What is Steel Casting?
Steel Casting is a process where the solid metal objects are filled with liquid steel. This liquid steel flows into the mold or the void and forms a shape. Steel also harder than iron to be casted. Steel has lower shrinkage rate and higher melting point. Steel has poor mechanical composition but that is compensated with its good chemical compositions. Rise of industrialisation and growth of the end user industries specifically automotive industry has led to the growth of the steel casting. Geographically, Asia Pacific is the biggest market of the steel casting.
The market study is broken down by Type (Carbon Steel Casting, Low-Alloy Steel Casting and High-Alloy Steel Casting), by Application (Automotive, Industrial Machinery, Pipe, Fittings and Valves, Power and Electrical and Others) and major geographies with country level break-up.
Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
ArcelorMittal S.A. (Luxembourg), Tata Steel Limited (India), Jindal Steel and Power Limited (India), Hitachi Metals, Ltd. (Japan), Mitsubishi Steel Mfg. Co., Ltd. (Japan), Hyundai Steel Co., Ltd. (South Korea), Kobe Steel, Ltd. (Japan), POSCO (South Korea), Peekay Steel Castings Pvt Ltd. (India) and The Weir Group Plc (United Kingdom) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are Isgec Heavy Engineering Ltd. (India), Anhui Yingliu Group Huoshan Casting Co Ltd. (China) and Nucor Corporation (United States).
AdvanceMarketAnalytics has segmented the market of Global Steel Casting market by Type, Application and Region.
On the basis of geography, the market of Steel Casting has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Process, the sub-segment i.e. Sand Casting will boost the Steel Casting market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Leaders and their expansionary development strategies
In 2020, Kirloskar Ferrous Industries Ltd., the Steel and Iron casting arm of the Kirloskar Group has announced acquisition of plant operated by VSL Steels Ltd. The acquisition deal is worth around USD 18.4 million. The acquisition will accelerate the growth of the Kirloskar Ferrous as well as expand its capacity.
In 2019, Texmaco Rail & Engineering Ltd., a multi-discipline engineering and infrastructure company has announced acquisition of a steel casting foundry from Simplex Castings Ltd. The acquisition will be made in an amount of USD 11.7 million. After the acquisition, Texmaco will increase its capacity by around 12,000 tonne to the existing 30000 tonnes.
- Automotive Sector Accounts for Largest Market Share
- Rapid Industrialisation and Urbanisation has led to Massive Investments in Infrastructure and Manufacturing Sector
- Growing Investments in Mining and Fabrication of Advanced Materials
- Increasing use of Electric Arc Furnace as well as Rise of Automation
- Irregularities in Supply Chain Especially after Recent Pandemic
- Emergence of New Better Materials
Key Target AudienceSteel Casting Manufacturers, Suppliers and Distributors, Raw Material Suppliers, New Entrants/Investors, Venture Capitalists and Private Equity Firms and End-Use Industries
About ApproachTo evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have the better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with purpose to understand companys positioning regarding market value, volume and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders etc. and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, analyst team keeps preparing set of questionnaires and after getting appointee list; the target audience are then tapped and segregated with various mediums and channels that are feasible for making connection that includes email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey etc.
Frequently Asked Questions (FAQ):
1. What all players are profiled in the study?
The standard version of the report profiles players such as ArcelorMittal S.A. (Luxembourg), Tata Steel Limited (India), Jindal Steel and Power Limited (India), Hitachi Metals, Ltd. (Japan), Mitsubishi Steel Mfg. Co., Ltd. (Japan), Hyundai Steel Co., Ltd. (South Korea), Kobe Steel, Ltd. (Japan), POSCO (South Korea), Peekay Steel Castings Pvt Ltd. (India) and The Weir Group Plc (United Kingdom) etc.
2. Can we have customized study for Steel Casting Market?
The Study can be customized subject to feasibility and data availability. Please connect with our sales representative for further information.
3. What would be the Market Size of Steel Casting Market by 2026?
Analysts at AMA estimates Steel Casting Market to reach USD Million by 2026.