January 20, 2021, Selbyville, Delaware (GLOBE NEWSWIRE)-According to a report by Global Market Insights Inc., the global steel casting market is estimated to be USD 145.97 billion in 2020 , Is expected to exceed US$210 billion by 2027, with a compound annual growth rate of 5.4% from 2021 to 2027. The report comprehensively analyzes leading winning strategies, shaking industry trends, driving factors and opportunities, main investment channels, competition, market estimates and scale.
Hard carbon cast steel is used in applications that require maximum hardness and wear resistance. Because of its low cost and multiple material grades, it can be used in a variety of industrial applications. Stainless steel and Hadfield’s manganese steel are some commonly used alloy cast steels. High alloy cast steel is used to produce various properties such as heat resistance, wear resistance and corrosion resistance.
Low alloy steel is used in pipelines, construction equipment, pressure vessels, oil rigs and military vehicles due to its excellent machinability and cost-effectiveness. High alloy steels are used in automotive applications, structural components, chemical processing and power generation equipment.
Another casting field includes precision casting process and continuous casting process. In the steel casting market, the CAGR is about 3%. Parts produced by precision casting have excellent surface finish and high dimensional accuracy. However, the process is complicated and expensive. The continuous casting process involves heating the metal until it liquefies. This process has the ability to cast regular and irregular shapes. In addition, continuous casting works in an excellent manner under pressure conditions.
Cast steel is used in various industrial machinery, such as hydroelectric turbine wheels, pump casings, mining machinery, turbocharger turbines, engine blocks, marine equipment, etc. Cast iron is used for mechanical bases, wind turbine housings, internal combustion engine cylinder blocks, pump housings, connecting rods, gears, hydraulic components, oil well pumps, etc. In addition, cast iron is also used to make agricultural machinery parts for tractors, hooks, planters, plows, tillage equipment and spreaders. The favorable trends brought about by industrialization and huge investment will have a positive impact on the future growth of the steel casting market.
North America will achieve a compound annual growth rate of about 6%. The growing demand for sports and luxury cars, increased spending on residential and commercial construction, industrial development, and growth in aerospace and defense investment will increase the revenue of the steel casting market in the region.