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

Research Methodology

A three-pronged approach was followed for deducing the iron casting market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for iron casting market to gather the most reliable and current information possible.

• We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
• We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
• We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
• We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
• We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of iron casting market data depending on the type of information we’re trying to uncover in our research.

• Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

• Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

• Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

• Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

• Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

• Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

• This step also entails the finalization of the report scope and data representation pattern.

• Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Iron Casting Market Categorization:

The iron casting market was categorized into three segments, namely product (Gray Cast Iron, Ductile Cast Iron, Malleable Cast Iron), application (Automotive, Machinery & Tools, Pipes & Fittings, Railways, Power Generation), and regions (North America, Europe, Asia Pacific, Central & South America, Middle East & Africa).

Segment Market Methodology:

The iron casting market was segmented into product, application, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

• Demand estimation of each product across countries/regions summed up to from the total market.

• Variable analysis for demand forecast.

• Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

• Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

• Used extensively for new product forecasting or analyzing penetration levels.

• Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

• Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

• This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The iron casting market was analyzed at a regional level. The global was divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into seventeen countries, namely, the U.S.; Canada; Mexico; Germany; the UK.; France; Italy; Russia, Turkey, China; India; Japan; South Korea; Indonesia; Brazil; Argentina; South Africa.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Iron casting market companies & financials:

The iron casting market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

• Hitachi Metals, Ltd. - Hitachi Metals, Ltd. is a major player in the market, established in 1956 and headquartered in Tokyo, Japan. The company has two divisions, namely advanced metals and advanced components & materials, which are further segregated into four business segments. Hitachi Metals caters to three industries, including automotive, infrastructure, and electronics. 

• LIAONING BORUI MACHINERY CO., LTD (DANDONG FOUNDRY) - LIAONING BORUI MACHINERY CO., LTD (DANDONG FOUNDRY) is a major player in the market, established in 1958 and headquartered in Dandong, Liaoning, China. The company manufactures gray iron and ductile iron castings for construction machinery, residential, industrial stoves, agriculture, and other applications. It also produces metal castings for pumps and valves, pipe fittings, tugboats, manholes, and other products. The company’s annual output is about 8,000 tons of metal casting, out of which it exports 50% to the U.S., Germany, Australia, Japan, and Italy.Liaoning Borui Machinery Co., Ltd. has an annual production capacity of 30,000 tons of gray iron and ductile iron casting. The company uses various production methods, including machine molding line, resin sand molding, automatic molding line, manual green sand casting, and lost wax investment casting. It follows production standards such as ASTM A48, A536; DIN 1691, 1693; ISO 185, 1083; EN 1561, 1563; DIN 1691, 1693; AS 1830, 1831; JIS, UNI, NF, BS, UNF, NBN, AS, SS, NS, and is certified with ISO 9001 to ensure its product quality.In 2014, the company moved to its new factory at Dandong, Liaoning, China, to reinforce its casting and machining capabilities. The foundry contains high precision machining tools such as vertical CNC center, horizontal numerically controlled lathes, and large digital control lathes. The company uses an automatic mold line to manufacture gray iron and ductile iron castings.

• Brakes India Private Limited - Brakes India Private Limited is a major player in the market, established in 1962 and headquartered in Chennai, India. The company has three main divisions: brake, polymer, and foundry. The foundry division manufactures gray iron casting, SG iron casting, and permanent mold ferrous casting using the Disamatic process. In 2021, the company produced iron castings of 75,000 tons in India and 36,000 tons in Oman. It supplies systems and components to international OEMs such as Toyota Motor, Suzuki, Nissan, and Daimler, and Indian OEMs such as Mahindra and TATA. The company exports its products to France, the UK, Sweden, Japan, South America, and the U.S.The foundry division is equipped with four Disamatic lines, Kunkel Wagner line, a permanent mold facility, in-house pattern, and die shop with CAD/CAE/CAM. The company’s product mix focuses on brake calipers, wheel cylinders, steering knuckles, torque plates, and turbocharger components. It is certified by OSHAS 18001, ISO 14001, TS 16949, and EN 16001. The company employed over 7,000 personnel as of March 31, 2021.

• OSCO Industries, Inc. - OSCO Industries Inc., established in 1872 and headquartered in Portsmouth, Ohio, U.S., is a significant player in the iron and steel casting market. The company provides high-quality castings and related services, with a focus on three gray iron foundries. Two of these foundries, located in Portsmouth and New Boston, utilize greensand molding, housing a 2013 Disamatic molding line, an Osborn In-liner molding line, and two Hunter (10) molding lines. The third foundry, based in Jackson, operates 20 Shalco shell molding lines. OSCO Industries caters to various industries, including automotive, sump pump, industrial power transmission, and small motors, and ships over 4 million parts annually. The company’s order quantity is tailored to meet customer requirements, ranging from low to high, and it has a strong international presence, exporting its products to several countries.

• Chamberlin plc - Chamberlin plc is a major player in the iron and steel casting market, founded in 1890 and headquartered in Walsall, UK. The company has two casting divisions, Chamberlin & Hill Casting Ltd. and Russel Ductile Limited, which produce high-quality iron castings in various grades ranging from 0.1 kg to 5,000 kg in weight. These castings are catered to various industries such as automotive, construction, steel, and power generation. The company operates across three locations in the UK, which are Walsall, Scunthorpe, and West Midlands. The foundry division specializes in casting and metallurgies, with Chamberlin & Hill Castings Limited being the group’s light castings division, located at Walsall. The division specializes in castings up to approximately 100kg, often with complex shapes and fine details. The company has a strong focus on quality and innovation, utilizing advanced technologies to produce high-quality castings.

• Crescent Foundry - Crescent Foundry, established in 1982 and headquartered in West Bengal, India, is a major player in the iron casting market. The company operates four gray and ductile iron foundries and a steel fabrication shop, with a combined capacity of 100,000 tons per annum. It caters to various industries such as construction, railways, automotive, telecom, waterworks, agriculture, and hydraulics. The company exports its products to over 50 countries across the world and is the largest manufacturer, supplier, and exporter of manhole covers. It has supplied materials to international airports including Delhi and Bengaluru in India and Dubai and Hamand in the Middle East. The company manufactures finished gray cast iron castings for various applications and has a vacuum molding line to make counterweights, which is the first company in India to have this technology. It is the leading manufacturer and exporter of agriculture castings in India and has three state-of-the-art manufacturing units. Crescent Foundry is certified by ISO 9001:2015, ISO 14001:2015, ISO 18000:2015, IATF 16949:2016, and NABL ISO/IEC 17025:2005 for maintaining the quality of its products.

• Xinxing Cast Pipe Co., Ltd. - Xinxing Cast Pipe Co., Ltd. is a major player in the iron and steel casting market, restructured to a state-owned company in 1996 and headquartered in China. It is a subsidiary of Xinxing Cathay International Group Co., Ltd. The company is one of the leading manufacturers of pipes and fittings, with a sales network that covers Asia, Europe, Africa, and the Americas. It exports its products to 120 countries and is anticipated to have 1,800 patents, including more than 380 invention patents. Xinxing Cast Pipe Co., Ltd. is certified with ISO 10804, ISO 8180, and ISO 21052, which has helped it to enter into the core circle of international standardization work in the fields of ductile iron pipes.

• Georg Fischer Ltd. - Georg Fischer Ltd., established in 1802 and headquartered in Schaffhausen, Switzerland, is a prominent company with three divisions: GF Casting Solutions, GF Piping Systems, and GF Machining Solution. The company offers products and solutions that enable high precision manufacturing, lightweight casting components, and safe transport of liquids and gases.

• CALMET - CALMET, established in 1989 and headquartered in Delaware, U.S., is a major player in the iron and steel casting market. The company’s business is segregated into four segments: casting, forging, machining, and tubing & sub-assembly. Its manufacturing facilities include foundry, press shop, inspection, and machine shop. The company produces iron castings to cater to different industries such as automotive, agriculture, aerospace, highways, defense, hydraulics, power transmission, fitting machinery, communication, HVAC, earthmoving, general engineering, and machine tools. CALMET has manufacturing units in China, the U.S., and India, and supplies ferrous and non-ferrous castings using fully automated or semi-automated foundries located across Asia. Its foundries have the capacity to manufacture parts weighing from 0.1 kg to 1,000 kg as a single piece. The company follows international standards such as ASTM, AISI, DIN, JIS, and BS. CALMET supplies iron castings to customers in Canada, Japan, the U.S., Korea, Australia, and Europe. 

• Casting P.L.C. - Casting P.L.C., a market-leading iron casting and machining group based in the UK, has a rich history dating back to 1835. The company’s operations are divided into two iron foundries – Castings P.L.C. in Brownhills, West Midlands, and William Lee Limited in Dronfield, Derbyshire – along with the CNC Speedwell Limited machining operation, all based in the UK. The group produces a wide range of castings, including Ductile iron, SG iron, Austempered ductile iron (ADI), SiMo, and Ni-resist castings, with a focus on providing high-quality products to both domestic and export markets. The company’s foundry has an annual capacity of 70,000 tons of iron castings, and it is equipped with three green sand molding machines and four Disamatic molding machines. Casting P.L.C. is certified with ISO 14001:2015, IATF 16949:2016, and ISO 9001:2015, ensuring the best quality for its customers. 

Value chain-based sizing & forecasting

Supply Side Estimates

• Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

• Segment revenue determination via variable analysis and penetration modeling.

• Competitive benchmarking to identify market leaders and their collective revenue shares.

• Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

• Identifying parent markets and ancillary markets

• Segment penetration analysis to obtain pertinent

• revenue/volume

• Heuristic forecasting with the help of subject matter experts

• Forecasting via variable analysis

Iron Casting Market Report Objectives:

• Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

• Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

• Understanding market estimates and forecasts (with the base year as 2021, historic information from 2017 to 2020, and forecast from 2022 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Iron Casting Market Report Assumptions:

• The report provides market value for the base year 2021 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

• The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

• We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

• All market estimates and forecasts have been validated through primary interviews with the key industry participants.

• Inflation has not been accounted for to estimate and forecast the market.

• Numbers may not add up due to rounding off.

• Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

• Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

• Latin America includes Central American countries and the South American continent

• Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

• Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

• Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.