Iron Casting Industry Overview
The global Iron Casting Market was valued at USD 101.17 billion in 2021, and projections indicate a steady expansion with a compound annual growth rate (CAGR) of 6.1% from 2022 to 2030. Market growth is expected to be driven by supportive government policies aimed at boosting the manufacturing sector, alongside significant investments in railway infrastructure development.
The increasing global demand for enhanced railway connectivity is prompting governments worldwide to invest in projects focused on improving rail infrastructure. For example, in October 2021, the French government unveiled an action plan with the ambitious goal of doubling rail freight by 2030. As part of this initiative, they are allocating EUR 1 billion (equivalent to USD 1.11 billion) to foster greater competition among rail freight operators. Furthermore, an annual investment of EUR 170 million (approximately USD 187.9 million) is planned until 2024 to improve railway tracks.
Detailed Segmentation:
- Product Insights
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.
- Application Insights
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.
- Regional Insights
North America accounted for the second-largest share, in terms of revenue, of the global market in 2021. The countries in the region are investing in renewable energy which is expected to benefit product demand. For instance, in June 2021, the Canadian government announced its plan to invest USD 964 million in renewable energy and upgrade its infrastructure.
Europe is working to improve its water supply and sanitization and hence is investing in its infrastructure development. For instance, the European Investment Bank invested EUR 19.8 million (~USD 21.86 million) in the development of new wastewater management facilities. Such investments are expected to propel the deployment of iron casting in the region over the coming years.
Gather more insights about the market drivers, restraints, and growth of the Iron Casting Market
Key Companies & Market Share Insights
The market is highly competitive with the presence of numerous players worldwide. Owing to the increasing demand for iron castings, companies are carrying out mergers and acquisitions to improve their product portfolio. For instance, in February 2022, M7 Group acquired Minnesota-based Cast Corporation Foundry. The acquisition is expected to help M7 Group expand its product portfolio.
Furthermore, Italy-based Fonderie di Montorso S.p.A., made five acquisitions in the last five years, which include Fondmatic, Fiorini Core Shop, Fonderia Scaranello, Evotech Hydraulics, and Perucchini S.p.A, in 2017, 2019, 2020, 2021, and 2021, respectively. These acquisitions together form a milestone for the group in terms of consolidating the processes of casting and machining technologies with maximum value addition. Some of the prominent players in the global iron casting market include:
- Hitachi Metals, Ltd
- LIAONING BORUI MACHINERY CO., LTD (DANDONG FOUNDRY)
- Brakes India Private limited
- OSCO Industries, Inc
- Chamberlin plc
- Crescent Foundry
- Xinxing Cast Pipe Co., Ltd
- Georg Fischer Ltd
- CALMET
- Casting P.L.C
- Newby Foundries Ltd
- Grupo Industrial Saltillo (GIS)
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