The iron & steel castings market is projected to foresee commendable growth in coming years owing rapid industrialization, rising construction activities as well as infrastructure development across the globe, and high product usage across applications such as sanitary, automotive, power & electrical, pipes, fittings, and valves, and industrial machinery among many others. Casting provides peculiar capacity for design detail, often removing the need for extra fabrication and assembly.
Numerous materials can be cast, including various kinds of synthetics and metals, however iron & steel are known to be the best and most favored. Iron and steel are both known to be ferrous metals comprising of primarily iron atoms. Iron and steel casting is referred as the process of producing iron & steel-based products utilizing molds to form the molten metal.
Although iron castings and steel castings might appear to be same on the surface, both have their own individual mechanical properties making them unique. Iron & steel present excellent mechanical properties for a wide array of applications.
The iron & steel casting market is segmented into different segments in terms of material, process, application, and regional landscape.
With respect to material, the iron & steel casting market is classified into steel and iron. Among these, iron material segment is further categorized into gray iron, ductile iron, and white iron. White iron lacks in terms of cast ability as compared to other types of cast iron due to high solidification temperatures. It has superior wear resistance, high compressive strength and excellent hardness. White cast iron is used in crushers, rolling mill rolls, ball mill liners, pulverizes and shot blasting nozzles.
Some white iron castings are also used for applications that need maximum wear resistance but most of them are utilized in malleable iron castings production.
In terms of application, the overall iron & steel casting market is bifurcated into sanitary, power & electrical, pipes, fittings and valves, industrial machinery, automotive, and others. Among these, pipes, fittings, and valves segment will witness about 5.5% CAGR through the forthcoming time period owing to rise in construction activities and focused infrastructure development across the globe. Wrought iron is used in water pipes. Whereas ductile iron is utilized in pump, valve bodies, and pipes.
From a regional frame of reference, Middle East & Africa region will witness around 5% CAGR over the forecast time period. This anticipated growth is attributed to the rising construction activities coupled with increasing industrialization.