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European Iron & Steel Casting Market size to cross $47.5 Bn by 2027

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European Iron & Steel Casting Market size is projected to reach USD 47.5 billion by 2027, according to a latest forecast report by Graphical Research. Growth of the automotive sector and rising product demand from the construction & infrastructure industry will augment the product usage over the years to come.

Some of the key findings of the European iron & steel casting market report include:

  • Iron will be the most used casting material majorly owing to its advantages over steel, such as cast, strength, and machining.
  • The sand casting process will dominate the industry due to its favorable characteristics, including shorter lead times, low-cost, and ease in the casting of complex shapes.
  • The automotive sector will be the major product consumer and is estimated to account for over 30% of the market share in 2027.
  • The European iron & steel casting industry witnessed a drop of over 13% in 2020 primarily due to the outbreak of COVID-19 disease.
  • Some of the key manufacturers include Silbitz Group GmbH, ACO Eurobar GmbH, Rautic GmbH, BAS Castings, NovaCast Limited, Thomas Dudley Foundry Limited,Newby Foundries Ltd., Farinia Group, Lucchini RS S.p.A., Castinox S.A., AIANOX, S.A., FUNOR SA, Metal Group, Mechel Group, and LLC BVK.

Casting is a widely used method to manufacture metal products or equipment with complex shapes. This provides the ability to make any part that is difficult and uneconomical to prepare by other fabrication methods. Additionally, cast metals offer high-performance for various applications. For instance, hard carbon cast steel can be used for applications where high wear resistance and maximum hardness are required. It is economical to manufacture with varying material grades and is suitable for a broad range of engineering applications.

The commonly preferred alloy cast steels include Hadfield’s manganese steel and stainless steel. Alloy cast steels are generally developed to achieve several favorable characteristics, such as wear resistance, corrosion resistance, and heat resistance. Therefore, depending upon the grade and properties of alloy cast steel, it can be used for different sets of applications. For instance, low alloy cast steel possesses superior-machinability and is cost-effective, hence is suitable for construction equipment, pipelines, oil drilling platforms, military vehicles, and pressure vessels. On the other hand, high alloy cast steel is mostly chosen for automotive applications, chemical processing, structural components, and power generation equipment.

Browse detailed statistical insights from the report, “Europe Iron & Steel Casting Market Size By Application (Automotive, Industrial Machinery, Power & Electrical, Pipe, Fittings & Valves, Sanitary, Others), By Process (Sand Casting, Die Casting, Others), By Material (Iron {White Iron, Gray Iron, Ductile Iron}, Steel), 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/1703/europe-iron-and-steel-casting-market

Among the processes, sand casting is the most preferred method. In 2020, it acquired more than half of the European iron & steel casting market. The popularity of the process is majorly because sand is cheap, pliable, plentiful, and is able to withstand the heat. However, the surface finish achieved by sand casting is not of a high standard and often gives a rough finish and low dimensional precision. Therefore, sand casting is extensively used to fabricate large and rugged products ranging from cast iron pans to decorative fences to car engine parts.

Based on materials, steel is gaining momentum compared to iron and is anticipated to expand at a CAGR of 6.5% from 2021 to 2027. The robust growth is underpinned by the diverse use of cast steel for industrial machinery applications, including pump casings, hydro-electric turbine wheels, turbocharger turbines, mining machinery, marine equipment, and engine cylinder blocks among others. Cast steel has been witnessing strong demand for applications requiring high-performance and thus, the growth of end-use sectors will propel product consumption in the future. Moreover, the increasing mining operations and rising production of renewable energy will further stimulate the market demand.

Some of the prominent manufacturers involved in the iron & steel casting market include Silbitz Group GmbH, ACO Eurobar GmbH, Rautic GmbH, BAS Castings, NovaCast Limited, Thomas Dudley Foundry Limited, Newby Foundries Ltd., Farinia Group, Lucchini RS S.p.A., Castinox S.A., AIANOX, S.A., FUNOR SA, Metal Group, Mechel Group, and LLC BVK.

The European iron & 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:

Europe Market, By Process

  • Die casting
  • Sand casting
  • Others

Europe Market, By Material

  • Iron
    • Gray iron
    • White iron
    • Ductile iron
  • Steel

Europe Market, By Application

  • Industrial Machinery
  • Automotive
  • Pipe, Fittings & Valves
  • Power & Electrical
  • Sanitary
  • Others

The above information has been provided for the following countries:

  • Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Turkey
  • Poland
  • Russia