North America Iron & Steel Casting Market Size Insights Forecasts to 2032
- The North America Iron & Steel Casting Market Size was valued at USD 18.7 Billion in 2022.
- The Market Size is Growing at a CAGR of 7.2% from 2022 to 2032.
- The North America Iron & Steel Casting Market Size is expected to reach 37.5 Billion by 2032.
- Canada is expected To Grow the fastest during the forecast period.
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The North America Iron & Steel Casting Market Size is expected to reach USD 37.5 Billion by 2032, at a CAGR of 7.2% during the forecast period 2022 to 2032.
North America Iron & Steel Casting Market Report Coverage
|Market Size in 2022:||USD 18.7 Billion|
|Forecast Period 2022-2032 CAGR:||7.2%|
|2032 Value Projection:||USD 37.5 Billion|
|Historical Data for:||2018-2021|
|No. of Pages:||200|
|Tables, Charts & Figures:||110|
|Segments covered:||By Material, By Process, By Application, By Country, and COVID-19 Impact Analysis.|
|Companies Covered:||US Castings, WAUPACA FOUNDRY, INC., American Castings, Fusium, GREDE, The C.A. Lawton Company, Faircast Inc., East Jordan, Golden’s Foundry and Machine, R.H. Sheppard Co. Inc., Cadillac Casting Inc., CALMET, Decatur Foundry, Grupo Industrial Saltillo (GIS), Hitachi Metals, Ltd., Lemfco, and Inc.|
|Pitfalls & Challenges:||COVID-19 Empact, Challenge, Future, Growth, & Analysis|
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The process of pouring molten iron or steel into molds to make various parts or components is known as iron and steel casting. These molds are often constructed of sand or other heat-resistant materials. When the metal has cooled and solidified, the mold is broken and the cast portion is retrieved, which is then followed by the appropriate finishing operations. Iron and steel casting continues to be an important part of modern production and infrastructure. This procedure is critical in the production of a wide range of industrial and consumer goods. The casting process is getting more efficient, detailed, and environmentally friendly as technology advances. 3D printing innovations are now starting to impact the metals casting sector, with the possibility of 3D-printed molds or even direct metal printing. North America, particularly the United States, has a long history of industrialization and innovation, making it a focus for metallurgical development and manufacturing. This was largely due to the region's abundant natural resources, technical advancements, and the tremendous demand generated by industries such as automobiles, construction, and railways.
This research report categorizes the market for North America Iron & Steel Casting Market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the North America Iron & Steel Casting Market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the North America Iron & Steel Casting Market.
The North American iron and steel casting market is a competitive and crucial segment of the overall metallurgical industry, owing to the region's considerable industrialization and need for iron and steel-based components. Iron and steel casting are used in a variety of industries, making them adaptable materials. They are utilized to make engine blocks, transmission parts, pipelines, fittings, beams, and other components. In addition, North America is home to a large number of automotive manufacturers, making it a significant market for iron and steel casting. These materials are widely employed in the manufacturing of engine blocks, cylinder heads, transmission cases, and other important components. Furthermore, the growing preference for lightweight vehicles is accelerating the penetration of aluminum castings in the automotive industry, which is limiting market growth. Furthermore, due to the large presence of end-use sectors, the United States is a significant market for iron and steel casting. Automobile, machinery, and equipment makers boost demand for local products. Pipes and gears are also in high demand as the chemical, oil, and infrastructure industries expand.
- In 2022, the steel segment accounted for the largest revenue share of more than 77.8% over the forecast period.
Based on the material, the North America Iron & Steel Casting Market is segmented into iron and steel. Among these, the steel segment has the largest revenue share of 77.8% over the forecast period. This is primarily due to the massive demand of the automobile industry and the construction industry for cast iron pipes and fittings. Gray iron is the most popular type of cast iron because it can be used for a variety of applications such as engine cylinder blocks, pumps, electrical boxes, valve bodies, and so on. Rising investment in shale gas exploration in the United States will dramatically increase market share. The iron casting segment has a strong presence in the North American market due to its wide application range and low cost.
- In 2022, the sand casting and die casting segment dominated the largest share of the North America Iron & Steel Casting market.
Based on the process, the North America Iron & Steel Casting Market is segmented into sand casting and die casting. Among these, the sand casting and die casting segment has the largest revenue share of 46.3% over the forecast period. This is due to its adaptability to a wide range of shapes, sizes, and complexities, as well as its suitability for both low- and high-volume production. High flexibility, increased heat resistance, and lower operating costs will drive segment demand. Furthermore, the process's advantages include batch production of low to big size parts, which will provide opportunities across end-user sectors.
- In 2022, the automotive segment accounted for the largest revenue share of more than 36.2% over the forecast period.
On the basis of application, the North America Iron & Steel Casting Market is segmented into automotive, industrial machinery, pipes, fittings & valves, power & electrical, aerospace, and others. Among these, the automotive segment has the largest revenue share of 36.2% over the forecast period. North America, particularly the United States, is an auto manufacturing powerhouse. The automobile industry extensively relies on iron and steel casting to produce a wide range of vehicle components. Castings are used in this market for engine blocks, gearbox housings, brake components, chassis parts, and other automotive components. The sheer volume and variety of uses within the automotive industry make it a dominating participant in the market, with cars requiring a plethora of cast iron and steel components.
The report offers the appropriate analysis of the key organizations/companies involved within the North America Iron & Steel Casting Market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.
List of Key Companies
- US Castings
- WAUPACA FOUNDRY, INC.
- American Castings
- The C.A. Lawton Company
- Faircast Inc.
- East Jordan
- Golden’s Foundry and Machine
- R.H. Sheppard Co. Inc.
- Cadillac Casting Inc.
- Decatur Foundry
- Grupo Industrial Saltillo (GIS)
- Hitachi Metals, Ltd.
- Lemfco, Inc.
Key Target Audience
- Market Players
- Government Authorities
- Consulting and Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
This study forecasts revenue at global, regional, and country levels from 2021 to 2032. Spherical Insights has segmented the North America Iron & Steel Casting Market based on the below-mentioned segments:
North America Iron & Steel Casting Market, By Material
North America Iron & Steel Casting Market, By Process
- Sand Casting
- Die Casting
North America Iron & Steel Casting Market, By Application
- Industrial Machinery
- Fittings & Valves
- Power & Electrical
North America Iron & Steel Casting Market, By Country
- United States
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