Global Iron Castings Market 2017-2021
About Iron Castings
Cast iron is an alloy of iron and carbon; it is hard, brittle, and non-malleable. The concentration of carbon varies from 2% to 5%. The alloy has lower melting temperature and requires less refining when compared with steel, which has a typical carbon content of 0.5%. The less refining required allows for the production of components at a lower cost and without using specialized equipment. In addition, iron can be cast into more complex shapes as it shrinks less during solidification when compared with steel. The major properties of cast iron include high compressive strength, good casting features, and excellent machinability.
Technavio’s analysts forecast the global iron castings market to grow at a CAGR of 6.99% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global iron castings market for 2017-2021. To calculate the market size, the report considers the revenue generated from the sales of iron castings.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Iron Castings Market 2017-2021
Technavio recognizes the following companies as the key players in the global iron castings market: Brakes India Limited, Dandong Foundry, Grede Holdings, Grupo Industrial Saltillo, Hinduja Foundries, Hitachi Metals, and OSCO Industries
Other Prominent Vendors in the market are: ACAST, Benton Foundry, Brantingham Manufacturing, Decatur Foundry, Hua Dong Teksid, and Qingdao Tian Hua Yi He Foundry Factory
Commenting on the report, an analyst from Technavio’s team said: “In recent years, most foundries are preferring to use automated molding methods for melting, mechanized diametric molding for sand molding, and continuous casting for chemical sand binding. Stringent quality standards are being widely practiced. Environment-friendly techniques, such as cold casting process are also introduced in many regions. Unlike traditional casting methods, the process does not result in harmful emissions and 90% of molds are recycled resulting in less waste production and reduced use of raw materials. The elimination of the melting the metals reduces energy consumption. Furthermore, the lightweight property of cold cast products makes them easier to handle and ship, thereby reducing energy costs.”
According to the report, cast iron products are mostly used in engine parts, gears and bushings, suspension, brakes, steering, and crankshaft. The heavy commercial vehicle and tractor segments are shifting toward engines that generate higher horsepower, which is likely to increase the use of components, such as cylinder block and cylinder head, which will consequently increase the volume of cast iron consumed.
Further, the report states that iron casting is extremely robust and has a long lifespan when used properly and protected from exposure to adversities. It has been usually used in columns but not in structural beams as it has more compression strength than tensile strength. It is, however, highly susceptible to corrosion when exposed to moisture.
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Brakes India Limited, Dandong Foundry, Grede Holdings, Grupo Industrial Saltillo, Hinduja Foundries, Hitachi Metals, OSCO Industries, ACAST, Benton Foundry, Brantingham Manufacturing, Decatur Foundry, Hua Dong Teksid, and Qingdao Tian Hua Yi He Foundry Factory
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