DELRAY
BEACH, Fla., Jan. 29,
2025 /PRNewswire/ -- The report "Steel
Casting Market by Type (Carbon Steel, Low-Alloy Steel,
High-Alloy Steel), Process (Sand Casting, Investment Casting, Die
Casting), Formulation (Solvent Based, Solventless, Emulsion),
Application, & Region - Global Forecast to
2029", global steel casting market is projected to grow
from USD 33.90 billion in 2025 to
USD 42.18 billion by 2029, at a CAGR
of 5.6%, during the forecast period.
Steel casting refers to the pouring of molten steel into molds
to produce specified shapes and parts with high strength,
toughness, and wear resistance. These castings are used widely in
automotive, construction, aerospace, energy, and machinery due to
their toughness and resistance to extreme conditions. The steel
casting market is being driven by factors such as rapid
industrialization, increased demand from automotive and renewable
energy sectors, and technological advancements in casting
technologies. Still, high production costs, supply chain
disruptions, and competition from lightweight materials restrain
growth in the market. Emerging markets, customization demand, and
sustainability trends offer substantial opportunities for growth in
the following years.
Browse in-depth TOC on "Steel Casting Market"
220–
Tables
49– Figures
255– Pages
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By Type, carbon steel casting accounted for the largest
market share in 2024.
Carbon steel casting leads with the highest share in the global
steel casting market in 2024. It finds its application within a
large majority of industries ranging from automotive and
construction to the manufacturing sector as well. Its strength,
machining, and good durability are compared to other varieties of
steel available at a more reduced cost. Some of the high demanding
components include an engine block, valves, and structural parts
which are usually found in cast form. The versatility of carbon
steel in handling both high and low temperatures, along with its
ability to withstand wear and corrosion, further drives its demand
in critical applications.
By Process, Sand Casting Process accounted for the largest
market share in 2024.
The highest demand for sand casting process is because of its
flexibility, economy, and capacity for large and intricate
components. Its application is extensive among construction
machinery, automotive, mining, and energy industries where large
and intricate steel parts are in high demand. Sand casting is
particularly preferred for its flexibility towards a high range of
sizes and sizes, for both small and high volumes. In addition, its
relatively low tooling costs as well as the flexibility to use
various alloys are the reasons it finds widespread preference. Its
versatility in being applied to diverse sectors ensures that sand
casting is at the core of the steel casting market.
By Formulation, Solvent-based formulation accounted for the
largest share in 2024.
Solvent-based formulation currently dominate the market due to
their proven in performance and wide applicability to all forms of
industries. Such formulation is preferred when excellent adhesion,
durability, and resistance under extreme conditions are to be
sustained in critical components of a construction automobile
industry and energy sector. Solvent-based formulations ensure that
results on complex and high-strength steel parts are consistent and
that is where the reliability of finished products will be
maintained. As an established efficiency and adaptability factor,
they continue to dominate the market despite growing environmental
regulations, especially in regions that place a priority on
performance rather than the use of eco-friendly alternatives.
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By Application, the Power generation segment accounted for
the largest share in 2024.
The power generation segment dominated the steel casting market
in 2024 due to the rising demand for energy across the globe and
the growing upgrades in infrastructure. Steel castings are the
backbone of the manufacturing of components in the turbines,
generators, and other heavy-duty equipment used in thermal, hydro,
nuclear, and renewable energy plants. Steel's strength, resistance
to high temperatures, and mechanical strength make it a critical
component in many power generation applications where extreme
conditions prevail. Renewable energy, particularly wind and solar
power, added more momentum to the demand for steel castings because
these sources require precision-engineered steel components.
Asia Pacific accounted for
the largest share of the steel casting Market in 2024.
The Asia-Pacific region is
projected to dominate the steel casting market, driven by strong
industrial base, increasing infrastructure development, and
expanding manufacturing sector. India and Japan have also emerged as lead contributors
in this account because of their increasing demand for steel
component usage in the Automotive, Construction, and Energy Sector
respectively. The large-scale infrastructure projects undertaken by
China and giant industrial output
of India coupled with rapid
construction activities and automotive production certainly
enhanced the demand for steel castings. Coupled with the abundance
of raw materials, the cheap labor charges, and advancements in
manufacturing technologies, this has added further robustness to
the region. Government policies that helped accelerate
industrialization further assisted the market to reach further
heights. It has also been fuelled by ever-increasing foreign
investments.
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Market Players
The steel casting Market comprises major players such as
ArcelorMittal (Luxembourg), Doosan
Corporation (South Korea),
Kobe Steel, Ltd., (Japan), Nucor Corporation (US), Isgec Heavy
Engineering Ltd. (India), and
Georg Fischer Ltd. (Switzerland),
The Japan Steel Works, Ltd. (Japan), Nelcast
Limited (India), Ferralloy,
Inc. (US), POSCO (South Korea) and
others are covered in the steel casting market. Expansions,
acquisitions, joint ventures, and new product developments are some
of the major strategies adopted by these key players to enhance
their positions in the steel casting Market.
Browse Adjacent Market: Mining, Minerals and Metals
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