Steel castings have been a cornerstone of industrial development for centuries, with a rich history dating back to ancient China where they were used to create intricate tools and weapons. Early civilizations employed various casting techniques, including the lost-wax method, which involved creating a wax model of the desired object and then encasing it in clay or another mold material. Once heated, the wax melted away, leaving a cavity into which molten metal could be poured. After the metal cooled and solidified, the mold was broken away to reveal the cast object.
Over the centuries, steel casting techniques continued to evolve. The Industrial Revolution ushered in a new era of innovation, and steel castings played a vital role in this transformation. The development of new and more efficient steelmaking processes, along with advancements in mold-making techniques, enabled the mass production of complex machinery components. Steel castings were instrumental in the creation of steam engines, machine tools, and other critical industrial equipment that revolutionized manufacturing and transportation.
In the 20th century, steel castings continued to be a key material in the construction of some of the world's most iconic structures. The Golden Gate Bridge, a marvel of engineering completed in 1937, is a testament to the strength and durability of steel castings. The bridge's massive suspension towers and other structural components were all fabricated using steel castings, enabling it to withstand the immense forces exerted by wind, traffic, and seismic activity. The Empire State Building, another iconic landmark completed in 1931, also relied heavily on steel castings for its structural integrity. These towering structures, along with countless others around the world, stand as a lasting tribute to the enduring legacy of steel castings in the history of construction.
According to our publisher’s latest study, the global Steel Casting market size was valued at US$ 69940 million in 2023. With growing demand in downstream market, the Steel Casting is forecast to a readjusted size of US$ 88520 million by 2030 with a CAGR of 3.4% during review period.
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The research report highlights the growth potential of the global Steel Casting market. Steel Casting are expected to show stable growth in the future market. However, product differentiation, reducing costs, and supply chain optimization remain crucial for the widespread adoption of Steel Casting. Market players need to invest in research and development, forge strategic partnerships, and align their offerings with evolving consumer preferences to capitalize on the immense opportunities presented by the Steel Casting market.
A steel casting is a metal component that is formed by pouring molten steel into a mold cavity. The liquefied steel then cools and solidifies within the mold cavity. By catering the shape of the mold, and hence the casting, to perfectly fit specifications. The casting process of steel can be difficult. It is less fluid than other metals and more reactive to mold materials.
On the basis of product type, Carbon Steel Casting represent the largest share of the worldwide Steel Casting market, with 47.16% share. In the applications, Rail and Transit segment is estimated to be the largest end-use industry segment of the market in 2019, with 28.28% share of global market. The concentration of the market is low. Precision Castparts occupies most of the global market, with the market share of 1.5%. China holds the major share in the global market, with a share of 48.09%.
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Key Features:
The report on Steel Casting market reflects various aspects and provide valuable insights into the industry.
Market Size and Growth: The research report provide an overview of the current size and growth of the Steel Casting market. It may include historical data, market segmentation by Type (e.g., Carbon Steel Casting, Low-Alloy Steel Casting), and regional breakdowns.
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Market Drivers and Challenges: The report can identify and analyse the factors driving the growth of the Steel Casting market, such as government regulations, environmental concerns, technological advancements, and changing consumer preferences. It can also highlight the challenges faced by the industry, including infrastructure limitations, range anxiety, and high upfront costs.
Market Drivers:
• Growth in End-Use Industries: Expansion in the construction, automotive, and machinery sectors worldwide is driving demand for steel castings. These industries rely on the durability, strength, and formability of steel castings for various applications.
• Focus on Lightweight Casting Materials: The increasing demand for fuel-efficient vehicles and lighter construction materials is pushing the use of lightweight casting materials like magnesium and aluminum alloys. However, steel castings remain a crucial choice for applications requiring high strength-to-weight ratios.
Market Trends:
• Technological Advancements: Investment in advanced casting techniques like 3D sand printing and lost-foam casting is enhancing casting accuracy, complexity, and production efficiency.
• Shifting Production Landscape: The global steel casting market is witnessing a shift in production bases. While established players remain, regions like Asia Pacific are experiencing significant growth due to cost competitiveness and growing domestic demand.
Market Challenges:
• Fluctuations in Raw Material Prices: The steel casting industry is susceptible to fluctuations in the prices of raw materials like iron ore and coking coal, impacting production costs and profitability.
• Stringent Environmental Regulations: Stricter environmental regulations regarding emissions and waste management can pose challenges for steel casting companies, requiring investments in cleaner technologies and sustainable practices.
Competitive Landscape: The research report provides analysis of the competitive landscape within the Steel Casting market. It includes profiles of key players, their market share, strategies, and product offerings. The report can also highlight emerging players and their potential impact on the market.
Technological Developments: The research report can delve into the latest technological developments in the Steel Casting industry. This include advancements in Steel Casting technology, Steel Casting new entrants, Steel Casting new investment, and other innovations that are shaping the future of Steel Casting.
• Advanced Simulation & Modeling: Software tools allow engineers to virtually simulate mold filling, solidification, and cooling, optimizing casting processes and minimizing defects.
• 3D Printing & Additive Manufacturing: Integration of 3D printing technologies allows for creation of complex near-net-shape castings, reducing waste and production time.
Downstream Procumbent Preference: The report can shed light on customer procumbent behaviour and adoption trends in the Steel Casting market. It includes factors influencing customer ' purchasing decisions, preferences for Steel Casting product.
Government Policies and Incentives: The research report analyse the impact of government policies and incentives on the Steel Casting market. This may include an assessment of regulatory frameworks, subsidies, tax incentives, and other measures aimed at promoting Steel Casting market. The report also evaluates the effectiveness of these policies in driving market growth.
Environmental Impact and Sustainability: The research report assess the environmental impact and sustainability aspects of the Steel Casting market.
Market Forecasts and Future Outlook: Based on the analysis conducted, the research report provide market forecasts and outlook for the Steel Casting industry. This includes projections of market size, growth rates, regional trends, and predictions on technological advancements and policy developments.
• Infrastructure Development: Ongoing investments in infrastructure projects like bridges, buildings, and power plants will fuel demand for durable steel castings.
• Renewable Energy: The growth of the renewable energy sector, particularly wind power, will create demand for specialized steel castings used in wind turbine components.
• Automotive Industry: Despite potential challenges from electric vehicles, the traditional automotive industry is expected to keep using steel castings for critical components due to their strength and reliability.
Recommendations and Opportunities: The report conclude with recommendations for industry stakeholders, policymakers, and investors. It highlights potential opportunities for market players to capitalize on emerging trends, overcome challenges, and contribute to the growth and development of the Steel Casting market. Material Innovation: Develop stronger, lighter, and more corrosion-resistant steel alloys.
Market Segmentation:
Steel Casting market is split by Type and by Application. For the period 2019-2030, the growth among segments provides accurate calculations and forecasts for consumption value by Type, and by Application in terms of volume and value.
Segmentation by type
Carbon Steel Casting
Low-Alloy Steel Casting
High Alloy Steel Casting
Segmentation by application
Power Generation
Rail and Transit
Mining
Construction Machinery
Oil and Gas
Aerospace and Defense
Shipbuilding
Others
This report also splits the market by region:
Americas
United States
Canada
Mexico
Brazil
APAC
China
Japan
Korea
Southeast Asia
India
Australia
Europe
Germany
France
UK
Italy
Russia
Middle East & Africa
Egypt
South Africa
Israel
Turkey
GCC Countries
The below companies that are profiled have been selected based on inputs gathered from primary experts and analyzing the company's coverage, product portfolio, its market penetration.
Precision Castparts
Hitachi
Doosan Heavy Industries & Construction
Kobe Steel
ME Elecmetal
Amsted Rail
Signicast (Form Technologies Company)
MetalTek International
Anhui Yingliu
Harrison Steel Casting
Peekay Steel Castings
Impro Precision
Liaoning Fu-An Heavy Industry
Tycon Alloy Industries
Japan Steel Works
Amsteel Castings
Isgec Heavy Engineering
Key Questions Addressed in this Report
What is the 10-year outlook for the global Steel Casting market?
What factors are driving Steel Casting market growth, globally and by region?
Which technologies are poised for the fastest growth by market and region?
How do Steel Casting market opportunities vary by end market size?
How does Steel Casting break out type, application?
Table of Contents
1 Scope of the Report
1.1 Market Introduction
1.2 Years Considered
1.3 Research Objectives
1.4 Market Research Methodology
1.5 Research Process and Data Source
1.6 Economic Indicators
1.7 Currency Considered
1.8 Market Estimation Caveats
2 Executive Summary
2.1 World Market Overview
2.1.1 Global Steel Casting Annual Sales 2019-2030
2.1.2 World Current & Future Analysis for Steel Casting by Geographic Region, 2019, 2023 & 2030
2.1.3 World Current & Future Analysis for Steel Casting by Country/Region, 2019, 2023 & 2030
2.2 Steel Casting Segment by Type
2.2.1 Carbon Steel Casting
2.2.2 Low-Alloy Steel Casting
2.2.3 High Alloy Steel Casting
2.3 Steel Casting Sales by Type
2.3.1 Global Steel Casting Sales Market Share by Type (2019-2024)
2.3.2 Global Steel Casting Revenue and Market Share by Type (2019-2024)
2.3.3 Global Steel Casting Sale Price by Type (2019-2024)
2.4 Steel Casting Segment by Application
2.4.1 Power Generation
2.4.2 Rail and Transit
2.4.3 Mining
2.4.4 Construction Machinery
2.4.5 Oil and Gas
2.4.6 Aerospace and Defense
2.4.7 Shipbuilding
2.4.8 Others
2.5 Steel Casting Sales by Application
2.5.1 Global Steel Casting Sale Market Share by Application (2019-2024)
2.5.2 Global Steel Casting Revenue and Market Share by Application (2019-2024)
2.5.3 Global Steel Casting Sale Price by Application (2019-2024)
3 Global Steel Casting by Company
3.1 Global Steel Casting Breakdown Data by Company
3.1.1 Global Steel Casting Annual Sales by Company (2019-2024)
3.1.2 Global Steel Casting Sales Market Share by Company (2019-2024)
3.2 Global Steel Casting Annual Revenue by Company (2019-2024)
3.2.1 Global Steel Casting Revenue by Company (2019-2024)
3.2.2 Global Steel Casting Revenue Market Share by Company (2019-2024)
3.3 Global Steel Casting Sale Price by Company
3.4 Key Manufacturers Steel Casting Producing Area Distribution, Sales Area, Product Type
3.4.1 Key Manufacturers Steel Casting Product Location Distribution
3.4.2 Players Steel Casting Products Offered
3.5 Market Concentration Rate Analysis
3.5.1 Competition Landscape Analysis
3.5.2 Concentration Ratio (CR3, CR5 and CR10) & (2019-2024)
3.6 New Products and Potential Entrants
3.7 Mergers & Acquisitions, Expansion
4 World Historic Review for Steel Casting by Geographic Region
4.1 World Historic Steel Casting Market Size by Geographic Region (2019-2024)
4.1.1 Global Steel Casting Annual Sales by Geographic Region (2019-2024)
4.1.2 Global Steel Casting Annual Revenue by Geographic Region (2019-2024)
4.2 World Historic Steel Casting Market Size by Country/Region (2019-2024)
4.2.1 Global Steel Casting Annual Sales by Country/Region (2019-2024)
4.2.2 Global Steel Casting Annual Revenue by Country/Region (2019-2024)
4.3 Americas Steel Casting Sales Growth
4.4 APAC Steel Casting Sales Growth
4.5 Europe Steel Casting Sales Growth
4.6 Middle East & Africa Steel Casting Sales Growth
5 Americas
5.1 Americas Steel Casting Sales by Country
5.1.1 Americas Steel Casting Sales by Country (2019-2024)
5.1.2 Americas Steel Casting Revenue by Country (2019-2024)
5.2 Americas Steel Casting Sales by Type
5.3 Americas Steel Casting Sales by Application
5.4 United States
5.5 Canada
5.6 Mexico
5.7 Brazil
6 APAC
6.1 APAC Steel Casting Sales by Region
6.1.1 APAC Steel Casting Sales by Region (2019-2024)
6.1.2 APAC Steel Casting Revenue by Region (2019-2024)
6.2 APAC Steel Casting Sales by Type
6.3 APAC Steel Casting Sales by Application
6.4 China
6.5 Japan
6.6 South Korea
6.7 Southeast Asia
6.8 India
6.9 Australia
6.10 China Taiwan
7 Europe
7.1 Europe Steel Casting by Country
7.1.1 Europe Steel Casting Sales by Country (2019-2024)
7.1.2 Europe Steel Casting Revenue by Country (2019-2024)
7.2 Europe Steel Casting Sales by Type
7.3 Europe Steel Casting Sales by Application
7.4 Germany
7.5 France
7.6 UK
7.7 Italy
7.8 Russia
8 Middle East & Africa
8.1 Middle East & Africa Steel Casting by Country
8.1.1 Middle East & Africa Steel Casting Sales by Country (2019-2024)
8.1.2 Middle East & Africa Steel Casting Revenue by Country (2019-2024)
8.2 Middle East & Africa Steel Casting Sales by Type
8.3 Middle East & Africa Steel Casting Sales by Application
8.4 Egypt
8.5 South Africa
8.6 Israel
8.7 Turkey
8.8 GCC Countries
9 Market Drivers, Challenges and Trends
9.1 Market Drivers & Growth Opportunities
9.2 Market Challenges & Risks
9.3 Industry Trends
10 Manufacturing Cost Structure Analysis
10.1 Raw Material and Suppliers
10.2 Manufacturing Cost Structure Analysis of Steel Casting
10.3 Manufacturing Process Analysis of Steel Casting
10.4 Industry Chain Structure of Steel Casting
11 Marketing, Distributors and Customer
11.1 Sales Channel
11.1.1 Direct Channels
11.1.2 Indirect Channels
11.2 Steel Casting Distributors
11.3 Steel Casting Customer
12 World Forecast Review for Steel Casting by Geographic Region
12.1 Global Steel Casting Market Size Forecast by Region
12.1.1 Global Steel Casting Forecast by Region (2025-2030)
12.1.2 Global Steel Casting Annual Revenue Forecast by Region (2025-2030)
12.2 Americas Forecast by Country
12.3 APAC Forecast by Region
12.4 Europe Forecast by Country
12.5 Middle East & Africa Forecast by Country
12.6 Global Steel Casting Forecast by Type
12.7 Global Steel Casting Forecast by Application
13 Key Players Analysis
13.1 Precision Castparts
13.1.1 Precision Castparts Company Information
13.1.2 Precision Castparts Steel Casting Product Portfolios and Specifications
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