The iron casting market size is projected to reach US$ 222.84 billion by 2031 from US$ 143.67 billion in 2023. The market is expected to register a CAGR of 5.6% during 2023–2031. As iron casting is indispensable in the manufacturing of various items across several industries, including automotive, aerospace, and industrial machinery, its utilization creates a notable trend. It endows properties such as high stiffness, heat-bearing capacity, and vibration dampening in end products.
Iron castings are crucial for the manufacturing of engine components, transmission to gearbox components, suspension systems, braking systems, wheels and rims, and other automotive components. Iron castings are also critical structural components used for the production of expansion joints, columns, beams, and trusses in the building & infrastructure industry. The production of precise and durable iron casting through advanced manufacturing processes enables the cost-effective production of critical automotive and construction elements. According to a 2022 report by the International Energy Agency, the sales of electric cars doubled in the US in 2021; the sales share increased by 4.5%, and 6.6 million units were sold in that year. According to the International Trade Administration data released in 2022, Mexico is the seventh largest global passenger vehicle producer, manufacturing ∼3 million vehicles yearly. Moreover, 90% of vehicles produced in Mexico are exported, of which ∼76% are exported to the US. North America also has well-established automotive producers such as Audi AG, Bayerische Motoren Werke AG, Stellantis NV, Ford Motor Company, Honda Motor Co Ltd, Hyundai Motor Company, Mercedes Benz, and Volkswagen Group, as well as many original equipment manufacturers. According to the International Organization of Motor Vehicle Manufacturers, in 2021, North America recorded vehicle production of 13.4 million units.
Cast iron is used in a wide range of industries because of the ease of its castability. The cast iron can be molded into various shapes and sizes based on the industrial requirements. The low cost of production and the minimal usage of tools make it an efficient manufacturing material. The process of casting involves the conversion of molten metal into a pre-engineered form or shape. The iron casting offers manufacturers various advantages, such as cost, time, product quality, complex structures, surface finish, and recyclability of metals, due to which it is highly employed in end-use industries for producing different body parts.
The construction sector is witnessing noticeable growth in North America due to a robust economy and increased federal and state financing for commercial and institutional structures. According to a 2022 report by the USAFacts Institute, the federal government of the US passed the Infrastructure Investments and Jobs Act in 2021, allocating US$ 550 billion for new federal infrastructure, including the repair or rebuilding of bridges, roads, rail, and airports, for five years. A rise in investments by governments and private companies in infrastructure building and construction projects fuels the demand for construction materials, specifically iron casting. Therefore, the growing automotive and construction industry drives the demand for iron casting.
Iron casting manufacturers are constantly focusing on increasing their product offering portfolio and targeting new customer bases through geographical expansion strategies. Diversification in terms of geography reduces the company's dependency on specific locations for revenue generation and mitigates risk associated with market fluctuation. Companies seek opportunities to expand their geographic presence in several locations in North America. In 2023, Monomoy Capital Partners acquired the global iron casting supplier Waupaca Foundry Inc. The strategy aimed to increase the efficiency of manufacturing sites and raw material procurement in North America. In 2021, Kent Foundry planned a US$ 3.5 million expansion project to manufacture gray and ductile iron casting in the US.
Key segments that contributed to the derivation of the iron casting market analysis are type, process, and end use.
The geographic scope of the iron casting market report is mainly divided into five regions: North America, Asia Pacific, Europe, the Middle East & Africa, and South & Central America.
Asia Pacific has dominated the market. Asia Pacific countries such as China and Japan are among the world's top five countries in manufacturing machine tools. Further, Asia Pacific is home to major automobile players, including Toyota Motor Corporation; Tata Motors Ltd.; Hyundai Motor Company; Nissan Motor Co., Ltd.; and Honda Motor Co., Ltd. These companies are focusing on expansion, research and development, and product innovation. According to a report published by the China Passenger Car Association, in 2022, Tesla Inc. delivered 83,135 made-in-China electric vehicles, indicating growth in sales of electric vehicles from 2021. As per the data published by the European Automobile Manufacturers' Association, in 2022, the countries in Asia Pacific produced ~48.67 million units of motor vehicles. Thus, the demand for battery electric vehicles is increasing in Asia Pacific. Asia Pacific is anticipated to grow with the highest CAGR in the coming years.
The regional trends and factors influencing the Iron Casting Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Iron Casting Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 143.67 Billion |
| Market Size by 2031 | US$ 222.84 Billion |
| Global CAGR (2023 - 2031) | 5.6% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Iron Casting Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Iron Casting Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The iron casting market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the iron casting market are listed below:
The “Iron Casting Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
The List of Companies - Iron Casting Market
The market is estimated to register a CAGR of 5.6% during 2023–2031.
The market is projected to reach US$ 222.84 billion by 2031.
The growing focus on recycling initiatives will drive the market in the future.
Aarrowcast Inc, Cadillac Casting Inc, Calmet Inc, Fusium Inc, Decatur Foundry Inc, Grupo Industrial Saltillo SAB de CV, Willman Industries Inc, OSCO Industries Inc, Mesa Castings Inc, and Waupaca Foundry Inc are among the key players operating in the iron casting market.
The growing demand from the automotive, industrial machinery, and building & construction industries and rising penetration of the aerospace industry are a few factors driving the market growth.
Asia Pacific dominated the market in 2023.