What is Global Steel Casting Market?
The Global Steel Casting Market is a vast and dynamic sector that plays a crucial role in various industries worldwide. Steel casting involves the process of forming steel into different shapes and sizes by pouring molten steel into a mold. This process is used to create steel parts of various shapes and sizes that cannot be made by other methods. The global market for steel casting was valued at a whopping US$ 71490 million in 2023 and is projected to reach US$ 90080 million by 2030. This growth is attributed to the increasing demand for steel casting in various industries such as automotive, construction, and manufacturing among others. The versatility and durability of steel make it an ideal material for casting, which further fuels the growth of this market. The global steel casting market is also driven by technological advancements and innovations in the casting process, which improve the quality and efficiency of steel casting.
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 Carbon Steel Casting, Low-Alloy Steel Casting, and High Alloy Steel Casting. Carbon Steel Casting is the most common type of steel casting and represents the largest share of the worldwide Steel Casting market, with 47.16% share. It is widely used in various industries due to its excellent strength, hardness, and resistance to wear and tear. Low-Alloy Steel Casting is another important segment of the market. It is known for its high strength and toughness, and is commonly used in the automotive and construction industries. High Alloy Steel Casting, on the other hand, is known for its superior corrosion resistance and is often used in industries that require high-performance materials, such as aerospace and defense.
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 finds extensive usage in various sectors such as Power Generation, Rail and Transit, Mining, Construction Machinery, Oil and Gas, Aerospace and Defense, Shipbuilding, and others. In the Power Generation sector, steel casting is used to manufacture various components of power generation equipment such as turbines, generators, and boilers. In the Rail and Transit sector, steel casting is used to produce various parts of trains and rail tracks. In the Mining sector, steel casting is used to manufacture mining equipment and machinery. In the Construction Machinery sector, steel casting is used to produce various construction equipment and machinery. In the Oil and Gas sector, steel casting is used to manufacture various components of oil and gas extraction and processing equipment. In the Aerospace and Defense sector, steel casting is used to produce various components of aircraft and defense equipment. In the Shipbuilding sector, steel casting is used to manufacture various parts of ships and submarines.
Global Steel Casting Market Outlook:
The global Steel Casting market outlook reveals a promising future. The market, which was valued at US$ 71490 million in 2023, is expected to reach US$ 90080 million by 2030, growing at a CAGR of 3.3% during the forecast period 2024-2030. The largest share of the market is held by Carbon Steel Casting, representing 47.16% of the global market. In terms of applications, the Rail and Transit segment is estimated to be the largest end-use industry segment of the market in 2019, with a 28.28% share of the global market. Precision Castparts is the leading player in the global market, with a market share of 1.5%. China holds the major share in the global market, with a share of 48.09%. This data indicates a steady growth in the global Steel Casting market, driven by increasing demand from various end-use industries and technological advancements in the casting process.
| Report Metric | Details |
| Report Name | Steel Casting Market |
| Accounted market size in 2023 | US$ 71490 million |
| Forecasted market size in 2030 | US$ 90080 million |
| CAGR | 3.3% |
| Base Year | 2023 |
| Forecasted years | 2024 - 2030 |
| 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 |
