Iron casting: Key market research findings
- Technological advancements in products and processes
- Modernization of foundry industry
Technavio has released a new market research report on the global iron casting market, which is expected to grow at a CAGR of around 7% between 2016 and 2020. Iron is the most commonly cast metal because of its comparatively low cost, ease of casting, ease of machining, and desired physical properties. Of late, the growing demand from the automotive segment, increased mechanization in the agricultural industry, and industrialization in developing countries are boosting the growth of iron castings market. APAC is the highest revenue-contributing region in the global iron casting market, and is expected to occupy more than 65% of the total market share. Much of this region’s growth comes from the rapid rise in manufacturing activities, especially in developing countries like India, Korea, Singapore and Indonesia.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“Of late, the market is undergoing various technological advancements, which are expected to bolster the growth prospects of this market until the end of the forecast period. Most modern foundries are fully monitored and controlled by computers leading to a considerable increase in cast quality and productivity. Computer-aided process planning (CAPP) systems are being increasingly used as they help bridge the gap between computer-aided design and computer aided manufacturing. Moreover, adoption of computer-integrated manufacturing systems will contribute to reducing the time taken to develop high-precision casting products, in the coming years,” says Chandrakumar Badala Jaganathan, Lead Analyst, Chemicals & Materials, Technavio Research
Several foundries are shifting towards automated molding methods. There have been significant changes in the induction furnaces, and in the methods used for melting, mechanized DISAMATIC molding for sand molding, and continuous casting for chemical sand binding. Also, several vendors have come up with eco-friendly techniques I many regions such as cold casting, which does not emit hazardous particles. Unlike traditional casting methods, 90% of molds are recycled, generating less waste and requiring minimal raw materials. Further, cold casting resins with metallic powders provides a product that gives the appearance of solid metal. These castings are, however, lighter and easier to ship and handle.
The key vendors in the global iron casting market include Brakes India, Dandong Foundry, Grede, Grupo Industrial Saltillo, Hinduja Foundries, Hitachi Metals, and OSCO Industries. The market for iron castings market is highly diverse and ranges from small enterprises that specialize in low-volume specialty products to large establishments that produce enormous quantities.
A more detailed analysis is available in the Technavio report, Global Iron Casting Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
Other related reports:
