What is Global Steel Casting Market?
The Global Steel Casting Market is a vast and dynamic sector that encompasses the production and distribution of various types of steel castings. These castings are created through a process where molten steel is poured into a mold and allowed to cool, resulting in a solid piece of steel in the desired shape. This market is integral to numerous industries worldwide, including automotive, construction, and manufacturing, among others. The value of this market was estimated at US$ 71490 million in 2022, and it is projected to reach US$ 90080 million by 2029. This growth is expected to occur at a Compound Annual Growth Rate (CAGR) of 3.3% from 2023 to 2029.
Carbon Steel Casting, Low-Alloy Steel Casting, High Alloy Steel Casting in the Global Steel Casting Market:
The Global Steel Casting Market is segmented into various types based on the composition of the steel used. These include Carbon Steel Casting, Low-Alloy Steel Casting, and High Alloy Steel Casting. Carbon Steel Casting, which comprises 47.16% of the market, is the most prevalent type. This type of casting is favored for its durability and versatility, making it suitable for a wide range of applications. Low-Alloy Steel Casting and High Alloy Steel Casting, on the other hand, are used in more specialized applications due to their unique properties. For instance, Low-Alloy Steel Casting is often used in situations where high strength and toughness are required, while High Alloy Steel Casting is typically used in corrosive environments due to its superior resistance to corrosion.
Power Generation, Rail and Transit, Mining, Construction Machinery, Oil and Gas, Aerospace and Defense, Shipbuilding, Others in the Global Steel Casting Market:
The Global Steel Casting Market serves a wide range of industries, including Power Generation, Rail and Transit, Mining, Construction Machinery, Oil and Gas, Aerospace and Defense, Shipbuilding, and others. In 2019, the Rail and Transit sector was the largest consumer of steel castings, accounting for 28.28% of the global market. This is likely due to the extensive use of steel castings in the production of rail tracks, train components, and transit infrastructure. Other significant sectors include the Power Generation and Mining industries, which rely heavily on steel castings for their operations.
Global Steel Casting Market Outlook:
The Global Steel Casting Market is dominated by a few key players, with Precision Castparts holding the largest market share at 1.5%. This company is a leading manufacturer of complex metal components and products, serving a wide range of industries including aerospace, power generation, and industrial markets. Geographically, China holds the largest share of the global market at 48.09%. This is likely due to the country's massive manufacturing sector, which consumes a significant amount of steel castings.
| Report Metric | Details |
| Report Name | Steel Casting Market |
| Accounted market size in 2022 | US$ 71490 in million |
| Forecasted market size in 2029 | US$ 90080 million |
| CAGR | 3.3% |
| Base Year | 2022 |
| Forecasted years | 2023 - 2029 |
| Segment by Type |
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| Segment by Application |
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| Production by Region |
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| Consumption by Region |
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| By Company | Precision Castparts, Hitachi, Doosan Heavy Industries & Construction, Kobe Steel, ME Elecmetal, Amsted Rail, Signicast (Form Technologies Company), MetalTek International, Anhui Yingliu, Harrison Steel Casting, Peekay Steel Castings, Impro Precision, Liaoning Fu-An Heavy Industry, Tycon Alloy Industries, Japan Steel Works, Amsteel Castings, Isgec Heavy Engineering |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
