What is Global Ferrous Castings Market?
The Global Ferrous Castings Market is a vast and dynamic sector that encompasses the production of various types of ferrous castings. These castings are made from iron-based metals, particularly those that contain significant amounts of carbon. The market is global in scope, meaning it involves manufacturers, suppliers, and consumers from all around the world. The value of this market was estimated to be around US$ 347900 million in 2022. This figure is expected to increase significantly over the next few years, reaching an estimated value of US$ 518650 million by 2029. This represents a compound annual growth rate (CAGR) of 5.8% during the forecast period from 2023 to 2029. The market is dominated by a small number of large manufacturers, with the top five companies accounting for approximately 15% of the total market share.
Gray Iron Castings, Ductile Iron Castings, Malleable Iron Castings, Steel Castings in the Global Ferrous Castings Market:
In the Global Ferrous Castings Market, there are several different types of ferrous castings, each with its own unique properties and applications. Gray Iron Castings, for example, are the most common type of ferrous casting, accounting for over 55% of the market. These castings are known for their excellent machinability, good wear resistance, and superior castability. Ductile Iron Castings, on the other hand, are valued for their high strength, good ductility, and excellent resistance to wear and heat. Malleable Iron Castings are known for their exceptional toughness and ductility, while Steel Castings are prized for their high strength, good ductility, and excellent resistance to corrosion. Each of these types of castings has its own unique set of advantages and disadvantages, making them suitable for different applications.
Machinery and Equipment, Motor Vehicles, Pipe and Fitting, Valves, Pumps and Compressors, Aerospace Equipment, Others in the Global Ferrous Castings Market:
The Global Ferrous Castings Market serves a wide range of industries, each with its own unique needs and requirements. Machinery and Equipment is one of the largest sectors, utilizing ferrous castings in a variety of applications, from heavy machinery to small tools and equipment. The Motor Vehicles sector is another major consumer of ferrous castings, using them in everything from engine components to body parts. Pipe and Fitting, Valves, Pumps and Compressors, and Aerospace Equipment are other significant sectors, each utilizing ferrous castings in a variety of ways. Other sectors, such as construction, mining, and agriculture, also make use of ferrous castings, albeit to a lesser extent.
Global Ferrous Castings Market Outlook:
The outlook for the Global Ferrous Castings Market is positive, with steady growth expected over the next few years. The market was valued at US$ 347900 million in 2022, and is projected to reach US$ 518650 million by 2029, representing a CAGR of 5.8% during the forecast period from 2023 to 2029. This growth is expected to be driven by a variety of factors, including increasing demand from key sectors such as machinery and equipment, motor vehicles, and aerospace equipment. The market is currently dominated by a small number of large manufacturers, with the top five companies accounting for approximately 15% of the total market share. However, there is plenty of room for new entrants and smaller players to make their mark. In terms of product types, Gray Iron Castings is the largest segment, accounting for over 55% of the market. This is due to their versatility and wide range of applications, from machinery and equipment to motor vehicles and aerospace equipment.
| Report Metric | Details |
| Report Name | Ferrous Castings Market |
| Accounted market size in 2023 | US$ 369790 in million |
| Forecasted market size in 2029 | US$ 518650 million |
| CAGR | 5.8 |
| Base Year | 2023 |
| Forecasted years | 2023 - 2029 |
| Segment by Type |
|
| Segment by Application |
|
| Production by Region |
|
| Sales by Region |
|
| By Company | ThyssenKrupp, Weichai, Doosan Heavy Industries & Construction, Xinxing Ductile Iron Pipes, Hitachi Metals, ZYNP, Amsted Industries Inc, Georg Fischer, AAM(Grede Holdings), Faw Foundry, CITIC Dicastal, Huaxiang Group, Meide Casting, Bharat Forge, Kubota, Esco Corporation, SinoJit, Mueller Industries Inc, Precision Castparts |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
