Steel casting: Key market research findings
- Increasing use of steel scrap
- Automobile and transportation segment is the key revenue generating vertical of the market
- Key vendors – Anhui Yingliu, Hitachi, Kobe Steel, Precision Castparts, JFJC, and Peekay
Our industry experts predict the global steel casting market to grow at a CAGR of around 4% between 2016 and 2020. The growth of this market can be accredited to the increasing popularity of simulation-based castings. Simulation enables visualization of virtual casting processes such as mold filling, cooling, and solidification with respect to direction and time. It also helps in predicting the location of internal defects and optimizing the method and design of the overall casting process. Simulation-based casting technique is highly suitable for the production of reliable, economical, and high accuracy cast components. During 2015, APAC accounted for more than 70% of the overall market share to become the dominant shareholder in the global steel casting market. The steel casting market in APAC will showcase further growth during the forecast period with the projected upsurge in the demand from the automobile and construction industries.
The new market research report from Technavio presents a breakdown and analysis of the steel casting segments based on the application.
“The use of steel scrap is the latest trend in this market. Recycling of scrap improves the industry’s economic viability and also reduces environmental effects by eliminating the need for iron ore extraction for steel production. This reduces carbon dioxide emissions significantly, saves energy and water consumption, and also reduces air pollution. Due to such efficiencies, steel scrap has become a choice of raw material for steel casting producers,” says Chandrakumar Badala Jaganathan, Lead Analyst, Chemicals & Materials, Technavio Research.
The automobile and transportation segment dominated the global steel castings market by accounting for almost 45% of the overall market revenue in 2015. Steel finds the largest application in the automotive industry and accounts for around 65% of the material used in passenger cars. Sensing the massive growth potential, steel casting manufacturers in the market are entering into joint ventures with automotive manufacturers for steel supply.
The key vendors in the global steel casting market include Anhui Yingliu, Hitachi, Kobe Steel, Precision Castparts, JFJC, and Peekay. The global steel casting market is fragmented owing to the presence of several domestic and international players. For instance, in North America, most vendors are small and medium-sized businesses. The companies in the casting market characteristically focus on casting industrial metals such as aluminum, iron, copper, and steel to gain substantial market traction during the estimated period.
A more detailed analysis is available in the Technavio report, Global Steel Castings Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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