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Asia Pacific Iron & Steel Casting Market Size By Process (Die Casting, Sand Casting, Others), By Material (Steel, Iron {Ductile Iron, White Iron, Gray Iron}), By Application (Industrial, Automotive, Machinery, Fittings & Valves, Pipe, Sanitary, Power & Electrical), Research Report, Country Outlook, Price Trends, Growth Prospects, Competitive Industry Share & Forecasts, 2021 - 2027

Published Date: February 2021 | Publisher: Graphical Research Report ID: GR1668 | Delivery : PDF

Asia Pacific Iron & Steel Casting Market size surpassed USD 73.6 billion in 2020 and is estimated to observe a growth rate of 4.9% from 2021 to 2027.

Casting is extensively used to manufacture finished iron and steel components & products. The process involves the shaping of molten metal with the help of molds. The parts manufactured through the casting process offer impressive capabilities with design details and customization and mitigate the requirement for additional fabrication assembly. Even though several materials can be used for casting, iron and steel offer outstanding mechanical properties and hence are suitable for a wide range of applications.

Development in the Asia Pacific construction sector will stimulate the demand for iron & steel casting. Moreover, favorable policies and rising government investments to boot the construction sector and improve the living standards are likely to further accelerate the APAC iron and steel casting industry size. For instance, in China, Beijing Municipal Commission announced a massive 300 urban construction projects in 2020, involving around USD 36 billion in investment. According to the commission, projects will include 100 livelihood improvement projects, 100 high-tech industrial projects, and 100 infrastructure projects.

However, volatility in the raw material prices along with rapid technological advancements may restraint the market growth. Moreover, the COVID-19 outbreak has caused severe disruption in every endues sector. Due to low mobility and supply chain disruptions in many countries, a delay in the infrastructure construction projects has been observed. Although covid-19 is expected to interrupt the manufacturing activities, construction and automotive production operations are picking up the pace, and activities are resuming gradually. As a positive sign of growth, the economic activities started resuming after the lifting restrictions in China and are anticipated to propel the market revenue.

APAC Market, By Material

Asia Pacific Iron & Steel Casting Market

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Based on material, iron dominated 85% of the Asia Pacific iron & steel casting market share in the in 2020. The strong demand for iron over steel is majorly due to its advantage in terms of cast, compressive strength, and machining. Iron offers more flexibility in handling and pours conveniently. It is further subcategorized into gray iron, ductile iron, and white iron. The most extensively used category is the gray iron, which is due to its high thermal conductivity, good tensile strength, and greater vibration damping capabilities. The most common applications of gray iron include hydraulic components, linkages, pumps, suspension components, tractor parts, steering knuckles, machinery bases, and wind turbine housings, among others.

APAC Market, By Process

Asia Pacific Iron & Steel Casting Market

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The sand-casting process generated an estimated USD 38,268.6 million revenue in 2020. The robust demand for sand casting products is owing to the expandable sand molding ability to fabricate complex or compound metal parts. Production of large parts, shorter lead times, the casting of complex shapes, and reduced cost are some of the advantages of sand casting. However, this process incorporates some drawbacks as well, including inferior dimensional accuracy, low material strength, and high porosity. The sand cast iron & steel components are commonly used in impellers or blowers, engine blocks, electronic equipment, oil or gas tanks, agricultural machines, automobile parts, valves, pistons, mining equipment, and medical equipment, among others.

APAC Market, By Automotive

Automotive application accounted for nearly one-third of the market size in 2020 attributed to the thriving automobile demand across the region. The automotive sector extensively uses cast iron for a wide range of products, including suspension components, driveline, engine components, and braking components, among others. Additionally, cast steel is also used for trucks and cars. The growth of the automotive industry is majorly propelled by boosting the spending power of consumers, the rapid rate of urbanization, and the growing preference for luxury vehicles in the Asia Pacific.

Competitive Industry Landscape

The prominent players involved in the Asia Pacific iron & steel casting market include Cast Foundry, Universal Casting Corporation, AMF Castings & Engineering, CALMET,  A.D. Electrosteel Pvt. Ltd., Anshan Heavy Machinery Co., Ltd., Anhui Yingliu Group, Anhui Feng-shaped Wear-resistant Material Co., Ltd., Anhui Heli Co., Ltd. Hefei Cast-forging Factory, China First Heavy Machinery Group, Ikegai Metal Co., Ltd., Shinsho Corporation, Chuo Malleable Iron Co., Ltd., Kubota Corporation, VULKAN Technologies Pvt. Ltd., and Kimura Group.

The market is likely to experience intense competition in the years to come. It is due to several strategic initiatives taken by key market players to strengthen their market position. The strategies that product manufacturers are focused on include increasing spending on research & development, mergers, acquisition, and expansion of production capacity, among others.
 

Frequently Asked Question(FAQ) :

The market for iron & steel casting in Asia Pacific generated USD 73.6 billion in 2020 and the share will grow at a CAGR of 4.9% up to 2027.
Iron segment had captured over 85% market share in 2020 and will continue to dominate the market owing to better performance in terms of casting, machining, and compressive strength.
The sandcasting process segment generated around USD 38,268.6 million in 2020 and will show similar trends due to advantages such as high efficiency in production of large complex parts and shorter lead times.
Automotive applications captured nearly one-third of the market share in 2020 and will augment Asia Pacific industry forecast over 2021-2027.

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Asia Pacific Iron & Steel Casting Market | Growth Outlook 2021-2027


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