PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1648937
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1648937
The market for steel casting is approximated to be USD 33.90 billion in 2025, and it is projected to reach USD 42.18 billion by 2029 at a CAGR of 5.6%. The demand for steel casting is being driven by the growing need for durable, high-strength components in industries like automotive, construction, power generation, and aerospace. As infrastructure development expands globally and technological advancements continue, the demand for precision-engineered steel parts that offer reliability, wear resistance, and the ability to withstand extreme conditions has increased significantly. These combined factors propel the steel casting market forward, making it a critical material for various industrial applications.
Scope of the Report | |
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Years Considered for the Study | 2020-2022 |
Base Year | 2023 |
Forecast Period | 2024-2029 |
Units Considered | Value (USD Billion) Volume (Kiloton) |
Segments | Type, Process, Formulation, Application, and Region |
Regions covered | North America, Europe, Asia Pacific, Middle East & Africa, South America |
By Type, Low-Alloy Steel Casting accounted for the highest CAGR during the forecast period
Low alloy steel casting is expected to show the highest CAGR in the forecasted period. This growth will be on account of an increase in the demand for low alloy steel, offering a well-balanced combination of strength, toughness, and corrosion resistance at relatively lower costs as compared to high alloy steels. Its applications can be found across a wide range of industries like automotive, construction, and energy sectors. These sectors include products where components are subjected to critical conditions and very high stresses. The increasing application of low alloy steel in this sector along with recent technological advancements that improve their performance are driving the market, and it has become a choice to manufacture critical components in several applications.
By Process, Die casting accounted for the highest CAGR during the forecast period
Die casting process have the highest demand due to their ability to produce components that are extremely accurate with dimensional accuracy and with very smooth surfaces that are quite suitable for mass production in complicated and intricate parts for most industries. The demand for die casting, especially in such lightweight, high-performance components required in the automobile and electronics fields, is continuously increasing. It is also supplemented by advancements in die casting technologies, such as improved automation of the process as well as the employment of advanced alloys, which further spur its rapid growth, making this one of the most sought-after processes in the steel casting line.
By Formulation, solventless segment accounted for the highest CAGR during the forecast period
Solventless steel casting formulation segment is expected to experience the highest CAGR during the forecasted period. This would mainly be as a result of the demand for more environmental and sustainable options due to solvent-less formulations with elimination of volatile organic compounds and low harmful emissions during processing. Their popularity results from maintaining good performance under increased scrutiny from sterner environmental legislation. It will significantly grow because most industries nowadays prioritize sustainability without any loss in quality; solvent-less applications will significantly boom, particularly in areas like the automotive, energy, and aerospace, where the issues of performance and responsibility toward the environment play significant roles.
By Application, construction machinery sector accounted for the highest CAGR during the forecast period
The construction machinery segment is expected to have the highest CAGR in the steel casting market during the forecasted period. This growth owes its basis to increases in the demand for more robust and high-performance components that are applied for heavy-duty construction equipment, such as cranes, excavators, and bulldozers. The need for strong and reliable construction machinery has increased drastically in the past with the increasing globalization of urbanization and infrastructure development, particularly in emerging economies. Steel castings provide the necessary strength, wear resistance, and durability needed by machinery working under demanding environments, hence, it is a must for the construction industry.
APAC is projected to account for the highest CAGR in the steel casting market during the forecast period
The Asia Pacific region, including India, China, Japan, Australia, South Korea, and the rest of Asia Pacific, is the fastest-growing region in the steel casting market. In India, China, and Japan, this market has been expected to grow drastically because of the increased development activities and fast economic expansion happening in these countries. Additionally, the upward trend for rising urbanization in these countries leads to a large customer base for new construction and development activities, which contributes to market growth during the forecast period.
Companies Covered: ArcelorMittal (Luxembourg), Doosan Corporation (South Korea), Kobe Steel, Ltd., (Japan), Nucor Corporation (US), Isgec Heavy Engineering Ltd. (India), Georg Fischer Ltd. (Switzerland), The Japan Steel Works, Ltd. (Japan), Nelcast Limited (India), Ferralloy, Inc. (US), POSCO (South Korea) are some key players in steel casting Market.
Research Coverage
The market study covers the steel casting market across various segments. It aims to estimate the market size and the growth potential of this market across different segments based on type, process, formulation, application, and region. The study also includes an in-depth competitive analysis of key players in the market, their company profiles, key observations related to their products and business offerings, recent developments undertaken by them, and key growth strategies adopted by them to improve their position in the steel casting market.
Key Benefits of Buying the Report
The report is expected to help the market leaders/new entrants in this market share the closest approximations of the revenue numbers of the overall steel casting market and its segments and sub-segments. This report is projected to help stakeholders understand the competitive landscape of the market, gain insights to improve the position of their businesses and plan suitable go-to-market strategies. The report also aims to help stakeholders understand the pulse of the market and provides them with information on the key market drivers, challenges, and opportunities.