What is Global Automotive Iron Casting Market?
The Global Automotive Iron Casting Market is a vast and dynamic sector that plays a crucial role in the automotive industry. It involves the production and distribution of iron castings, which are integral components in the manufacturing of vehicles. These castings are made from iron and are used in various parts of a vehicle, including the engine, transmission, and brakes. The market's value was estimated at US$ 2506.9 million in 2023, and it is projected to grow to US$ 2992.8 million by 2030. This growth is driven by the increasing demand for vehicles worldwide, advancements in casting technology, and the rising need for lightweight and durable components in the automotive industry. The market's expansion is also fueled by the growing trend of vehicle electrification and the increasing adoption of iron castings in electric vehicles.
Cast Iron, Gray Iron, White Iron, Malleable Iron, Others in the Global Automotive Iron Casting Market:
The Global Automotive Iron Casting Market is segmented into different types of iron, including cast iron, gray iron, white iron, malleable iron, and others. Each type has its unique properties and applications in the automotive industry. Cast iron, for instance, is known for its excellent fluidity, castability, and machinability, making it ideal for complex shapes and patterns. Gray iron, on the other hand, is prized for its high thermal conductivity and resistance to wear, making it suitable for engine blocks and cylinder heads. White iron is hard and brittle but is highly resistant to abrasion, making it perfect for brake discs. Malleable iron, meanwhile, is known for its toughness and ductility, making it ideal for suspension and steering components. The choice of iron type depends on the specific requirements of the vehicle component being manufactured.
Passenger Cars, Commercial Vehicles in the Global Automotive Iron Casting Market:
The Global Automotive Iron Casting Market caters to various segments of the automotive industry, including passenger cars and commercial vehicles. Passenger cars, which include sedans, hatchbacks, and SUVs, make up a significant portion of the market. Iron castings are used in various parts of these vehicles, including the engine, transmission, brakes, and suspension. Commercial vehicles, on the other hand, include trucks, buses, and vans. These vehicles require durable and robust components due to their heavy-duty nature, and iron castings fit the bill perfectly. They are used in the manufacture of engine blocks, brake drums, and other critical parts of commercial vehicles. The demand for iron castings in both these segments is expected to grow in the coming years, driven by the increasing vehicle production and the rising need for durable and lightweight components.
Global Automotive Iron Casting Market Outlook:
To rephrase the market outlook for the Global Automotive Iron Casting Market, it can be said that cast iron, an alloy of iron and carbon with a carbon content exceeding 2%, forms the backbone of the automotive iron casting market. As of 2023, this market was valued at a substantial US$ 2506.9 million. Looking ahead, it is projected to reach a value of US$ 2992.8 million by 2030. This represents a compound annual growth rate (CAGR) of 2.6% during the forecast period from 2024 to 2030. This growth can be attributed to the increasing demand for vehicles, advancements in casting technology, and the rising need for lightweight and durable components in the automotive industry.
| Report Metric | Details |
| Report Name | Automotive Iron Casting Market |
| Accounted market size in 2023 | US$ 2506.9 million |
| Forecasted market size in 2030 | US$ 2992.8 million |
| CAGR | 2.6% |
| Base Year | 2023 |
| Forecasted years | 2024 - 2030 |
| Segment by Type |
|
| Segment by Application |
|
| Production by Region |
|
| Consumption by Region |
|
| By Company | Bosch (Germany), Continental (Germany), ThyssenKrupp (Germany), ZF Friedrichshafen (Germany), Honeywell International (USA), Magna International (Canada), Aisin Seiki Co., Ltd. (Japan), Sumitomo Electric Industries (Japan), Faurecia (France), Valeo Group (France), Toyota Industries (Japan), Schaeffler (Germany), Mahle (Germany), GKN (UK), Magneti Marelli (Italy), BorgWarner (USA), Tenneco (USA), Benteler Deutschland (Germany), Hitachi Metals (Japan), Furukawa Electric (Japan), Marmon Group (USA), Knorr-Bremse (Germany), Hyundai WIA (Korea), American Axle & Manufacturing Holdings (USA), Guangxi Yuchai Machinery Group (China), ADVICS (Japan), Mando (Korea), Linamar (Canada), Nisshinbo Holdings (Japan), CIE Automotive (Spain) |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
