Iron castings market: APAC is estimated to contribute 68% to the growth of the global market during the forecast period – Technavio – Yahoo Finance

NEW YORK, Dec. 19, 2022 /PRNewswire/ — The iron castings market size is forecast to grow by 23,204.12 thousand tons at a CAGR of 5.15% between 2022 and 2027. APAC is forecast to contribute 68% to the growth of the global iron castings market during the forecast period. The market in the region is estimated to grow at the fastest pace during the forecast period. The increase in manufacturing activities in emerging markets and the growth in the automotive sector will facilitate the iron castings market growth in APAC over the forecast period.
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Competitive Analysis
The competitive scenario categorizes companies based on various performance indicators. Some of the factors considered include the financial performance of companies, growth strategies, product innovations, new product launches, investments, and growth in market share among others. Buy the Report
Iron castings market: Segmentation Analysis
Technavio has segmented the iron castings market end-user (automobile, industrial machinery, infrastructure and construction machines, power, and others), product (gray iron, duct iron, and malleable iron), and geography (APAC, Europe, North America, South America, and Middle East and Africa). The report provides actionable insights and estimates the contribution of all segments to the growth of the global iron castings market.
The automobile segment held the largest share of the market in 2022. The segment is driven by the growth of the passenger car market globally. In addition, the modernization and development of assembly line equipment and machinery in the automotive plants are fueling the growth of the segment.
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Key factor driving market growth
The growth in the automobile segment is one of the factors driving the iron castings market growth.
Most of the automobile components such as engine parts, gears and bushings, suspension, brakes, steering, and crankshaft are made of cast iron.
Manufacturers of heavy commercial vehicles and tractors are shifting toward the development of engines that generate more horsepower. This is increasing the use of cast iron products such as cylinder blocks and cylinder heads.
Factors such as increased employment, growth in per capita income, and easy credit facilities have improved the purchasing power of consumers, which is increasing the adoption of passenger cars.
As a result of these factors, the global iron castings market size will increase over the forecast period.
Leading trends influencing the market
The modernization of the foundry industry is one of the key iron castings market trends fueling the market growth. Manufacturers across regions are increasingly adopting stringent quality standards and environmentally-friendly techniques to reduce harmful emissions. They are exhibiting an increased preference for automated molding methods for melting, mechanized diametric molding for sand molding, and continuous casting for chemical sand binding. Manufacturers are also adopting cold casting processes to reduce waste production and reduce the use of raw materials. Moreover, the lightweight property of cold-cast products makes them easier to handle and ship, thereby reducing energy costs. Such modernization activities by foundry operators are expected to positively influence the growth of the market during the forecast period.
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What are the key data covered in this iron castings market report?
CAGR of the market during the forecast period
Detailed information on factors that will drive the growth of the iron castings market between 2023 and 2027
Precise estimation of the size of the iron castings market size and its contribution of the market in focus to the parent market
Accurate predictions about upcoming trends and changes in consumer behavior
Growth of the iron castings market industry across APAC, North America, Europe, Middle East and Africa, and South America
Thorough analysis of the market’s competitive landscape and detailed information about vendors
Comprehensive analysis of factors that will challenge the growth of iron castings market vendors
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Iron Castings Market Scope
Report Coverage
Page number
Base year
Historic period
Forecast period
Growth momentum & CAGR
Accelerate at a CAGR of 5.15%
Market growth 2023-2027
23204.12 thousand tons
Market structure
YoY growth 2022-2023 (%)
Regional analysis
APAC, Europe, North America, South America, and Middle East and Africa
Performing market contribution
APAC at 68%
Key countries
US, China, India, Japan, and Germany
Competitive landscape
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled
Benton Foundry Inc., BMF GROUP, chamberlin Plc, Dandong Fuding Engineering Machinery Co. Ltd., Decatur Foundry Inc., Deeco Metals, Endurance Technologies Ltd., Hitachi Metals Ltd., Krakatau Posco, MAGMA Giessereitechnologie GmbH, NINGBO INNOVAW MECHANICAL CO., LTD, OSCO Industries Inc., Plymouth Foundry Inc., Qingdao Tian Hua Yi He Foundry Factory, Reliance Foundry Co. Ltd., Shibaura Machine CO., LTD, Sumitomo Electric Industries Ltd., thyssenkrupp AG, Waupaca Foundry Inc., and Willman Industries Inc
Market dynamics
Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period.
Customization purview
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
Table of contents:
1 Executive Summary
1.1 Market overview
2 Market Landscape
2.1 Market ecosystem
3 Market Sizing
3.1 Market definition
3.2 Market segment analysis
3.3 Market size 2022
3.4 Market outlook: Forecast for 2022-2027
4 Historic Market Size
4.1 Global iron castings market 2017 – 2021
4.2 Geography Segment Analysis 2017 – 2021
4.3 End-user Segment Analysis 2017 – 2021
4.4 Product Segment Analysis 2017 – 2021
4.5 Country Segment Analysis 2017 – 2021
5 Five Forces Analysis
5.1 Five forces summary
5.2 Bargaining power of buyers
5.3 Bargaining power of suppliers
5.4 Threat of new entrants
5.5 Threat of substitutes
5.6 Threat of rivalry
5.7 Market condition
6 Market Segmentation by End-user
6.1 Market segments
6.2 Comparison by End-user
6.3 Automobile – Market size and forecast 2022-2027
6.4 Industrial machinery – Market size and forecast 2022-2027
6.5 Infrastructure and construction machines – Market size and forecast 2022-2027
6.6 Power – Market size and forecast 2022-2027
6.7 Others – Market size and forecast 2022-2027
6.8 Market opportunity by End-user
7 Market Segmentation by Product
7.1 Market segments
7.2 Comparison by Product
7.3 Gray iron – Market size and forecast 2022-2027
7.4 Duct iron – Market size and forecast 2022-2027
7.5 Malleable iron – Market size and forecast 2022-2027
7.6 Market opportunity by Product
8 Customer Landscape
8.1 Customer landscape overview
9 Geographic Landscape
9.1 Geographic segmentation
9.2 Geographic comparison
9.3 APAC – Market size and forecast 2022-2027
9.4 Europe – Market size and forecast 2022-2027
9.5 North America – Market size and forecast 2022-2027
9.6 South America – Market size and forecast 2022-2027
9.7 Middle East and Africa – Market size and forecast 2022-2027
9.8 China – Market size and forecast 2022-2027
9.9 India – Market size and forecast 2022-2027
9.10 US – Market size and forecast 2022-2027
9.11 Germany – Market size and forecast 2022-2027
9.12 Japan – Market size and forecast 2022-2027
9.13 Market opportunity by geography
10 Drivers, Challenges, and Trends
10.1 Market drivers
10.2 Market challenges
10.3 Impact of drivers and challenges
10.4 Market trends
11 Vendor Landscape
11.1 Overview
11.2 Vendor landscape
11.3 Landscape disruption
11.4 Industry risks
12 Vendor Analysis
12.1 Vendors covered
12.2 Market positioning of vendors
12.3 Benton Foundry Inc.
12.5 chamberlin Plc
12.6 Dandong Fuding Engineering
12.7 Decatur Foundry Inc.
12.8 Deeco Metals
12.9 Endurance Technologies Ltd.
12.10 Hitachi Metals Ltd.
12.11 Krakatau Posco
12.12 MAGMA Giessereitechnologie GmbH
12.13 OSCO Industries Inc.
12.14 Plymouth Foundry Inc.
12.15 Qingdao Tian Hua Yi He
12.16 Sumitomo Electric Industries Ltd.
12.17 thyssenkrupp AG
13 Appendix
13.1 Scope of the report
13.2 Inclusions and exclusions checklist
13.3 Currency conversion rates for US$
13.4 Research methodology
13.5 List of abbreviations
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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