Steel Casting Market

Preliminary research of Fairfield Market Research indicates a promising growth outlook for global steel casting market during the course of next few years.

Report Summary

• Steel casting remains a cost-intensive space
• Automated casting machinery will elevate growth prospects of steel casting market
• Automotive and construction industries majorly drive demand
• Asia Pacific’s steel casting industry will emerge highly lucrative
• A few industry leaders include Alcast Technologies, POSCO, ArcelorMittal, Dynacast, Reliance Foundry Co. Ltd., GF Automotive

Substantial Gains Expected from Construction and Automotive Industries

There is a wide range of elements that are responsible for the further expansion of the construction sector, such as a surge in global populations, higher disposable incomes, the adoption of various technological advancements, higher urbanization, as well as evolving consumer preferences. Higher investments being channelled toward the increased development of various infrastructure is a key driver of market proliferation. The expansion of this end-use industry is expected to lead to a higher demand for goods/services and is a primary factor fuelling growth for the players engaged in this global steel casting market. Additionally, immense growth experienced by the automotive sector is another major factor that is slated to have an exponential influence on the trajectory of the market, as with higher vehicle demand, the need for adequate steel castings is also expected to increase. Moreover, greater attention being given to the development and adoption of innovative technologies that are environmentally friendly and lower overall carbon emission levels such as the use of hybrid and fully electric vehicles, is another contributing element to the projected growth of the market.

Limitations Prevail in Form of High Capital Investments

The need for heavy equipment and large machine tools, and their subsequent inflated costs are two major elements that could potentially hinder the progression of the global steel casting market as this is a capital-intensive industry. Additionally, skilled labour is needed to handle these products during production and transportation, thus increasing overall product costs. However, a lack of skilled workers is another major element for concern as this can hamper productivity and outputs, thus adversely affecting the global steel casting market in the process.

Adoption of Automation Will Act as a Magnificent Booster

The implementation of automation solutions in the die casting process is a significant development that is expected to have a profound influence in the global steel casting market. Automation is expected to significantly improve productivity and result in the manufacture of reliable and efficient cast components for various end-use industries. Automated casting machinery is expected to be a gamechanger in the automotive sector. These factors are all expected to contribute to the prospects of generating higher revenues for the players engaged in the global steel casting industry in the coming years.

COVID-19 Impact

The onset of the COVID-19 pandemic resulted in the imposing of restrictions by respective governments on the movement of people and goods, as well as the hampered supply of necessary raw materials, among other operational hurdles. This led to a significant decline in generated revenues for many industries and this was no different for the global steel casting market. However, as restrictions were gradually relaxed, post the 3^rd and 4^th waves, this global market regressed to its pre-COVID state of operations. Additionally, there was a notable increase in the demand for vehicles, as well as the need to complete various construction projects that were either delayed or temporarily put on hold during the onset of the COVID-19 pandemic.

Asia Pacific to Index the Highest CAGR in the Light of Ascending Investments

Owing to the increasing population figures of various countries in the Asia Pacific, as well as higher disposable incomes, higher globalization levels, the presence of established production facilities, the availability of raw materials, and the abundance of foundries, this regional market for steel casting is expected to register the highest CAGR over the forecast period. Moreover, several organizations are now keener on investing higher sums to ensure the further development of this regional market. This is another major element that is slated to have a positive impact on the growth trajectory of the steel casting market.

Competitive Landscape        

Major players in the steel casting market include Alcast Technologies, ArcelorMittal, POSCO, Dynacast, GF Automotive, Reliance Foundry Co. Ltd., Ryobi Limited, CALMET, Arconic, UNI Abex, and MES Inc., to name a few. To gain a competitive edge, various established industry players are now more focused on new product launches, partnerships, collaborations, acquisitions, and alliances.

Recent Notable Developments

• On November 30, 2021, FoundryLab, a digital casting start-up based in New Zealand, announced the investment of US$8 Mn to develop microwave casting technology, which is expected to boost their revenue growth
  
  
• On February 4, 2022, Saudi Aramco, and Doosan Heavy Industries & Construction, announced a joint venture worth US$834 Mn, to build a forging and metal casting plant capable of producing approx. 60,000 tons of metal castings each year in Saudi Arabia
  
  
• On May 16, 2022, GF Casting Solutions and Bocar Group announced an agreement to offer a range of products and specialized services around the world. This arrangement aims to bring higher value to customers by combining the capabilities of both these leading companies

Regional Classification of Global Steel Casting Market Can be Given as Below:

North America

• U.S.
• Canada

Europe

• Germany
• France
• Spain
• U.K.
• Italy
• Russia
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• Southeast Asia
• Rest of Asia Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East and Africa

• GCC
• South Africa
• Rest of Middle East and Africa

*Regions and countries are subject to change based on data availability.

Key Elements Included In The Study: Global Steel Casting Market

• Steel Casting Market by Product/Technology/Grade, Application/End-user, and Region
• Executive Summary (Opportunity Analysis and Key Trends)
• Historical Market Size and Estimates, Value and Volume, 2019 - 2022
• Volume Consumption at Regional and Country Level, 2023 - 2030
• Market Dynamics and Economic Overview
• Market Size in Value and Volume, Growth Rates, and Forecast Figures, 2023 - 2030
• Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies 
• Regional and Product/Grade/Application/End-user Price Trends Analysis
• Value Chain and Five Force’s Analysis
• Regional/Sub-region/Country Market Size and Trend Analysis
• Company Market Share Analysis and Key Player Profiles

Post Sale Support, Research Updates & Offerings

We value the trust shown by our customers in Fairfield Market Research. We support our clients through our post sale support, research updates and offerings.

• The report will be prepared in a PPT format and will be delivered in a PDF format.

• Additionally, Market Estimation and Forecast numbers will be shared in Excel Workbook.

• If a report being sold was published over a year ago, we will offer a complimentary copy of the updated research report along with Market Estimation and Forecast numbers within 2-3 weeks’ time of the sale.

• If we update this research study within the next 2 quarters, post purchase of the report, we will offer a Complimentary copy of the updated Market Estimation and Forecast numbers in Excel Workbook.

• If there is a geopolitical conflict, pandemic, recession, and the like which can impact global economic scenario and business activity, which might entirely alter the market dynamics or future projections in the industry, we will create a Research Update upon your request at a nominal charge.