Steel casting refers to the process of injecting or pouring molten steel into a mold to form an object of a desired shape. This process is usually used for mass production of parts and components widely used in automobiles, agriculture, power generation, oil and gas, manufacturing machinery and industrial sectors.
The construction equipment must be strong, strong and durable. They need to reduce maintenance costs and withstand various pressures and different weather conditions. This type of equipment also requires raw materials with excellent performance. Therefore, steel is one of the most commonly used raw materials in the production of construction equipment. Steel casting products are also used in other heavy industries, such as automobiles, mining, power generation, manufacturing machinery, oil and gas, electrical and industrial equipment.
In recent years, due to the excellent properties of aluminum casting products, such as light weight, corrosion resistance, and high performance, manufacturers have shifted their focus from conventional steel products for automotive parts to cast aluminum. For example, the Aluminum Transportation Group (ATG) of the Aluminum Association explained that in the entire life cycle of a vehicle, aluminum has a lower total carbon footprint than other materials, so the use of aluminum components in vehicles can improve economy. The lighter the weight of the vehicle, the less fuel and power it needs. In turn, this leads to high fuel efficiency of the engine and less vehicle carbon dioxide emissions.
Government investment in infrastructure will provide major opportunities for the steel casting market
Governments all over the world are planning to invest in infrastructure development projects. It is expected that developed countries such as the United States, Canada, the United Kingdom, France and Germany will invest in maintaining existing infrastructure projects and will also develop new projects. On the other hand, developing countries such as India, China, Brazil and South Africa are expected to invest in the development of new projects. Infrastructure projects such as railways, ports, bridges, manufacturing facilities and industrial units require a large amount of steel casting products (such as steel plates) and construction equipment (such as loaders). These construction equipment also contains steel castings and parts. Therefore, the increase in investment in infrastructure construction may boost the steel casting market during the forecast period.
Grey iron can be defined as a cast iron with a carbon content of more than 2% and a graphite microstructure. It is the most commonly used type of iron in casting. It is relatively cheap, malleable and durable. The massive use of gray iron can be attributed to various factors, such as its tensile strength and yield strength, ductility, impact resistance, and lower production costs. The high carbon content of gray iron also makes it easy to melt, weld and machine into parts.
However, due to increased preference for other materials, the market share of the gray iron industry is expected to decline slightly. On the other hand, the market share of the ductile iron sector is expected to increase during the forecast period. This sector may be driven by the ability of ductile cast iron to develop into lightweight cast iron. This can reduce delivery costs and bring economic benefits through other factors such as design and metallurgical flexibility.
The automobile and transportation industries are the main consumers of steel casting products. The high tensile strength and impact resistance of steel casting products make it very suitable for various automotive parts, such as flywheels, reducer housings, brake systems, gearboxes and investment castings. Due to the increasing use of private and public transportation around the world, it is expected that the automotive and transportation sectors will gain market share by 2026.
Due to the increasing use of pipes and fittings made of steel in industries such as power generation, oil and gas, and manufacturing, the share of pipes and fittings may increase. Almost all types of steel casting products are used in the production of pipes and fittings and related components.
Manufacturing activities in the Asia-Pacific region will boost the consumption of steel casting products in the region
The Asia-Pacific region is the world’s largest consumer of steel castings. During the forecast period, the consumption of these products in the region is expected to increase. This is because the region uses a wide range of cast steel products to manufacture final products ranging from auto parts to household appliances. The Asia-Pacific region has several manufacturing plants that require steel casting products.
On the other hand, North America and Europe managed to remain competitive. However, they are expected to lose market share at the end of the forecast period. However, by 2026, the market share of these two regions is expected to be less than that of Latin America, the Middle East and Africa.
There are a large number of companies operating in the global steel casting market. Companies from Europe, Asia Pacific and North America dominate the market with their rich expertise and technologically advanced equipment. Various players in the steel casting market are also major producers of steel. These participants can benefit a lot from backward integration because it can help them control operating costs and obtain better technology. Some important companies in the market include Tata Steel Co., Ltd., Kobe Steel Co., Ltd., ArcelorMittal Co., Nucor Corporation, Hitachi Metal Co., Ltd. and Amsted Railway Company.