Global Steel Casting Market To Be Driven By Improved Productivity In The Manufacturing Sectors And Automotive Industries In The Forecast Period Of 2023-2028
The new report by Expert Market Research titled, ‘Global Steel Casting Market Trends, Size, Share, Price, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global steel casting market, assessing the market based on its segments like application and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 5%
Steel castings’ considerable design flexibility gives end-users the opportunity to choose the application-specific casting shape and size. Steel casting also offers greater metallurgical flexibility, improved weldability, and high-temperature workability.
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Steel casting goods are more dependable than other metal castings. The steel casting industry is predicted to grow due to reduced shipping times and better steel casting productivity. These improved steel casting qualities will raise demand for a variety of applications in the end-user industries, resulting in market growth.
Steel Casting Industry Definition and Major Segments
Steel casting is a type of casting that combines several steel forms. When cast iron fails to provide enough power or shock resistance, steel casting is employed.
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The steel casting market can be divided on the basis of application into:
- Mining
- Power
- Oil and Gas
- Others
The global regions for steel casting market include:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Steel Casting Market Trends
Casting machines with a combination of automated robots and computer numerical tools can produce high-quality, dependable, and accurate casting products. With the growing demand for increased productivity in manufacturing areas, such as the automotive industry, automated casting equipment will become more widely used. As a result, the steel casting industry is expected to rise.
The advent of automation in the die-casting method, which will have a positive effect on market growth, will be one of the most important market trends for steel casting.
Key Market Players
The major players in the market are Berkshire Hathaway Inc. (NYSE: BRK.A), Hitachi Metals Ltd., Japan Casting & Forging Corp., Kobe Steel Ltd., Peekay Steel Castings Pvt. Ltd., and Others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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