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Steel Casting Market Report and Forecast 2024-2032

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    Report

  • 205 Pages
  • November 2023
  • Region: Global
  • Expert Market Research
  • ID: 5921336
According to the report, the global steel casting market is projected to grow at a CAGR of 5% between 2024 and 2032 reaching a value of approximate USD 115.45 billion by 2032. Aided by the burgeoning demand from key industries such as automotive, construction, and energy, combined with advancements in casting technology, the market is expected to grow significantly by 2032.

Steel casting involves the practice of moulding molten steel into different shapes to form components of machinery or structures. It's a favoured method due to steel's undeniable strength, durability, and resistance to wear and tear. Steel castings are fundamental in producing complex parts that are otherwise difficult to make through standard manufacturing methods, further justifying its widespread utility in an array of applications from railway tracks and wheels to machine tools and engine casings.

One of the primary drivers behind the steel casting market growth is the robust expansion of the automotive industry. The quest for vehicles that are both lightweight and robust has made steel casting an invaluable process. The automotive industry relies heavily on steel castings for parts like engine blocks, gears, and suspension systems, enhancing vehicle efficiency and safety.

The world of construction, witnessing a renaissance of infrastructure development, especially in emerging economies, is another domain contributing significantly to the steel casting market expansion. The durability and strength offered by steel cast parts ensure that structures, be it skyscrapers or bridges, stand the test of time, making them indispensable for ambitious infrastructure projects.

Furthermore, the energy sector, especially the renewables, emphasises the need for robust components to ensure efficient energy production and minimal downtimes. Steel castings, by virtue of their resilience and adaptability, find extensive use in wind turbines, hydro plants, and even traditional power generation units.

Technological advancements in the realm of steel casting promise higher precision and better surface finish. The integration of computer-aided design (CAD) and simulations into casting processes allows for better mould designs and reduces material wastage. These innovations, while boosting efficiency, also cater to the growing demands for sustainable production processes, further shaping the steel casting market outlook.

Parallelly, the marine and defense sectors have also showcased an increased affinity for steel cast components. Their unyielding nature makes them perfect for manufacturing robust components for ships, submarines, and armoured vehicles, emphasising their role in critical applications where failure is not an option.

Market Segmentation

The market can be divided based on application and region.

Market Breakup by Application

  • Mining
  • Power
  • Oil and gas
  • Others

Market Breakup by Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa

Competitive Landscape

The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global steel casting market. Some of the major players explored in the report are as follows:
  • Precision Castparts Corp. (Berkshire Hathaway Inc.)
  • Hitachi Metals Ltd.
  • Japan Casting & Forging Corp.
  • Kobe Steel Ltd.
  • Peekay Steel Castings Pvt. Ltd.
  • Others

Table of Contents

1 Preface2 Report Coverage - Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Steel Casting Market Analysis
8.1 Key Industry Highlights
8.2 Global Steel Casting Historical Market (2018-2023)
8.3 Global Steel Casting Market Forecast (2024-2032)
8.4 Global Steel Casting Market by Application
8.4.1 Mining
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Power
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Oil and gas
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.4.4 Others
8.5 Global Steel Casting Market by Region
8.5.1 North America
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Europe
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Asia Pacific
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.5.4 Latin America
8.5.4.1 Historical Trend (2018-2023)
8.5.4.2 Forecast Trend (2024-2032)
8.5.5 Middle East and Africa
8.5.5.1 Historical Trend (2018-2023)
8.5.5.2 Forecast Trend (2024-2032)
9 North America Steel Casting Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Steel Casting Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Spain
10.5.1 Historical Trend (2018-2023)
10.5.2 Forecast Trend (2024-2032)
10.6 Others
11 Asia Pacific Steel Casting Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.2 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Steel Casting Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Steel Casting Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter's Five Forces Analysis
14.2.1 Supplier's Power
14.2.2 Buyer's Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Price Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 Precision Castparts Corp. (Berkshire Hathaway Inc.)
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 Hitachi Metals Ltd.
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 Japan Casting & Forging Corp.
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 Kobe Steel Ltd.
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 Peekay Steel Castings Pvt. Ltd.
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Steel Casting Market: Key Industry Highlights, 2017 and 2027
2. Global Steel Casting Historical Market: Breakup by Application (USD Million), 2018-2023
3. Global Steel Casting Market Forecast: Breakup by Application (USD Million), 2024-2032
4. Global Steel Casting Historical Market: Breakup by Region (USD Million), 2018-2023
5. Global Steel Casting Market Forecast: Breakup by Region (USD Million), 2024-2032
6. North America Steel Casting Historical Market: Breakup by Country (USD Million), 2018-2023
7. North America Steel Casting Market Forecast: Breakup by Country (USD Million), 2024-2032
8. Europe Steel Casting Historical Market: Breakup by Country (USD Million), 2018-2023
9. Europe Steel Casting Market Forecast: Breakup by Country (USD Million), 2024-2032
10. Asia Pacific Steel Casting Historical Market: Breakup by Country (USD Million), 2018-2023
11. Asia Pacific Steel Casting Market Forecast: Breakup by Country (USD Million), 2024-2032
12. Latin America Steel Casting Historical Market: Breakup by Country (USD Million), 2018-2023
13. Latin America Steel Casting Market Forecast: Breakup by Country (USD Million), 2024-2032
14. Middle East and Africa Steel Casting Historical Market: Breakup by Country (USD Million), 2018-2023
15. Middle East and Africa Steel Casting Market Forecast: Breakup by Country (USD Million), 2024-2032
16. Global Steel Casting Market Structure

Companies Mentioned

  • Precision Castparts Corp. (Berkshire Hathaway Inc.) (NYSE: BRK.A)
  • Hitachi Metals Ltd.
  • Japan Casting & Forging Corp.
  • Kobe Steel Ltd. (TYO: 5406)
  • Peekay Steel Castings Pvt. Ltd.

Methodology

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Table Information