Global Steel Casting Market 2018-2022
About Steel Casting
Steel casting is a method in which liquified steel is poured into the mold, which is made of sand or ceramic plater, to create the desired shape. Steel castings are preferred for applications requiring high strength, weldability, corrosion resistance, abrasion resistance, and serviceability under low and high temperatures.
Technavio’s analysts forecast the global steel casting market to grow at a CAGR of 4.21% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global steel casting market for 2018-2022. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Steel Casting Market 2018-2022
Technavio recognizes the following companies as the key players in the global steel casting market: Berkshire Hathaway, Hitachi Metals, JAPAN CASTING & FORGING, KOBE STEEL, Peekay Steel, and Yingliu.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is increasing use of electric arc furnace. The manufacturing of steel using electric arc furnace is more popular in comparison to the blast furnace as it eliminates the need for the removal of carbon content during the production process of high purity steel.”
According to the report, one driver in the market is increasing investments in infrastructure. During 2016, emerging countries such as Russia, Saudi Arabia, Nigeria, China, Mexico, Brazil, and India accounted for almost 52% of the total construction industry. In addition, these countries are estimated to account for approximately 63% by 2025 due to the rising number of public infrastructure projects including hospitals, airports, and IT parks.
Further, the report states that one challenge in the market is supply-demand imbalance in the steel industry. Many steel manufacturers are establishing massive capacities globally. Over the last decade, the steel industry has been investing in the capacity expansion because of the availability of relatively attractive interest rates for new investments.
Berkshire Hathaway, Hitachi Metals, JAPAN CASTING & FORGING, KOBE STEEL, Peekay Steel, and Yingliu.
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