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

Iron Casting Market Size, Share & Trends Analysis Report By Product (Gray, Ductile, Malleable), By Application (Automotive, Machinery & Tools, Railways), By Region, And Segment Forecasts, 2022 - 2030

  • Report ID: GVR-4-68038-366-9
  • Number of Report Pages: 113
  • Format: PDF, Horizon Databook
  • Historical Range: 2017 - 2020
  • Forecast Period: 2022 - 2030 
  • Industry: Advanced Materials

Report Overview

The global iron casting market size was valued at USD 101.17 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 6.1% from 2022 to 2030. Factors including favorable government policies toward the manufacturing sector and investment in rail infrastructure are anticipated to propel market growth.

U.S. Iron Casting Market size, by product, 2020 - 2030 (USD Billion)

Owing to the surge in the demand for improved railway connectivity, governments across the globe are investing in rail infrastructure improvement projects. For instance, in October 2021, the French government announced an action plan to double the rail freight by 2030. It is planning to invest EUR 1 billion (USD 1.11 billion) for strengthening the competition among rail freight operators and is expected to further invest EUR 170 million (USD 187.9 million) every year till 2024 for alleviating tracks.

The U.S. holds the largest share of the North American iron casting market on account of the widespread presence of numerous manufacturers and end-users in the country. Large-scale automobile plants, machinery & tool manufacturers, growing demand for pipes & fittings owing to the expanding petrochemical industry, and infrastructural developments are propelling the demand for the product in the country.

In November 2021, the U.S. government passed a USD 1 trillion Bipartisan plan to upgrade the infrastructure of the country, including water systems, airports, railways, power infrastructure, roadways, and bridges. This up-gradation of infrastructure is expected to be completed by 2025, which, in turn, is anticipated to propel the market growth in the country over the forecast period.

The growing demand for castings has boosted competition in the country, which is compelling market players to adopt initiatives such as capacity expansions and mergers & acquisitions. For instance, in February 2021, Victaulic acquired the ductile iron foundry of Waupaca Foundry, Inc. to increase its production capacity by 70% in the U.S. The plant has two foundry molding lines, which is expected to help the company produce at a much larger scale.

The automotive industry has been a prominent end-user of iron castings and dominates the market in terms of revenue and volume share. However, global vehicle production has been witnessing a consistent decline in the past few years, which is an ongoing challenge for the market.

Product Insights

Gray cast iron held the largest revenue share of more than 64.0% in 2021 of the global market. It is a widely used product owing to benefits such as low cost, high strength, durability, high compressive strength, ability to withstand thermal cycling, high tensile strength, and deformation resistance. It is used in the automotive industry for manufacturing engine and brake components owing to its excellent vibration damping capacity.

Ductile cast iron is expected to witness the fastest growth rate of 6.4%, in terms of revenue, across the forecast period. The product offers various advantages such as, that it can be twisted, bent, or deformed without fracturing. The product is widely used for manufacturing tractors and implements parts, crankshafts, cylinder heads, switch boxes, electrical fittings, motor frames, etc.

Increasing demand for ductile cast iron in pipes & fittings is anticipated to drive the segment growth across the forecast period. For instance, in June 2021, Welspun Corp Ltd., a manufacturer of pipes, planned to invest USD 211.8 million to set up a Greenfield facility at Anjar, India, to enter the ductile iron pipe business.

Malleable cast iron has a microstructure that makes it suitable for applications requiring machinability and toughness. It is widely used in numerous industries, including agriculture, tools & equipment, automotive, and metal & mining. It is used for manufacturing electrical fittings and equipment, washers, brackets, hand tools, mining hardware, pipe fittings, farm equipment, and machine parts.

Application Insights

Automotive held a revenue share of over 29.0% in 2021 of the global market. The deployment of iron castings in the automotive industry is preferred owing to factors such as durability, the ability to resist high internal pressure, more strength, more horsepower, and cost-efficiency. However, despite a high utilization in the automotive industry, iron castings face substitution from aluminum castings, which is negatively impacting its demand in the application segment.

Global Iron Casting Market share, by application, 2021 (%)

Machine & tools are one of the largest application segments of the market. Iron castings are widely used in manufacturing tools and machinery owing to their good wear resistance, high strength, and good machinability properties. Rising investments in facilities for manufacturing tools and machinery are further expected to raise the product consumption over the forecast period.

The railway is another vital application segment of the market, and it is expected to register the fastest CAGR across the forecast period. Iron castings are widely used in the railway industry for manufacturing components, owing to their high strength and low wear properties. Thus, rising investments in railway infrastructure are anticipated to positively impact the market growth over the forecast period.

In March 2021, the U.S. President proposed a plan to invest USD 80 billion in passenger and freight rail services. The investment intends to modernize the Northeast corridor, connect new city pairs, electrification & efficient of freight rail, and passenger services.

Regional Insights

Asia Pacific held a revenue share of more than 65.0% in 2021, of the global market. The increasing requirement for iron castings in railways, renewables, and machine & tools industries is anticipated to propel its demand over the forecast period. For instance, in October 2021, the Vietnam government announced to invest of USD 10.5 billion to build and upgrade rail infrastructure across the country by 2030.

North America accounted for the second-largest share, in terms of revenue, of the global market in 2021. The countries in the region are investing in renewable energy which is expected to benefit product demand. For instance, in June 2021, the Canadian government announced its plan to invest USD 964 million in renewable energy and upgrade its infrastructure.

Europe is working to improve its water supply and sanitization and hence is investing in its infrastructure development. For instance, the European Investment Bank invested EUR 19.8 million (~USD 21.86 million) in the development of new wastewater management facilities. Such investments are expected to propel the deployment of iron casting in the region over the coming years.

Key Companies & Market Share Insights

The market is highly competitive with the presence of numerous players worldwide. Owing to the increasing demand for iron castings, companies are carrying out mergers and acquisitions to improve their product portfolio. For instance, in February 2022, M7 Group acquired Minnesota-based Cast Corporation Foundry. The acquisition is expected to help M7 Group expand its product portfolio.

Furthermore, Italy-based Fonderie di Montorso S.p.A., made five acquisitions in the last five years, which include Fondmatic, Fiorini Core Shop, Fonderia Scaranello, Evotech Hydraulics, and Perucchini S.p.A, in 2017, 2019, 2020, 2021, and 2021, respectively. These acquisitions together form a milestone for the group in terms of consolidating the processes of casting and machining technologies with maximum value addition. Some of the prominent players in the global iron casting market include:

  • Hitachi Metals, Ltd


  • Brakes India Private limited

  • OSCO Industries, Inc

  • Chamberlin plc

  • Crescent Foundry

  • Xinxing Cast Pipe Co., Ltd

  • Georg Fischer Ltd


  • Casting P.L.C

  • Newby Foundries Ltd

  • Grupo Industrial Saltillo (GIS)

Iron Casting Market Report Scope

Report Attribute


Market size value in 2022

USD 105.96 billion

Revenue forecast in 2030

USD 172.66 billion

Growth Rate

CAGR of 6.1% from 2022 to 2030

Base year for estimation


Historical data

2017 - 2020

Forecast period

2022 - 2030

Quantitative units

Revenue in USD million, volume in kilotons, and CAGR from 2022 to 2030

Report coverage

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

Segments covered

Product, application, region

Regional scope

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

Country scope

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

Key companies profiled

Hitachi Metals, Ltd.; LIAONING BORUI MACHINERY CO., LTD (DANDONG FOUNDRY); Brakes India Private Limited; OSCO Industries, Inc; Chamberlin plc; Crescent Foundry; 1.7. Xinxing Cast Pipe Co., Ltd; Georg Fischer Ltd; CALMET; Casting P.L.C; Newby Foundries Ltd; Grupo Industrial Saltillo (GIS)

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Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis on the latest industry trends and opportunities in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global iron casting market report based on product, application, and region:

  • Product Outlook (Revenue, USD Million; Volume, Kilotons, 2017 - 2030)

    • Gray Cast Iron

    • Ductile Cast Iron

    • Malleable Cast Iron

  • Application Outlook (Revenue, USD Million; Volume, Kilotons, 2017 - 2030)

    • Automotive

    • Machinery & Tools

    • Pipes & Fittings

    • Railways

    • Power Generation

    • Others

  • Regional Outlook (Revenue, USD Million; Volume, Kilotons, 2017 - 2030)

    • North America

      • U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • U.K.

      • Italy

      • France

      • Russia

      • Turkey

    • Asia Pacific

      • China

      • India

      • Japan

      • South Korea

      • Indonesia

    • Central & South America

      • Brazil

      • Argentina

    • Middle East & Africa

      • South Africa

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