Steel Casting Market: Global Opportunity Analysis and Industry Forecast 2021-2031 Market

Steel Casting Market Analysis 2020-2027:

Steel is one of the most versatile materials available as it can be welded and processed to serve numerous end-user industries. Steel casting is formed by pouring liquid steel into a cavity. The steel cools and gets stiffen in the cavity and then evacuated for cleaning. Heat treatment is required to meet specific characteristics. Gears, valve bodies, hydroelectric turbine wheels, rail street truck frames, forging presses, mining apparatus, valves & fittings, axle housing, and motor chamber blocks are some of the steel casting products. Steel castings types are carbon steels and alloy steels. Low-alloy steel has around 8% alloying substance and high-alloy steel has more than 8%.  

COVID-19 scenario analysis:

• The lockdown has been lifted in some of the countries, but the steel sector is facing numerous challenges such as labor shortage and hampered logistics movement.
• Some of the players in the market are operating at reduced manufacturing capacity, owing to decrease in downstream demand from end-use industries such as automotive and construction.
• The automotive sector has been witnessing lower sales, resulting in decreased steel consumption. 
• Many construction projects have been at a stagnant phase as a result of the COVID-19 outbreak, which led to decreased demand for steel.
• Slowing down production and supply of product is expected to be an expensive challenge for the steel industry.
• Steel manufacturers decreased their production to keep steel supplies in check and stop inventories from rising.

Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis

Steel casting gives the end-user industries the benefit of choosing the desired size and shape of casting dependent on their requirement. Steel casting provides metallurgical adaptability and improved weldability & functionality at high temperatures. In addition, steel casting items are more reliable than other metal castings. The decreased delivery time and improved efficiency offered by steel casting are expected to empower end users to accomplish different economic advantages. These effective properties of steel casting help its development in different applications in the end industries, thereby fueling the market growth during the analysis period. 

Utilization of aluminum-based compounds and other composite materials in the automotive sector and high energy required for casting process hinder the steel casting market growth during the analysis period. For example, magnesium and aluminum alloys build the presentation attributes of vehicles and aviation. 

Transportation, mining, and oil & gas are some of the end-user industries that display great interest for steel casting, owing to its properties. For instance, the structure adaptability offered by steel casting empowers end-user industries to choose the shape and size of the casting according to their application. High design quality offered by steel castings makes them ideal compared to other castings such as aluminum.

Asia-Pacific is expected to be one of the fastest-growing regions, owing to the rapidly growing construction sector, automotive sector, and others. India is expected to be one of the major contributors to the steel casting market. This is attributed to the favorable government regulations for energy & power sector, infrastructure sector, and others. 

Key benefits of the report:

• This study presents the analytical depiction of the steel casting industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the steel casting market share.
• The current market is quantitatively analyzed from 2020 to 2027 to highlight the steel casting market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides detailed analysis based on competitive intensity and how the competition will take shape in coming years.

Questions answered in the steel casting market research report:

• Which are the leading market players active in the market?
• What are the current trends that will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities of the market?
• What are the projections for the future that would help in taking further strategic steps?

 Steel Casting Market: Global Opportunity Analysis and Industry Forecast 2020–2027 Report Highlights