The scope of our recent study on the "Iron Casting Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis - by Type, Process, and End Use" includes the factors fueling the market growth, revenue estimation, and forecast, market share analysis, and the identification of significant market players and their key developments.

The iron casting market size was valued at US$ 143.67 billion in 2023 and is expected to reach US$ 222.84 billion by 2031; it is estimated to register a CAGR of 5.6% from 2023 to 2031.

Iron castings are widely used in various automotive applications due to their durability, strength, and cost-effectiveness. From engine blocks and cylinder heads to brake components and suspension parts, iron casting is integral for the construction of automobiles. The automotive industry has recently witnessed a surge in demand for lightweight materials to improve fuel efficiency and reduce emissions. While materials such as aluminum and composites have gained popularity for a few applications, iron casting remains indispensable for many critical components due to their superior mechanical properties and affordability. Manufacturers continue to invest in research and development to enhance the performance of iron casting while reducing their weight through advanced design and engineering techniques.

On the basis of end use, the market is segmented into automotive, industrial machinery, aerospace, building & construction, energy, marine, and others. The automotive segment held the largest iron casting market share in 2023. The automotive industry's shift toward electric and hybrid vehicles has also presented new challenges and opportunities for the iron casting market. While these vehicles require fewer traditional components, such as engine blocks, they still rely on iron casting for essential parts-such as electric motor housings, battery casings, and structural components. As the demand for electric vehicles continues to grow, the iron casting market instantly adapts to meet the evolving needs of the automotive industry, exploring innovative solutions to support the production of electric and hybrid vehicles

The market is segmented into five main regions-North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. Asia Pacific held the largest revenue share of the market in 2023. Asia Pacific countries such as China and Japan are among the world's top five countries in manufacturing machine tools. Further, Asia Pacific is home to major automobile players, including Toyota Motor Corporation; Tata Motors Ltd.; Hyundai Motor Company; Nissan Motor Co., Ltd.; and Honda Motor Co., Ltd. These companies are focusing on expansion, research and development, and product innovation. According to a report published by the China Passenger Car Association, in 2022, Tesla Inc. delivered 83,135 made-in-China electric vehicles, indicating growth in sales of electric vehicles from 2021. As per the data published by the European Automobile Manufacturers' Association (ACEA), in 2022, the countries in Asia Pacific produced ~48.67 million units of motor vehicles. Hence, the demand for battery electric vehicles is increasing in Asia Pacific. In addition, the machinery and equipment (M&E) industry is one of the catalytic subsectors projected to spur economic development in Asia. Asia is famous for producing industrial machinery, including CNC machines, lathes, and metalworking equipment. Thus, growth in end-use industries such as manufacturing and automotive are expected to create favorable business opportunities for the iron castings market during the forecast period. Thus, all these factors are driving the iron casting market growth in the region.

Global Iron Casting Market Breakdown - by Region

The report includes the segmentation of the global iron casting market as follows:

The iron casting market analysis is based on type, process, end use, and geography. Based on type, the market is segmented into gray iron, ductile iron, and others. Based on process, the market is categorized into die casting, centrifugal casting, sand casting, investment casting, and others. In terms of end use, the iron casting market is divided into automotive, industrial machinery, aerospace, building & construction, energy, marine, and others. By geography, the market is broadly segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The North America market is further segmented into the US, Canada, and Mexico. The market in Europe is subsegmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. The Asia Pacific market is further categorized into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The market in the Middle East & Africa is further segmented into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. The South & Central America market is further categorized into Brazil, Argentina, and the Rest of South & Central America.
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