Overview of the global iron castings market
The market research report predicts that the global iron castings market will grow at a CAGR of nearly 7% during forecast period. The growth of the automotive segment is one of the primary drivers for market growth. Cast iron products are mainly utilized in engine parts,gears and bushings,suspension,brakes,steering,and crankshaft. Engines that put out higher horsepower are driving the changes in the heavy commercial vehicle and tractor segments. This,in turn,will boost the use of components such as cylinder block and cylinder head and raise the consumption of cast iron. Moreover,in countries like the US and countries in Europe,the economic revival has led to the growth of the automobile industry due to the rise in employment rates,growth in per capita income,and easy credit services that increased the purchasing power of consumers. To meet growing demand,manufacturers in the automotive industry will have to increase their production capabilities and widen the existing ones. This will drive the requirement for cast iron products and subsequently propel the growth of the market.
In terms of geography,APAC led the global iron castings market during 2016 and is expected to continue the domination during the forecast period. The constant increase in manufacturing activities in the developing countries such as India,Singapore,Korea,and Indonesia will be the major factor driving the growth of the market in the region.
The global iron castings market comprises of numerous vendors. The vendors in the market range from small operations that concentrate in the production of low volumes of specialty products to recognized companies producing large volumes. Moreover,the iron casting foundries are categorized to those that provide a wide range of products to a limited customer base and those producing a lesser number of products for a large group of customers.
Segmentation by product-type and analysis of the iron castings market
Gray Iron Castings
Ductile Iron Castings
Malleable Iron Castings
During 2016,the gray iron castings segment dominated the product-type segment of the global iron castings market and is expected to continue its dominance over the next four years. The major reason for the segment’s growth is the wide range of uses for gray iron in various sectors including the automobile and construction industries.
Segmentation by end-user and analysis of the iron castings market
Automobile
Industrial machinery
Infrastructure and construction machines
Power
As per The market research report,the automobile industry was the major end-user to the global iron castings market during 2016 and will continue to dominate the market over the next four years as well. Factors such as the demand from developing countries such as India and China and the upgradation and development of assembly line equipment and machinery in the automotive plants,will drive the growth of the market in this segment.
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