brazil; Argentina; South Africa

Key companies profiled

Hitachi Metals, Ltd.; Brakes India Pvt. Ltd.; Dandong Foundry; GIS; OSCO Industries, Inc.; Chamberlin plc; Crescent Foundry; Xinxing Ductile Iron Pipes Co. Ltd.; Jinan Meide Casting Co. Ltd.; Tianjin New Wei San Industrial Co., Ltd.

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options


Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2028. For the purpose of this study, Grand View Research has segmented the global iron casting market report on the basis of product, application, and region:

  • Product Outlook (Volume, Kilotons; Revenue, USD Billion, 2017 - 2028)

    • Gray

    • Ductile

    • Malleable

  • Application Outlook (Volume, Kilotons; Revenue, USD Billion, 2017 - 2028)

    • Automotive

    • Machinery & Tools

    • Pipes & Fittings

    • Railways

    • Power Generation

    • Others

  • Regional Outlook (Volume, Kilotons; Revenue, USD Billion, 2017 - 2028)

    • North America

      • U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • Italy

      • France

      • U.K.

      • Russia

      • Turkey

    • Asia Pacific

      • China

      • India

      • Japan

      • South Korea

      • Indonesia

    • Central & South America

      • Brazil

      • Argentina

    • Middle East & Africa (MEA)

      • South Africa

Frequently Asked Questions About This Report

gvr icn

GET A FREE SAMPLE

gvr icn

This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. See for yourself...

gvr icn

NEED A CUSTOM REPORT?

We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities.

Contact us now to get our best pricing.

BBB icon D&B icon

We are GDPR and CCPA compliant! Your transaction & personal information is safe and secure.