Iron Casting Market Size and Growth 2031

Iron Casting Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type (Grey Iron, Ductile Iron, and Others), Process (Die Casting, Centrifugal Casting, Sand Casting, Investment Casting, and Others), End Use (Automotive, Industrial Machinery, Aerospace, Building & Construction, Energy, Marine, and Others), and Geography

  • Report Code : TIPRE00013055
  • Category : Chemicals and Materials
  • Status : Published
  • No. of Pages : 271

Iron Casting Market Trends, Share, and Growth (2021-2031)

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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 Casting Market Analysis

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.

Iron Casting Market Overview

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.

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Iron Casting Market: Strategic Insights

Iron Casting Market
  • CAGR
    CAGR (2023 - 2031)
    5.6%
  • Market Size 2023
    US$ 143.67 Billion
  • Market Size 2031
    US$ 222.84 Billion

Market Dynamics

GROWTH DRIVERS
  • Growing Automotive and Construction Industry
  • Rising Demand for Industrial Machineries
FUTURE TRENDS
  • Recycling Initiatives in the Iron Casting Market
OPPORTUNITIES
  • Strategic Expansion Activities

Key Players

  • 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
  • Waupaca Foundry Inc

Regional Overview

Regional Overview
  • North America
  • Europe
  • Asia-Pacific
  • South and Central America
  • Middle East and Africa

Market Segmentation

Market SegmentType
  • Grey Iron
  • Ductile Iron
Market SegmentProcess
  • Die Casting
  • Centrifugal Casting
  • Sand Casting
  • Investment Casting
Market SegmentEnd Use
  • Automotive
  • Industrial Machinery
  • Aerospace
  • Building and Construction
  • Energy
  • Marine
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

Iron Casting Market Drivers and Opportunities

Growing Demand from Construction Industry Favor Market Growth

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.

Strategic Expansion Activities

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.

Iron Casting Market Report Segmentation Analysis

Key segments that contributed to the derivation of the iron casting market analysis are type, process, and end use.

  • Based on type, the market is segmented into grey iron, ductile iron, and others. The grey iron segment held the largest share of the market in 2023.
  • In terms of process, the market is segmented into die casting, centrifugal casting, sand casting, investment casting, and others. The sand casting segment held the largest share of the market in 2023.
  • By end use, the market is divided into automotive, industrial machinery, aerospace, building & construction, energy, marine, and others. The automotive segment dominated the market in 2023.

Iron Casting Market Share Analysis by Geography

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.

Iron Casting Market Report Scope

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
  • Grey Iron
  • Ductile Iron
By Process
  • Die Casting
  • Centrifugal Casting
  • Sand Casting
  • Investment Casting
By End Use
  • Automotive
  • Industrial Machinery
  • Aerospace
  • Building and Construction
  • Energy
  • Marine
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
  • 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
  • Waupaca Foundry Inc
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

Iron Casting Market News and Recent Developments

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:

  • Proterial, Ltd. ("Proterial"), a leading international producer of high-performance materials for mobility, industrial infrastructure, and electronics, today announced the signing of a definitive agreement for Monomoy Capital Partners ("Monomoy") to acquire Waupaca Foundry, Inc. ("Waupaca Foundry" or the "Company"), North America's leading supplier of cast and machined iron castings. Waupaca Foundry will continue to operate under its current management team, led by President, CEO, and COO Michael Nikolai. Financial terms of the private transaction were not disclosed. (Source: Waupaca Foundry, Inc, Press Release, December 2023)

Iron Casting Market Report Coverage and Deliverables

The “Iron Casting Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

  • Iron casting market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
  • Iron casting market trends as well as market dynamics such as drivers, restraints, and key opportunities
  • Detailed PEST/Porter’s Five Forces and SWOT analysis
  • Iron casting market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
  • Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the iron casting market
  • Detailed company profiles
Report Coverage

Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered

Segment Covered

This text is related
to segments covered.

Regional Scope

Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope

Country Scope

This text is related
to country scope.

Frequently Asked Questions


What is the expected CAGR of the iron casting market?

The market is estimated to register a CAGR of 5.6% during 2023–2031.

What would be the estimated value of the iron casting market by 2031?

The market is projected to reach US$ 222.84 billion by 2031.

What are the future trends of the iron casting market?

The growing focus on recycling initiatives will drive the market in the future.

Which are the leading players operating in the iron casting market?

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.

What are the driving factors impacting 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.

Which region dominated the iron casting market in 2023?

Asia Pacific dominated the market in 2023.

The List of Companies - Iron Casting Market

  • 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
  • Waupaca Foundry Inc

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