Asia Pacific Iron & Steel Casting Market to Register High Growth $103.7 Bn by 2027

Author : Ronak Bora | Published Date : 2021-09-01 

The steady growth of the regional automotive and construction industries is accelerating Asia Pacific iron & steel casting market forecast. During 2019, Asia Pacific dominated the global automotive sector, accounting for over 50% of the production. The expanding per capita incomes, economic prosperity, and supportive government policies are setting the tone for advancement of the industry.

A few leading iron & steel casting companies in Asia Pacific include Universal Casting Corporation, Anhui Heli Co., Cast Foundry, Ikegai Metal Co., VULKAN Technologies Pvt. Ltd., Shinsho Corporation, and AMF Castings & Engineering.

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The Asia Pacific iron & steel casting market outlook is likely to exhibit intense competition over the next few years, with strategic moves being executed by industry players to enhance their market position. Mergers & acquisitions, expansion of production units, geographical expansion, and product innovation are some of the most leveraged strategies.

The following four major trends are defining APAC market for iron & steel casting:

Demand across Chinese automotive sector

With China leading the automotive production volume in the region, Asia Pacific iron & steel casting market outlook is expected to make a considerable progress through 2027. In terms of application, the share from the automotive segment represented nearly 31% of the total Asia Pacific market during 2020 and is slated to rise steadily through the next six years.

Steel and iron casting are primarily utilized for manufacturing automotive components including engine, gears, braking systems, suspension, among other parts. With international automakers investing toward the development of new manufacturing facilities and expanding the already existing ones, the consumption across the iron & steel casting industry is likely to see growth. Asia Pacific appears to be a lucrative location to several European and North American automotive manufacturers due to the lower costs of raw material and labor.

Iron casting continues to gain traction

Being an ideal material in terms of flexibility and handling, the demand for iron casting has been expanding since the last few years across Asia. The revenue from iron segment in Asia Pacific accounted for a whopping 85% of the total market share during 2020. The material offers several advantages in terms of cast, machining, and compressive strength.

Growing use of gray iron grade

The iron segment in Asia Pacific iron & steel casting market is further bifurcated into white iron, gray iron, and ductile iron. Of these, the gray iron grade is used extensively due to its high tensile strength, superior thermal conductivity, and higher vibration damping abilities. Among other applications, gray iron is widely used across suspension components, hydraulic components, pumps, linkages, steering knuckles, machinery bases, tractor parts, turbine housings, and linkages among others.

Versatility of sand-casting process

By steel and iron casting process, the industry share from the sand-casting segment was over $38.6 billion in Asia Pacific during 2020. The increasing demand for this casting process can be attributed to the highly flexible sand molding capability needed for fabricating compound and complex metal components. Sand casting ensures that large parts with complex designs are produced in shorter time at considerably lower costs.

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Sand cast iron and steel components are generally deployed across a host of applications including engine blocks, blowers or impellers, gas and oil tanks, electronic equipment, mining equipment, agricultural machines, valves, pistons, and medical equipment as well. The growing demand for sanitary equipment is slated to empower Asia Pacific iron & steel casting market trends.

Table of Contents (ToC) of the report:

Chapter 1   Methodology & Scope

1.1    Research Methodology

1.2    Market estimation & forecast parameters

1.3    List of Data sources

1.3.1    Primary

1.3.2    Secondary

Chapter 2   Executive Summary

2.1    Asia Pacific iron & steel casting market snapshot

Chapter 3   Asia Pacific Iron & Steel Casting Industry Insights

3.1    Industry coverage

3.2    Industry size and forecast, 2016 – 2026

3.3    Industry ecosystem analysis

3.3.1    Vendor matrix

3.4    Future trends

3.4.1    Innovation Landscape

3.5    Raw material analysis

3.6    Regulatory norms & directives

3.7    Drivers & restraints

3.7.1    Drivers

3.7.2    Restraints

3.8    Application growth mapping

3.9    Industry analysis: Porter’s

3.10    Competitive benchmarking

3.10.1    Strategy dashboard

3.11    PEST analysis

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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