San Francisco, California, July 02, 2018: According to a recent market research report by TMR Research, the global market for iron castings is expected to benefit from the steadily expanding mining and construction industries, especially in regions such as Southeast Asia and Eastern Europe. The report, titled “Iron Castings Market
– Global Industry Analysis, Market Size, Share, Trends Analysis, Growth and Forecast 2017 – 2025,” prophesizes that the market will expand at a steady pace over the period between 2017 and 2025.
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Iron castings find vast usage across high performance applications in industries such as automobile, heavy equipment, defense equipment, and industrial machines. The increased demand for iron castings across these industries is expected to prove beneficial for the global iron castings market. Demand from the automobile, construction, and electrical industries, especially, is expected to form a large part of the overall global consumption of iron castings over the next few years. A vast rise in infrastructure development and residential and commercial building construction activities in emerging economies is expected to bode well for the demand for iron castings in the near future.
However, the relatively higher weight of iron castings as compared to castings made from other materials and the high amount of energy required for their production could hamper the growth prospects of the market to a certain extent over the forecast period. Nevertheless, the vast advancements seen recently in manufacturing processes and the increasing development of lightweight iron casting plates and pipes are expected to serve as new growth opportunities for the market.
Geographically, the markets in Asia Pacific and Europe are presently the leading revenue contributors to the global market. China is one of the leading markets for iron castings owing to the robust industrial and construction sectors and individually accounts for a notable share in the overall market.
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Some of the leading companies in the global iron castings market are ArcelorMittal S.A., ThyssenKrupp AG, Steel Authority of India Limited (SAIL), Hebei Iron and Steel Group Co., Ltd., The voestalpine Group, Tata Group, Shanghai Baosteel Group Corporation, and SSAB AB.