North America Iron & Steel Casting Market size crossed USD 20 billion in 2020 and is predicted to witness over 6.3% CAGR between 2021 and 2027. The growing demand for iron and steel casting from the automobile industry will drive the market revenue.

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Stringent government regulations and rising customer preferences toward fuel-efficient vehicles will gradually increase the product demand. Automobile manufacturers are shifting their focus toward lightweight vehicles, which will further trigger the demand for lightweight iron and steel casting materials.

North America Market, By Material

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The iron casting segment dominated more than 80% market share in 2020, owing to the rising demand for cast iron from automobile, construction, and oil & gas sectors. Gray iron is the most preferred type of cast iron as it can be widely used for engine cylinder blocks, pumps, electrical boxes, valve bodies, etc. Rising investment in shale gas exploration in the U.S. will significantly contribute to the market share.

North America Market, By Application

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The automotive application segment will value at USD 10 billion in the North America iron & steel casting market by 2027. Due to excellent mechanical and wear resistance capability, cast iron is largely used in automotive parts including cylinder heads, blocks, and gear boxes. Though the global car production decreased in the last few years, the adoption of hybrid and electric vehicles has significantly increased.

North America Market, By Process

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The sand casting segment will observe around 6.2% growth rate during the forecast period, due to its extensive use in elevated temperature. High flexibility, greater heat resistance capacity, and lower operational costs will boost the segment demand. Further, the benefits of the process include effective production of low to large size parts in batches, which will create opportunities across end-user industries.

North America Market, By Country

The U.S. iron & steel casting market revenue is anticipated to showcase a considerable growth through 2027, attributed to rising investment in construction and automotive industries in recent years. In July 2020, USMCA was introduced, strengthening the integrated supply chain for automakers and ensuring continuous investment in the expansion of the auto industry across the region.

Competitive Industry Landscape

The key players operating in the North America iron & steel casting market include Hitachi Metals., ArcelorMittal, Nucor Corp., POSCO, Nippon Steel Corp., Waupaca Foundry, Inc, and Nelcast Ltd. Manufacturers are focusing on process improvisation along with capacity expansion to strengthen their geographical presence. Several strategies are also adopted by market leaders to expand their customer base.