Steel Casting Market worth $42.18 billion by 2029, at a CAGR of 5.6%, says MarketsandMarkets™

/EIN News/ -- Delray Beach, FL, Feb. 16, 2025 (GLOBE NEWSWIRE) -- The Steel Casting Market is approximated to be USD 33.90 billion in 2025, and it is projected to reach USD 42.18 billion by 2029 at a CAGR of 5.6%. , as per the recent study by MarketsandMarkets™. Steel casting is a special type of metal casting where molten steel is poured into a mold to produce parts with accurate shapes and dimensions. It is applied in the manufacture of parts requiring high strength, durability, and resistance to wear, corrosion, and high temperatures. Steel casting is critical in industries such as automotive, construction, aerospace, and energy, where the mechanical properties of steel are crucial for performance, reliability, and safety.

The Metal casting majorly cast metals are iron, aluminum, magnesium, zinc, steel, and copper alloys. Steel casting is essentially the molding of molten steel into parts which shall be required to be hard-wearing and temperature and wear resistant. This method plays an important part in manufacture of vital parts of cars, buildings, power plants, and even aircraft. In these industries, mechanical characteristics of steel are great concerning performance and safety.

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Browse in-depth TOC on “Global Steel Casting Market”

220 - Market Data Tables
49 – Figures
255 - Pages

List of Key Players in Global Steel Casting Market:

1. ArcelorMittal (Luxembourg)
2. Doosan Corporation (South Korea)
3. Kobe Steel, Ltd., (Japan)
4. Nucor Corporation (US)
5. Isgec Heavy Engineering Ltd. (India)
6. Georg Fischer Ltd. (Switzerland)
7. The Japan Steel Works, Ltd. (Japan)
8. Nelcast Limited (India), Ferralloy, Inc. (US)
9. POSCO (South Korea)

Drivers, Opportunities and Challenges in Steel Casting:

1. Drivers: Growth of renewable energy sector
2. Restraint: High initial costs
3. Opportunity: Technological advancements in steel casting 
4. Challenge: Supply chain disruptions.

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Key Findings of the Study:

1. By Type, carbon steel casting accounted for the largest market share in 2024
2. By Process, Sand Casting Process accounted for the largest market share in 2024
3. By Formulation, Solvent-based formulation accounted for the largest share in 2024.
4. By Application, Power generation segment accounted for the largest share in 2024
5. Asia Pacific accounted for the largest share of the steel casting Market in 2024

The steel casting market is segmented by Type, which includes carbon steel casting, low-alloy steel casting, high-alloy steel casting, and others. Carbon steel casting is quite popular in practice for its toughness, machinability, versatility, and in use in construction machinery, also for many varieties of automobile products. Low-alloy steel casting has a good resistance to corrosion, wear, and heat, making it suitable for industries which require more mechanical properties in their components, like energy and manufacturing. High-alloy casting steel has good resistance to more extreme environments: it resists extremely high temperature, aggressive chemical, and for this reason are widely used within aerospace, chemical processing, power generation industries, among others. The "Others" category comprises specialized steel for specific applications involving unique performance traits. Each selection of steel is made based upon the application required: strength or durability and possible resistance to sever conditions.

The steel casting market is segmented by process, which includes sand casting, investment casting, die casting, and others. Sand casting is an common method that uses molding in sand for the production of complex and huge steel parts. Investment casting is also known as lost-wax casting, which provides excellent surface finish and is considered ideal for highly intricate designs with high precision parts. Die casting is a very high-pressure method of producing components with excellent dimension accuracy and it is ideal for mass production. Other processes include centrifugal casting and continuous casting to accommodate certain specific needs of industry. Each type of casting is selected based on the intricacy of design, quantity of production, and performance of the finished application.

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steel casting is further segmented by formulation, namely solvent based, solventless and emulsion. Solvent-based formulations are widely used, as they can ensure consistency, excellent adhesion, and high durability especially in applications where strong mechanical properties are required. Solvent-less formulations increasingly find application in an eco-friendly sense, due to the elimination of VOCs while all performance standards are well maintained. Emulsion formulations based on water make them perfect options for ecofriendly solutions and yet maintain good performance. Each type is suited for some specific needs, depending on either environmental legislation and application needs, or their intrinsic performance properties.

The steel casting market is segmented based on end-use application which includes applications in power generation, rail and transit, mining, construction machinery, oil & gas, aerospace and defense, shipbuilding and others sectors. Steel castings are important in the power generation industry for the production of long-lasting parts used in turbines and generators. Rail and transit require steel castings for heavy-duty and wear-resistant parts such as wheels and couplers. The mining industry requires steel castings for heavy-duty equipment that can withstand harsh operating conditions. In the case of construction machinery, there is the need for critical heavy machinery to use high-strength steel castings. For oil and gas, steel castings are applied to valves and pumps and any other components withstanding high pressures and temperatures. Aerospace and defense industries demand precision-engineered steel castings in aircraft structures and military equipment. In shipbuilding, steel castings are used in propellers, rudders, and other structural components in the marine environment for durability and reliability. Each application showcases the versatility and critical role of steel casting in various industries.

The steel casting market is studied in five regions, namely, Asia Pacific, Europe, North America, the Middle East & Africa, and South America. Asia Pacific remains the largest consumer and the fastest-growing market for steel casting globally. This growth has been driven by rising developmental activities and rapid expansion of economies in the region. Further, the growing population of these countries provides a massive customer base for steel casting products, promising to propel growth in the market for paper bags. The North America market is valued with technological advancements of the casting industry. However, the demand for steel casting may be fueled by a rise in infrastructure development, rising disposable income, and increased demand for construction industry.

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