According to a research report published by Spherical Insights & Consulting, the global market for iron and steel castings will grow from USD 1,538 billion in 2021 to USD 2,490 billion by 2030 at a CAGR of 5.5% over the forecast period. period.
The market for iron and steel castings has recently grown due to increased investment in housing construction. In addition, it is expected that the expansion of smart city initiatives will continue to be the main driver of the trend mentioned above.
However, the automotive segment will show the highest annual growth rates due to the availability and ease of mass casting production.
The structural elements of cylinder blocks and cylinder heads of auto engines are made by cast iron. Cast iron can also be found inside carburetor engine cases and gearbox housings, among other important components.
Replacing cast iron components with components made from steel or aluminum alloys reduces the cost of a car by almost 15%.
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Analysts estimate that in 2022, the Asia-Pacific region will account for the largest share of the iron casting market. This can be explained by the growing consumption of products in significant end-use industries in the region, the abundance of foundries in the region, established production facilities and the availability of raw materials.
