Published on : Apr 25, 2017
Albany, New York, April 25, 2017: In recent years, iron casting process in gaining a huge momentum in the automotive industry, due to its benefit like elimination of the melting the metals reduces energy consumption Also, the lightweight property of cold cast products makes them easier to handle and ship, thereby reducing energy costs. A recent forecast report, analyzing the ever-increasing global market and titled “Global Iron Casting Market 2017-2021” has been added to vast research studies catalog of Market Research Hub (MRH). The main aim of the study is to analyze the future growth prospects of the market by covering its market landscape. For better understanding, the report also includes details on market trends, drivers as well as challenges impacting the growth of the market.
Cast iron products are mainly utilized in engine parts, gears and bushings, suspension, brakes, steering, and crankshaft. This has created demand for iron & steel casting in automobile and electrical industries, which is anticipated to propel the growth of the market. As per the research key findings, the global iron castings market will grow steadily at a CAGR of 6.99% during the period 2017-2021. Geographically, the report majorly highlights some of the key regions such as APAC, North America, Europe and ROW.
The report further also adds that one of the most efficient and economical means of shaping metal into a particular form is called casting- a process in which metal is heated to a molten state can be poured into a mold of choice and left to harden by foundry workers. Cast iron is one of the oldest ferrous metals used in construction and outdoor ornament. It is an alloy of iron and carbon; it is hard, brittle and non-malleable. Iron castings are used in the production of various intermediate products, which are employed in various application industries. For example, mining, automotive and construction are some of the end-users that rely heavily on iron casting market for production of finished products. This alloy has lower melting temperature and requires less refining when compared to steel, which has a typical carbon content of 0.5%.
The next section of the report segments and analyzes the market on the basis of product type, end-users and geography. By product type, it covers:
- Gray iron castings market
- Ductile iron castings market
- Malleable iron castings market
In terms of geography, APAC led the global iron castings market during 2016 and is expected to maintain its dominance in the coming years as well. Moreover, to calculate the market size, the report considers the revenue generated from the sales of iron castings in the global market. Major challenges associated with the market along with key drivers are also highlighted. Current market trends observed by the study include; Modernization of foundry industry and the surge in consumption of cast iron products in renewable energy segment.
Moreover, key vendors highlighted in the study are:
- Brakes India Limited
- Grupo Industrial Saltillo
- Dandong Foundry
- OSCO Industries
- Hinduja Foundries
- Grede Holdings
- Hitachi Metals
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The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of these key vendors.
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