The North America iron casting market is projected to reach a value of USD 17 billion in 2023, having grown at a CAGR of 6.4% from 2018 to 2022. By 2033, sales of North America iron casting are estimated to reach a value of USD 29.4 billion. The market is expected to surge at a CAGR of 5.6% from 2023 to 2033.
Increasing investment in the railway sector due to rising commuting and commercial needs across different countries is expected to drive the growth of the market. Due to its low wear and high strength properties, cast iron is used in the manufacture of parts for railways and their infrastructure.
For instance, in 2022, the Mexican government announced a USD 2.4 billion metro upgrade plan. Infrastructure modernization is expected to be concluded by 2030.
The United States is an important market for cast iron due to the wide presence of end-use sectors. Demand for domestic products is driven by automobile factories, machinery, and tool manufacturers. There is also a growing demand for pipes and gears due to the growth of the chemical, oil, and infrastructure sector.
Augmented investment in establishing new water and wastewater treatment plants is expected to continue driving market development. For instance, in 2021, Haskell designed and constructed a new USD 150 million water treatment plant in the USA. The plant is projected to go into operation in 2023.
Increasing infrastructure development is also expected to boost demand for cast iron in North America. For instance, a bipartisan USD 1 trillion plan to modernize the country's infrastructure, counting roads, airports, rail networks, bridges, and power systems, has been permitted by the United States government.
Cast iron has been extensively used in the automotive sector. Though, the continued decline in worldwide vehicle production has been a trial for the market. The rising trend towards light vehicles is driving the penetration of cast aluminum in the locomotive and automotive sectors, which is holding back market development.
Attributes | Key Insights |
---|---|
Estimated North America Iron Casting Market Size (2023E) | USD 17 billion |
Projected Market Value (2033F) | USD 29.4 billion |
Value-based CAGR (2023 to 2033) | 5.6% |
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As per the Future Market Insights (FMI) analysis, sales of cast iron in North America rose at a CAGR of 6.4% between 2018 and 2022. The global market for North America iron casting is anticipated to surge at a moderate CAGR of 5.6% over 2023 to 2033.
The iron cast industry in North America experienced significant development during the industrialization of the 19th and early 20th centuries. The expansion of railroads, construction, and machine building spurred demand for cast iron castings.
The development of the automobile sector from the early to mid-20th century created a significant demand for iron castings. It was particularly utilized in engine blocks, gearbox housings, and other important parts.
Over time, the manufacturing process has evolved a lot in the market due to advanced technologies. Traditional molding methods have now been supplemented by more advanced methods. These include computer simulations for mold design, automated molding lines, and enhanced quality control measures.
The North America iron casting industry is becoming increasingly global, with competition and trade extending beyond North America. International trade dynamics, including tariffs and trade agreements, affect the competitiveness of domestic foundries.
The sector has applied technical advances to improve product efficiency and superiority. Computer-aided design (CAD), computer-aided engineering (CAE) and simulation software have played an important role in optimizing the casting process.
As per Future Market Insights (FMI), it is projected that the North America iron casting market would be valued at USD 29.4 billion by 2033. As a result, the market is anticipated to surge at a CAGR of 5.6% in the North America market in the forecast period.
The iron casting market in North America is a longstanding and important sector in the country's manufacturing and industrial processes. Known for precision, quality, and technological advancements, the industry has a rich history and has played an important role in supporting several sectors within the country and internationally.
Iron casting has been a traditional craft in North America for centuries. It has evolved, blending traditional techniques with modern technology to meet the needs of a changing industrial landscape.
Cast iron produced in North America is renowned for its precision and high-quality standards. This industry has a strong focus on the production of complex and accurate parts. These parts are often used in sectors that require high precision, such as automotive and electronics manufacturing.
The automobile sector is the leading consumer of cast iron in North America. Engine blocks, cylinder heads, transmission components, and other critical components are often manufactured using cast iron. However, constant efforts are being made to reduce energy consumption, minimize emissions and optimize waste management.
This industry includes a mix of large corporations and small and medium enterprises. Some smaller foundries are specialized in niche markets or unique casting techniques. North America cast iron companies often cooperate with research institutes and universities to promote casting technology and materials science.
The industry faces challenges such as global competition, rising production costs, and the need to adapt to changing customer needs and regulatory requirements. The success of the cast iron industry depends on a skilled workforce, including metalworkers, mold designers, and technicians.
The cast iron market represents the country's commitment to precision, innovation, and quality in manufacturing. Its blend of tradition and technology, its focus on precision engineering, and its contributions to important areas such as the automotive sector make it an vital and influential player in the industry.
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In the product segment, the gray cast iron segment is expected to dominate the North America iron casting market with a CAGR of 5.5% by 2033.
Gray cast iron is a widely used material in the cast iron market. It has specific properties that make it suitable for different applications in every field.
Gray cast iron is an iron alloy containing graphite flakes distributed throughout the metal's matrix. These fragments give gray cast iron its characteristic gray color and name. The presence of graphite provides several important properties:
Key players in the market are capitalizing heavily on research and development to expand their product lines, which will contribute to the growth of the market. These well-known brands influence strong distribution networks, brand awareness, and economies of scale to reach large customer bases.
Market players are likewise undertaking several strategic growth activities to expand their footprint, with significant growths in the market including new product launches, contract agreements, mergers, and acquisitions. acquisitions, larger investments, and partnerships with other institutions.
For instance:
Attribute | Details |
---|---|
Market Size Estimated Size in 2023 | USD 17 billion |
Market Forecast Value in 2033 | USD 29.4 billion |
Anticipated Growth Rate (2023 to 2033) | 5.6% CAGR |
Forecast Period | 2023 to 2033 |
Historical Data Available for | 2018 to 2022 |
Market Analysis | Volume (MT) and Value (USD billion) |
Key Regions Covered | North America; Latin America; Europe; East Asia; South Asia; Oceania; and Middle East & Africa |
Key Market Segments Covered | Product and Application |
Key Companies Profiled | Cadillac Casting Inc.; CALMET; Decatur Foundry; Fusium; Grupo Industrial Saltillo (GIS); Alloy Castings Industries Ltd.; GREDE; Lemfco, Inc.; Metal Technologies, Inc.; Neenah Foundry; OSCO Industries, Inc.; US Castings; WAUPACA FOUNDRY, INC.; American Castings; The C.A. Lawton Company; Faircast Inc.; East Jordan; Golden’s Foundry and Machine; R.H. Sheppard Co. Inc. |
The market is valued at USD 17 billion in 2023.
CALMET, Decatur Foundry, Fusium are the leading companies.
The market is forecast to register a CAGR of 5.6% through 2033.
Technological advancements and automation are the market key trends.
From 2018 to 2022, the market registered a CAGR of 6.4%.
Industrial Automation
May 2023
REP-GB-17258
306 pages
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