The modernization of foundries aims to streamline the production process and improve the finished product quality. The elimination of the melting of metals reduces energy consumption.įurthermore, the lightweight property of cold-cast products makes them easier to handle and ship, thereby reducing energy costs. Unlike traditional casting methods, the process does not result in harmful emissions, and 90% of molds are recycled, resulting in less waste production and reduced use of raw materials. Environment-friendly techniques, such as the cold casting process, are also introduced in many regions. Stringent quality standards are being widely practiced. In recent years, most foundries are preferring to use automated molding methods for melting, mechanized diametric molding for sand molding, and continuous casting for chemical sand binding. The modernization of the foundry industry is the primary trend in the global iron castings market. The expansions will also require cast iron products, thereby contributing to the growth in the consumption of these products in the industry. This will require automotive manufacturers to increase their production levels by installing new capacities or expanding existing ones. The recovery led to increased employment, growth in per capita income, and easy credit facilities, which have collectively boosted the buying power of consumers and business sentiments. The heavy commercial vehicle and tractor segments are shifting toward engines that generate higher horsepower, which is likely to increase the use of components, such as cylinder block and cylinder head, which will consequently increase the volume of cast iron consumed.Įconomic revival in the US and Europe has led to growth in the automobile industry. Cast iron products are mostly used in engine parts, gears and bushings, suspension, brakes, steering, and crankshaft.
The growth in the automobile segment is the key factor driving the global iron castings market growth.
Good iron casting foundry exporters drivers#
A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. The growth in the automobile segment is notably driving the market growth, although factors such as the increasing competition from aluminum may impede the market growth. Iron Castings Market: Key Drivers, Trends, Challenges, and Customer Landscape Our research report has extensively covered external factors influencing the parent market growth during the forecast period. The parent market covers products and companies producing steel for various industrial applications. Technavio categorizes the global iron castings market as a part of the global steel market within the overall metals and mining market.
Good iron casting foundry exporters download#
To learn more about this report, Download Report Sample Parent Market Analysis What will be the Size of the Iron Castings Market During the Forecast Period? Furthermore, the report includes historic market data from 2017 to 2021. It also includes an in-depth analysis of drivers, trends, and challenges. This report extensively covers market segmentation by end-user (automobile, industrial machinery, infrastructure and construction machines, power, and others), product (gray iron, duct iron, and malleable iron), and geography (APAC, Europe, North America, South America, and Middle East and Africa). The growth of the market depends on several factors, including the growth in the automobile segment, an increase in demand from housing and infrastructure segments, and industrialization in developing countries. The size of the market is forecast to increase by 23,204.12 thousand tons. The iron castings market is estimated to grow at a CAGR of 5.15% between 20.
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