This market research study presents a detailed segmentation of the global iron castings market by product type (gray iron,ductile iron,and malleable iron),by end-user segment (automotive,industrial machinery,infrastructure and construction machines,power and energy sector,and others),and by geography (APAC,Europe,North America,and ROW).
Outlook of the iron castings market
The market research analysts have predicted the global iron castings market to grow at a moderate CAGR of more than 6% during the forecast period. The rapid growth in the automotive industry sector is one of the key factors driving the growth of the iron castings market during the forecast period. The automotive industry is one of the prime end-users of iron castings owing to its extensive applications in the manufacture of engine parts,gears and bushings,suspension,brakes,steering,and crankshafts. Moreover,the economic recovery in the US and Europe has led to increased consumer spending on automobiles. This demand will compel automotive manufacturers to increase their production capacities,thereby propelling the growth prospects of the iron castings market in the coming years.
In this market research report,the analyst has estimated that the presence of eminent factors like the recent technological advancements to bolster the growth prospects of this market until the end of the forecast period. Most modern foundries are fully monitored and controlled by computers leading to a considerable increase in cast quality and productivity. Computer-aided process planning (CAPP) systems are being increasingly used as they help bridge the gap between computer-aided design and computer aided manufacturing. Moreover,adoption of computer-integrated manufacturing systems will contribute to reducing the time taken to develop high-precision casting products,thereby aiding in the growth of the iron castings market until the end of 2020.
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