The process of pouring or injecting molten steel into a mould to acquire an object of the desired shape is called steel casting. This process is usually used by steel casting foundry for mass production of components and parts which are used in a variety of different sectors such as the agricultural sector, the automotive field, oil, gas, and power generating industries, machinery manufacturers as well as industrial units.
One of the major market drivers of the steel casting market is the construction industry due to the fact that construction equipment needs to be strong and long-lasting which can incur low costs for maintenance as well as withstand the pressure of varying ranges in different climatic conditions.
New Key Market Trends of Steel Casting Market
The economic pressures of the global marketplace have created a suitable atmosphere for a steel casting foundry , as they reward innovation, consistency, and efficiency, and the steel casting foundries are definitely attempting to improve their manufacturing process and keep up with the demand.
The steel casting market is expected to prosper in the coming years due to the reviving world economy and industrial boom in developed as well as developed countries. Here are some of the key market trends for steel casting:
With the growth of heavy industries such as construction, mining, and automotive, there is a rising demand for steel casting products. These industries are likely to propel the demand for steel casting products from steel casting foundry as they require raw materials with excellent properties
Low maintenance and long lasting nature of steel casting products will heavily attract the mining industry, which is now focused on reducing its operational costs. The sturdiness and strength of steel casted products will benefit the automotive industry.
A lot of new initiative projects have been taken up by various countries. The governments of developed countries such as Canada, the U.K., France, and the U.S. are planning on investing in the conservation and maintenance of infrastructure projects. This will heavily increase the demand for the products of the steel casting foundry in India in the coming years.
There are a number of projects that the governments of developing countries like Brazil, South Africa, China, and India are planning to take up and execute. Few of these projects include the construction of metro railways in various cities of India like Pune and Nagpur, the Belt and Road Initiative by China and the proposed bullet train in India. Thus the usage of industrial steel casting products is increasing quite steadily.
A major consumer of steel casting products for its high tensile strength and impact resistance is the transport industry. The steel casting company makes a large number of products for the automotive industry including flywheels, reducer shells, braking systems, investment castings and transmission cases.
Market OverviewThe steel casting market during the forecast period over the next few years from 2019 to 2022, is expected to grow at a CAGR of 4.21%. One of the greatest market drivers is increasing investments in infrastructure.
Emerging countries like Russia, China, Saudi Arabia, Nigeria, Mexico, Brazil, and India, which already accounted for almost 52% of the total construction industry in 2016, is expected to account for approximately 63% by 2025 due to the many infrastructure projects.
In the steel casting market, companies from Europe, Asia Pacific, and North America are dominating it with their vast expertise and technologically advanced equipment.