Published Date: 2021-03-04
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APAC Iron and Steel Casting Market size is anticipated to reach USD 103.7 billion by 2027, according to a latest forecast report by Graphical Research.
Increasing product demand from the automotive industry is anticipated to be the major driving factor for the APAC iron & steel casting market growth. In 2019, Asia Pacific dominated over 50% of the global automotive production. China is Asia’s largest automotive producer, holding more than half of the regional share. The increasing automotive production in the region is majorly due to economic developments, rising per capita income, rapid urbanization, and supportive policies.
Based on the application, the automotive segment accounted for over 31% of the Asia Pacific iron and steel casting market share. The automotive sector uses steel and iron casting for the manufacturing of engine, gear, suspension, braking, and other components. Another key factor attributing to the surging automotive production is the installment of new facilities by foreign manufacturers. The expanding production facilities are due to economical labor costs, ease in the raw material procurement, and promising policies, among others.
Ductile cast iron is set to exhibit around 5% CAGR through 2027. This is also known as spheroidal graphite cast iron or nodular cast iron. Ductile iron consists of around 94% iron, up to 3.6% carbon, up to 2.8% silicon, 0.1-0.2% manganese, up to 0.04% magnesium, up to 0.04% phosphorus, up to 0.2% sulfur, and up to 0.4 copper. To enhance the strength, some compositions also include an additional amount of copper or tin. Ductile cast iron holds high tensile strength and high yield strength approximately ranging between 60,000 – 120,000 psi and 40,000 – 90,000 psi respectively. Due to its favorable properties, ductile iron is extensively used for a wide range of products, including pipe 7 pipe fittings, axles, crankshafts, disc brake calipers, large machines, truck axles, gears & gearbox, machine tooling, suspension system, connecting rods, wheel hubs, and valves.
Browse detailed statistical insights from the report, “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” along with the table of contents (ToC) @
https://www.graphicalresearch.com/industry-insights/1668/asia-pacific-iron-and-steel-casting-market
Among the casting processes, die casting is predicted to showcase over 4.9% CAGR between 2021 and 2027. This process involves the injection of molten metal into the mold under a high-pressure. The highest usage of the die casting process is owing to the quick production cycle, high accuracy, and material scrap reduction. Die casting is used for the manufacturing of numerous components for the automotive, aerospace, machinery, electronics, domestic appliances, and power tool industries.
However, automotive is one of the most affected industries due to the outbreak of covid-19 disease. In order to stop the spread of the contagious virus, lockdowns imposed by several nations put the manufacturing operations on halt. The alleviated consumer spending power and growing unemployment in some countries led to a downfall in the product demand. The Asia Pacific iron & steel casting market took a major dip in terms of value in 2020. However, the resuming operations and easing restrictions are boosting consumer spending confidence and creating a positive outlook.
Prominent manufactures include A-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 key manufacturers are focused on improving their market positions by expanding production facilities, geographical expansions, increasing investments in R&D, mergers & acquisitions, and other strategies.
The APAC iron and steel casting market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Kilotons & revenue in USD Million from 2016 to 2027 for the following segments:
Asia Pacific Market, By Process
Asia Pacific Market, By Material
Asia Pacific Market, By Application
The above information is provided on a country basis for the following:
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