Outlook of the global steel casting market
Technavio’s market research analyst predicts that the global market for
Steel castings will grow at a CAGR of nearly 4% by 2020.
Steel castings have a number of applications in industries like automotive and transportations,and construction and infrastructure,owing to their ductile,malleable,durable,and strengthening properties. The rising need for infrastructure development in emerging countries,such as China and India,will foster the demand for
Steel castings during the forecast period.
The augmented usage of steel as a sustainable material is a key factor that will drive the prospects for market growth during the forecast period. The production of steel is highly energy-intensive,and it is the world's most important engineering material. Technological advances and extensive R&D activities will help to reduce the energy consumption during the production process. Thus,the usage of steel as a sustainable material for intern castings is a new trend that is anticipated to impel this market’s growth potential during the forecast period.
Segmentation by application and analysis of the steel casting market
Automobile and transportation
Construction and infrastructure
Valves and pumps
Mining and OHV
In 2015,the automobile and transportation industry segment accounted for a share of approximately 45% of the global steel consumption. Steel has a cost advantage over aluminum,which adds to the demand for steel and steel-based products. Its usefulness in the manufacture of different automobile components like drum,flywheel,gear,and break-disc steering will result in its high demand in the automobile and transportation industry.
Geographical segmentation of the steel casting market
Americas
APAC
Europe
ROW
In this market study,analysts have estimated the APAC region to be the largest market for steel casting during the forecast period. The steel casting market in APAC is expected to grow at a rapid rate owing to the high demand from automobile and construction industries. Countries such as India and China in APAC are anticipated to emerge as major automobile manufacturing hubs during the forecast period,which in turn will lead to a rise in the demand for steel casting products.
Competitive landscape and key vendors
The competitive environment of the market will intensify by 2020 due to an increase in R&D innovations and M&A. The market will also witness the growing trend of local acquisitions by the leading players. The key players in the market are expected to diversify their geographical presence with a focus on APAC until 2020.