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North American Iron and Steel Casting Market size to reach $30 Bn by 2027
Published Date: 2021-09-06
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North American Iron and Steel Casting Market size is poised to exceed USD 30 billion by 2027, according to a latest forecast report by Graphical Research. The rapid adoption of energy-efficient & cost-saving technologies along with design flexibility will trigger the industry growth over the forecast period.
The North America market is likely to witness growth at a rate over 6% in the coming years. Increasing construction activities across the region will positively influence the industry size in near future. The extensive use of cast iron and steel products in construction equipment including pipe, fittings & valves, and heavy machinery owing to the need for hard, wear resistance, and durable substances will positively influence the product usage. Lower operational costs and excellent weather resistance properties will surge the demand for iron and steel casting materials in the upcoming years.
The rapid growth of urban population will create a scope for infrastructure development across the region, gradually driving the demand for heavy earth moving equipment. Many industries need integrated machinery systems for handling extreme conditions. Steel casting products can address the situation effectively due to their high resistance toward heat, corrosion, and abrasion. Further, the expansion of the power and electrical sector in the U.S. has eventually increased the demand for industrial furnaces. However, fluctuation in raw material prices and ongoing COVID-19 pandemic have harshly affected the market and limited growth. Low labor force, delays of production facilities, and financial crunch squeezed the industry size in the early stages of COVID-19. Lifting of restrictions, rapid vaccination policy, and rising economic activities in the U.S. are expected to provide a speedy recovery to the iron steel casting industry in the coming years.
Browse detailed statistical insights from the report, “North America Iron & Steel Casting Market Forecast 2027 By Material (Iron [White Iron, Ductile Iron, Grey Iron], Steel), By Process (Sand Casting, Die Casting), By Application (Automotive; Industrial Machinery; Pipes, Fittings & Valves; Power & Electrical; Sanitary), Research Report, COVID-19 Impact Statistics, Country Outlook, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share” along with the table of contents (ToC) @
The steel casting segment is expected to register a significant growth and will foster at a CAGR of more than 8% up to 2027. The process is commonly used for mass production of components and parts for different industrial sectors including agriculture, automotive, power generation, construction, and many other machinery applications. Low maintenance and long-lasting ability of steel casting are likely to attract the end-user industries to reduce their operational costs, fostering the product demand in the coming years.
The die casting process segment registered over 25% of the market share in 2020 owing to its high rate of production for durable, complex shapes, dimensionally stable, and quality finished products. Die casting is largely used for automotive parts, decorative hardware, and many small substances such as locks and gears. Furthermore, the rising demand for HVAC products will eventually drive the segment share over the assessment period.
The power and electrical sector will cross USD 5.5 billion revenue by 2027 with a growth rate of more than 6%. The power and electric generation industry offers a wide range of applications including coal, solar thermal, geothermal, and nuclear energy. Iron and steel casting products including pumps, control valves, and combustor components are mainly used in the power generation industry. Rising energy consumption across the industry will boost the power and electric sector in the coming years, positively impacting the market share.
The North America 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:
North America Market, By Material
- White iron
- Ductile iron
- Gray iron
North America Market, By Process
- Sand casting
- Die casting
North America Market, By Application
- Industrial machinery
- Pipes, fittings, and valves
- Power and electrical
The above information has been provided for the following countries:
- North America