REPORT DESCRIPTION
Iron & steel casting is a phenomenon that takes place in a foundry, wherein molten iron is poured into a vessel or cast to create a desired shape. Cast materials are usually metals or cold setting materials such as concrete, epoxy, plaster, clay, ceramic or iron in which molten fluid is poured to get various shapes and sizes. Iron & steel castings are used in the production of various intermediate products, which are employed in various application industries. Thus, the performance of this market significantly depends on key downstream markets. Most end-user industries rely on iron & steel casting materials for the production of finished products. For instance, mining, construction, and automotive are some of the enduser industries that rely heavily on the iron & steel casting market for production of finished products such as mining machines, construction equipment, and automotive parts.
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Almost all metals such as iron, copper, aluminum, and steel can be cast. However, the most common ferrous metals include grey iron, ductile iron, steel, and malleable iron. Alloys of iron & steel are widely used for casting in high performance application industries such as automobile, heavy equipment, industrial machines, and defense equipment. The iron & steel casting market is expanding steadily due to robust growth in construction and mining industries, especially in Southeast Asia and Eastern Europe. Increasing demand for iron & steel casting in automobile and electrical industries is anticipated to propel the growth of the market. Furthermore, demand for steel plates in the construction industry is expected to rise significantly in the near future due to increase in infrastructure-building activities.
Replacement of iron & steel casting with aluminum-based alloys casting in several applications such as aircraft body and automotive body is likely to meet the demand for iron & steel casting to some extent. Additionally, iron & steel casting requires intensive energy. This is a restraining factor in the market. Upgrade of technology to felicitate manufacturing process and development of low weight iron & steel casting plates and pipes is projected to provide potential opportunities in the market.