Cast Steel: Introduction
- Cast steel is a ferrous alloy that has maximum carbon content of around 0.75%. It offers advantages as it can be molded in complex shapes in fewer steps.
- Cast steel has the ability to withstand high stress and strain forces. The combination of strength and ductility in steel makes it a preferred choice among end-users in mechanical and structural applications, as it is capable of bearing heavy loads.
Key Drivers of Global Cast Steel Market
- Rapid industrialization and urbanization is a key driver of the cast steel market. Significant rise in investment in power generation, automobile, and construction industries has boosted the demand for cast steel. This trend is expected to continue during the forecast period.
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- Increase in demand for cast steel among end-users such as automobile and power industries is anticipated to drive the market. Substantial rise in demand for equipment from automobile and power industries in developing and developed countries around the world is driving the cast steel market. This trend is estimated to continue during the forecast period. Thus, the cast steel market is projected to expand considerably in the near future.
Global Cast Steel Market: Segmentation
- The global cast steel market can be segmented based on type and end-user
- In terms of type, the global cast steel market can be classified into carbon cast steel and alloy cast steel. Demand for alloy cast steel is likely to rise in the near future, as this type of cast steel is more resistant to corrosion and has higher tensile strength & hardness. Thus, the segment is expected to expand at a fast-paced CAGR during the forecast period.
- Based on end-user, the global cast steel market can be split into power generation, automotive oil & gas, railway, mining, construction, shipbuilding, and others. Automotive and power generation segments are anticipated to lead the market in the near future due to significant rise in demand for metal work in these industries across the globe.
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Global Cast Steel Market: Regional Segmentation
- Based on region, the global cast steel market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- Asia Pacific is expected to dominate the global cast steel market during the forecast period. The market in the region is projected to expand at a significant pace during the forecast period. This can be ascribed to rapid industrial development in countries such as China, India, Japan, and Singapore. China is expected to lead the cast steel market in Asia Pacific due to increase in investment in end-user industries in the country.
- North America is also projected to account for considerable share of the global cast steel market during the forecast period. Demand for cast steel is rising in various industries, including power generation, automotive, railway, and construction, in the region. The U.S. is the one of the leading countries in automobile and power generation in North America. Thus, demand for cast steel is likely to be high in the region during the forecast period.
COVID-19 Impact on Cast Steel Market
- The COVID-19 pandemic has adversely impacted the global economy due to the stringent lockdowns imposed in all major countries. Investment in manufacturing and power generation has been affected by these lockdowns. A few projects have been delayed, while some have been put on hold. However, governments of various countries across the world are easing lockdown restrictions. As a result, investment in manufacturing and other industry projects is estimated to rise steadily. This is projected to drive the demand for cast steel during the forecast period.
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Key Players Operating in the Cast Steel Market
- Silbitz Guss GmbH
- Allard Europe
- Castalloy Group
- CIREX
- Fisher Cast Steel
- thyssenkrupp Steel Europe
- KUBOTA Corporation
- Reliance Foundry Co. Ltd.
- TOSÇELİK Granul
- DANDONG FUDING ENGINEERING MACHINERY CO., LTD.
- ArcelorMittal Mining Canada G.P.
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