What is Global Steel Casting Market?
The Global Steel Casting Market is a vast and dynamic sector that encompasses the production and sale of steel castings worldwide. Steel casting is a specialized process where molten steel is poured into a mold to create a desired shape. This process is used in various industries to manufacture parts that are strong, durable, and resistant to wear and tear. The market was valued at a whopping US$ 71490 million in 2023 and is projected to reach US$ 90080 million by 2030, growing at a steady CAGR of 3.3% during the forecast period of 2024 to 2030. This growth is driven by the increasing demand for steel castings in various industries, including automotive, construction, and aerospace, among others.
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, which holds the largest market share of 47.16%, is widely used due to its excellent strength and durability. Low-Alloy Steel Casting is known for its enhanced hardness and strength, while High Alloy Steel Casting is preferred for its superior corrosion resistance and heat resistance. These different types of steel castings cater to the diverse needs of various industries, making the market highly versatile and dynamic.
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 its applications in a wide range of sectors. Power Generation, Rail and Transit, Mining, Construction Machinery, Oil and Gas, Aerospace and Defense, Shipbuilding, among others, are some of the key areas where steel castings are extensively used. The Rail and Transit segment, in particular, is estimated to be the largest end-use industry segment of the market in 2019, holding a 28.28% share of the global market. This is due to the high demand for durable and robust components in the rail and transit industry.
Global Steel Casting Market Outlook:
In terms of market outlook, the Global Steel Casting Market is expected to witness significant growth in the coming years. Precision Castparts, a prominent player in the market, occupies the most significant global market share of 1.5%. Furthermore, China holds the lion's share in the global market with a share of 48.09%, indicating the country's dominance in the steel casting industry. This growth can be attributed to the increasing industrialization and urbanization in the country, leading to a surge in demand for steel castings.
| 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 |
