The North America Iron Casting Market size is projected to reach US$ 50.19 billion by 2031 from US$ 33.40 billion in 2023. The market is expected to register a CAGR of ~5.2% during 2023–2031. The growing demand from end-use industries, including automotive, aerospace, and industrial machinery, is likely to remain a key North America iron casting market trend.
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.
Nearly 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 (OICA), in 2021, North America recorded vehicle production of 13.4 million units.
North America consists of major automotive, aerospace, infrastructure & construction, and machinery industries. According to the American Foundry Society, highly engineered iron castings are used to produce most of the manufactured goods and machinery. North America consists of more than 1,900 metal casting facilities. Further, foundries serve industries such as automotive, construction, agriculture, heavy industrial machinery, aircraft & aerospace, railways, and pipelines in the US, Canada, and Mexico. The rising demand for iron casting from several end-use industries is prompting manufacturers to plan expansion in the region. For instance, in 2020, a division of Raytheon Technologies Corp, Pratt & Whitney, announced its plan to invest US$ 650 million through 2027 in a turbine airfoil production facility in North Carolina, US. The production facility was planned to have an advanced casting foundry for the production of turbine airfoils. In 2021, Mitsui Kinzoku Die-Casting Technology America built a US$ 20 million facility in Georgia. Automotive products will be developed in this facility. In 2021, IBC Advanced Alloys announced its plans to invest over US$ 5 million to build a copper casting facility. Thus, the expansion of end-use industries and strategic developments by iron casting manufacturers in North America are likely to boost the demand for iron casting.
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North America Iron Casting Market: Strategic Insights
The construction sector is also witnessing 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 & construction projects fuels the demand for construction materials, specifically iron casting. Therefore, the growing construction industry drives the demand for metal casting in North America.
Metal 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. In 2021, The CA Lawton Co. acquired Penn-Mar, a gray and ductile iron foundry in Pennsylvania, US. Penn-Mar develops multi-cored, gray, and ductile iron casting ranging from 68 to 2,268 kgs. In 2021, Neenah Enterprises acquired an 18.7-acre manufacturing facility for US Foundry & Manufacturing Corp for US$ 17.43 million in Florida, US. Further, collaborative efforts with research institutions, universities, and other companies allowed iron casting businesses to access expertise and develop novel solutions. Therefore, strategic expansion strategies by several market players are expected to create lucrative opportunities in the North America iron casting market.
Key segments that contributed to the derivation of North America iron casting market analysis are type, process, and end use.
The geographic scope of the North America iron casting market report is mainly divided into the US, Canada, and Mexico.
In terms of revenue, the US dominated the North America iron casting market share in 2023. Industries such as automotive, aerospace and industrial machinery widely use components manufactured from iron casting. In 2021, the Naval Foundry and Propeller Center manufactured 90.72 metric tons of iron casting for a Columbia-Class submarine. According to the American Foundry Society, the geographic concentration of casting facilities is dispersed in Ohio, Pennsylvania, Indiana, Illinois, Michigan, California, Texas, and Wisconsin, with ~1,500 foundries in the US. The country comprises both large-scale foundries and small-scale specialty iron casting foundries. Several foundries in the US are also focusing on sustainable practices such as the utilization of recycled materials and energy-efficient casting processes. Thus, the rising demand for iron casting from end-use industries propels the iron casting market growth in the country.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 33.40 Billion |
| Market Size by 2031 | US$ 50.19 Billion |
| Global CAGR (2023 - 2031) | ~5.2% |
| Historical Data | 2021-2022 |
| Forecast period | 2023-2031 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The North America 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. The following is a list of developments in the market for iron casting and strategies:
The "North America Iron Casting Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
The List of Companies - North America Iron Casting Market