LONDON–(BUSINESS WIRE)–According to the latest research study released by Technavio, the global iron castings market is expected to grow at a CAGR of close to 7% until 2020.

This research report titled ‘Global Iron Castings Market 2016-2020’, provides an in-depth analysis of market growth in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments, including automotive, industrial machinery, infrastructure and construction machines, power and energy sector, and others.

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“Foundries are switching to automated molding methods. Significant advances have been seen in induction furnaces, and in the methods used for melting, mechanized DISAMATIC molding for sand molding, and continuous casting for chemical sand binding. Eco-friendly techniques such as cold casting, which does not emit hazardous particles, are also been introduced in many regions. Unlike traditional casting methods, 90% of molds are recycled, generating less waste and requiring minimal raw materials,” said Chandrakumar Badala Jaganathan, one of Technavio’s lead analysts for metals and minerals research.

“Further, cold casting resins with metallic powders provides a product that gives the appearance of solid metal. These castings are, however, lighter and easier to ship and handle. Metal cold castings find applications in automotive parts, accessories, and other articles, which are not subject to frequent wear and tear. Most process changes within the foundry industry will have environmental impacts. Therefore, technical innovation will often require a close partnership with regulatory agencies even if changes reduce emissions or solid wastes,” added Chandrakumar.

Global iron castings market by end-user segment 2015

• Automotive 41%
• Industrial machinery 20%
• Infrastructure and construction machines 16%
• Power and energy sector 7%
• Others 16%

Source: Technavio research

Global iron castings market in automotive segment: largest market

The global iron castings market in the automotive segment was estimated to be close to 34.37 million metric tons in 2015. The automotive industry is one of the prime consumers of iron castings due to the increased use of CI components in light trucks and cars.

The steady rise in demand for passenger cars, particularly in developing markets such as India and China. India produced nearly 23 million vehicles in 2015, which was an increase of 8.7% over the production of 2014. On the contrary China produced 24 million vehicles in 2015. This rise is fueling the demand for a range of automotive parts and components, production of which will need iron castings.

Modernization and advances of assembly line equipment and machinery in automotive plants will also create demand for iron castings. Further, the rise in traveling will increase the wear and tear of these components, fostering the need for these components in the replacement market.

Global iron castings market in industrial machinery segment: second largest market

Foundry industries in developed countries are facing two issues. First, their domestic markets are changing as a result of technology; for example, new generations of machines containing microelectronics do not use as many castings compared to those based on mechanical processes. Second, competition is growing gradually stronger from developing countries, who are endeavoring to industrialize. Those developing countries are building modern casting plants operated by low-cost labor and are exporting some part of their production to increase their revenues and also to promote further industrialization.

The global iron casting market in the industrial machinery segment was estimated to be 16.76 million metric tons in 2015. Gray CI is increasingly used in industrial machinery such as lathe machines due to its high compressive and tensile strength. The rise in the establishment of new manufacturing facilities will drive the market for iron castings in the industrial machinery segment during the forecast period.

Global iron castings market in infrastructure and construction machines

The global iron casting market in the infrastructure and construction machines segment was estimated to be close to 13.41 million metric tons in 2015. The growth of infrastructure in developing countries will fuel the demand for iron castings in this segment. Crankshafts, gear drives, pull hooks, carriers, and liner plates are the prevalent iron cast components that are used in the infrastructure and construction machinery segment.

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