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Iron & Steel Casting Market Trends

Report ID: GMI1545
Published Date: Jun 2024
Report Format: PDF

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Iron & Steel Casting Market Trends

A pivotal market trend revolves around strategic alliances and partnerships aimed at bolstering technological capabilities and extending market reach. Amidst challenges such as volatile raw material prices and stringent environmental regulations, companies are increasingly forming collaborations with complementary firms across the value chain. These alliances often prioritize joint research and development efforts to innovate manufacturing processes, enhance product quality, and streamline production costs.

By joining forces, companies can also access new markets and distribution channels, facilitating geographical expansion and fortifying their competitive positions. Moreover, strategic partnerships mitigate supply chain risks and foster knowledge sharing, fostering a more resilient industry ecosystem. Embracing these alliances enables participants to leverage synergies, pool resources effectively, and navigate the evolving global market dynamics more robustly.

For instance, In June 2023, Trinidad and Tobago’s TT Iron Steel Company (TTIS) acquired an idled iron and steel plant in Couva from ArcelorMittal seven years after its closure due to global steel price declines.

Another notable trend is the remarkable shift toward increased demand for light and strong casting components. This is due to advances in the automotive and aerospace industries, where reducing vehicle weight and maintaining structural integrity are paramount. Lightweight casting components offer better fuel economy, lower emissions, improved performance characteristics, and other benefits.

In addition, such components have also been adopted by industries such as renewable energy and construction to improve the efficiency and durability of these applications. As a result, iron and steel casting producers are focusing on developing innovative alloys, refining casting techniques, and investing in advanced manufacturing technologies such as 3D printing to meet the growing demand for lightweight, high-strength castings.

Authors: Kiran Pulidindi, Akshay Prakash

Frequently Asked Questions (FAQ) :

Industry size for iron & steel casting was worth USD 162.68 billion in 2023 and will grow at 3.8% CAGR between 2024 and 2032, driven by robust industrialization, infrastructure development, and demand from automotive and construction sectors.

The iron segment in the iron & steel casting market reached USD 128.67 billion in 2023 and will record 3.8% CAGR through 2032, primarily due to its widespread applications across industries, such as automotive, construction, and machinery.

Asia Pacific industry achieved USD 80.67 billion in 2023 and will expand at 3.4% CAGR through 2032, propelled by the region's extensive manufacturing base, growing construction activities, and automotive production.

Some of the prominent industry players are Arcelor Mittal, POSCO, CALMET, Waupaca Foundry Inc, Uniabex, Merck KGaA, Nippon Steel Corporation, Hyundai Steel, Nucor Corporation, and Kobe Steel, among others.