Report Overview
The global iron casting market size was valued at USD 101.17 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 6.1% from 2022 to 2030. Factors including favorable government policies toward the manufacturing sector and investment in rail infrastructure are anticipated to propel market growth.
Owing to the surge in the demand for improved railway connectivity, governments across the globe are investing in rail infrastructure improvement projects. For instance, in October 2021, the French government announced an action plan to double the rail freight by 2030. It is planning to invest EUR 1 billion (USD 1.11 billion) for strengthening the competition among rail freight operators and is expected to further invest EUR 170 million (USD 187.9 million) every year till 2024 for alleviating tracks.
Product Insights
Gray cast iron held the largest revenue share of more than 64.0% in 2021 of the global market. It is a widely used product owing to benefits such as low cost, high strength, durability, high compressive strength, ability to withstand thermal cycling, high tensile strength, and deformation resistance. It is used in the automotive industry for manufacturing engine and brake components owing to its excellent vibration damping capacity.
Ductile cast iron is expected to witness the fastest growth rate of 6.4%, in terms of revenue, across the forecast period. The product offers various advantages such as, that it can be twisted, bent, or deformed without fracturing. The product is widely used for manufacturing tractors and implements parts, crankshafts, cylinder heads, switch boxes, electrical fittings, motor frames, etc.
Increasing demand for ductile cast iron in pipes & fittings is anticipated to drive the segment growth across the forecast period. For instance, in June 2021, Welspun Corp Ltd., a manufacturer of pipes, planned to invest USD 211.8 million to set up a Greenfield facility at Anjar, India, to enter the ductile iron pipe business.
Malleable cast iron has a microstructure that makes it suitable for applications requiring machinability and toughness. It is widely used in numerous industries, including agriculture, tools & equipment, automotive, and metal & mining. It is used for manufacturing electrical fittings and equipment, washers, brackets, hand tools, mining hardware, pipe fittings, farm equipment, and machine parts.
Application Insights
Automotive held a revenue share of over 29.0% in 2021 of the global market. The deployment of iron castings in the automotive industry is preferred owing to factors such as durability, the ability to resist high internal pressure, more strength, more horsepower, and cost-efficiency. However, despite a high utilization in the automotive industry, iron castings face substitution from aluminum castings, which is negatively impacting its demand in the application segment.
Machine & tools are one of the largest application segments of the market. Iron castings are widely used in manufacturing tools and machinery owing to their good wear resistance, high strength, and good machinability properties. Rising investments in facilities for manufacturing tools and machinery are further expected to raise the product consumption over the forecast period.
The railway is another vital application segment of the market, and it is expected to register the fastest CAGR across the forecast period. Iron castings are widely used in the railway industry for manufacturing components, owing to their high strength and low wear properties. Thus, rising investments in railway infrastructure are anticipated to positively impact the market growth over the forecast period.
ABOUT KEVA
Keva Casting is a professional casting company that focuses on Construction, Machinery, Automobile, Hardware, Pipeline and many other industries.
We provide top quality products with the best service based on our complete production chain including our own mold design, advanced production techniques, and full management of the supply chain. Keva Casting has two factories located in Zhucheng, China's Shandong province.
We use "shell molding", which is a new technique that has been developed in recent years.This new technique has simplified production procedures and reduced air pollution compared with traditional sand casting and investment casting. Shell making and core making are faster to ensure production in enormous quantities. The dimensions and surface finishing are satisfactory for all kinds of industrial requirements. Besides supplying our own formwork & scaffolding systems, our casting products also supply OEM services in various industries.