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Steel Casting Market Emerging Trends, Demand, Growth by Key Players and Forecast 2030 
Reports And Data
The steel casting market is expected to register a revenue CAGR of 4.9% between 2022 to 2030.
NEW YORK CITY, NEW YORK, UNITED STATES, May 9, 2023 /EINPresswire.com/ — Steel Casting Market Overview
The steel casting market is projected to experience a Compound Annual Growth Rate (CAGR) of 4.9% in revenue between 2022 and 2030. The rise in demand from the construction sector is a significant driver of the market's revenue growth. Furthermore, the increasing popularity of steel casting among small and medium-sized enterprises, and the preference for steel casting over other casting techniques, are also expected to contribute to the market's expansion. Additionally, the market's growth is being fueled by the advantages provided by steel castings, such as enhanced dimensional accuracy, superior surface finish, and increased strength.
Steel casting involves the manufacture of steel and iron products and components using a casting process. Casting allows for exceptional design flexibility and customization, as well as the potential to eliminate the need for further assembly and fabrication. Various materials can be used for casting, including synthetic and metal materials. However, steel and iron have excellent mechanical properties, making them suitable for a wide range of applications. Cast steel also offers properties like hardness, strength, ductility, toughness, wear resistance, corrosion resistance, machinability, weldability, and high-temperature properties. The market's main inhibiting factors are the high cost of raw materials and strict environmental regulations linked to emissions from the production process of steel casting.
Steel Casting Market Segments
The steel casting market can be segmented by type, application, and region.
In terms of type, the market is categorized into grey cast iron, ductile cast iron, malleable cast iron, white cast iron, and others. Grey cast iron is expected to account for a significant portion of the market revenue. However, ductile cast iron is anticipated to register the highest growth rate during the forecast period.
Based on application, the market is classified into construction, transportation, mining & drilling, and others. The construction sector is likely to hold the largest share of the market revenue owing to the growing demand for infrastructure development and urbanization. However, the transportation sector is expected to exhibit the highest growth rate during the forecast period due to the increasing demand for lightweight, fuel-efficient vehicles.
Geographically, the market is analyzed across North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In North America, the U.S., Canada, and Mexico are the major countries contributing to the market growth. In Europe, Germany, the U.K., France, Italy, Spain, Sweden, BENELUX, and the rest of Europe are expected to witness significant growth during the forecast period. In the Asia-Pacific region, China, India, Japan, South Korea, and the rest of APAC are anticipated to dominate the market. Brazil and the rest of LATAM are expected to be the major contributors to the market in Latin America. In the Middle East & Africa, Saudi Arabia, the UAE, South Africa, Israel, and the rest of MEA are expected to witness significant growth in the market.
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Steel Casting Market: Strategic Developments
The steel casting market has witnessed numerous strategic developments in recent years. Some of these developments include mergers and acquisitions, partnerships, collaborations, and product launches, among others. These strategic moves are aimed at expanding the companies' product portfolios, strengthening their market position, and enhancing their geographical presence.
For instance, in 2021, JSW Steel, an Indian steel manufacturer, announced its plans to acquire the remaining 30% stake in JSW Vallabh Tinplate, a subsidiary that produces tinplate products. The move was aimed at expanding JSW Steel's product portfolio and strengthening its position in the market.
In 2020, Thyssenkrupp AG, a German steel producer, entered into a partnership with Wilhelmsen, a Norwegian shipping company, to develop a 3D-printed shipping component. The partnership aimed at leveraging 3D printing technology to manufacture a steel component for marine applications, reducing the supply chain's lead time and overall costs.
In 2019, Bradken, an Australian foundry and heavy engineering company, launched a new range of wear-resistant steel casting products. The new range of products aimed to cater to the mining and construction industries and was developed using advanced casting technology.
In conclusion, strategic developments such as mergers and acquisitions, partnerships, collaborations, and product launches are crucial in the steel casting market, as they help companies to enhance their market position, expand their product portfolios, and offer innovative solutions to their customers.
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Steel Casting Market: Competitive landscape
The steel casting market is highly competitive and comprises several players operating at the global and regional levels. Some of the major players in the market include AFS Corporate Member Companies, American Foundry Society, Inc., China Foundry Association, and European Foundry Association. These players have been focusing on expanding their product portfolios and strengthening their market position through various strategic initiatives, including mergers and acquisitions, partnerships, collaborations, and product launches.
AIM Development, Inc., a leading supplier of castings and forgings for various industries, has been investing in research and development activities to enhance its product portfolio and meet the evolving market demands. The company has also been focusing on expanding its geographical presence through strategic partnerships and collaborations with other players in the market.
The American Iron & Steel Institute (AISI) and China Iron & Steel Association (CISA) are among the prominent players in the steel industry, and they have been working towards promoting sustainable steel production practices and enhancing the industry's competitiveness. These players have also been investing in advanced technologies and innovation to offer high-quality products to their customers.
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