LONDON--(BUSINESS WIRE)--The global steel casting market is expected to post a CAGR of over 4% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
End-users across industries such as transportation, construction, mining, power, and oil and gas are exhibiting a strong demand for steel casting owing to its superior properties. For example, the design flexibility offered by steel casting enables end-users to choose the shape and size of the casting as per their requirements. Moreover, the weight of the steel casting can be altered depending on its applications across industries. Steel casting can also be infused with different materials for various applications in construction, mining, power, and automobile industries. High structural strength offered by steel castings makes them more reliable compared to other castings such as aluminum. Such superior properties have increased the use of steel casting among end-users, which is driving the growth of global steel casting market.
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As per Technavio, the introduction of automation in the die casting process will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Steel Casting Market: Introduction of Automation in the Die Casting Process
Vendors in the market are integrating casting machines with CNC tools to manufacture high-quality, reliable, and precise cast parts. Steel casting manufacturers are employing robots in foundries to port molten metal into die casts and remove the finished product from casts. The introduction of such automated processes in the casting system is improving productivity, reliability, and quality in the end-user industries. This growing trend among market vendors will have a positive impact on the market growth during the forecast period.
“Apart from the introduction of automation in die casting process, the increasing demand for steel casting from the automotive industry and growing construction activities are some other major factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Steel Casting Market: Segmentation Analysis
This market research report segments the global steel casting market by application (automotive and transportation, construction and infrastructure, mining, power, oil and gas, and other application) and geography (APAC, Europe, MEA, North America, and South America).
APAC led the market in 2018, followed by Europe, North America, MEA, and South America. During the forecast period, APAC is expected to maintain its dominance over the global market. This is due to the increasing adoption of steel in the automotive, construction, and agriculture industries in the region..
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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