According to a Future Market Insights (FMI) report, the North America iron casting market rose at a CAGR of 6.4% during 2018 to 2022. It is further anticipated to surge at a moderate CAGR of 5.6% over the forecast period 2023 to 2033.
The North America iron casting industry is projected to reach a value of USD 17 Billion in 2023. By 2033, sales of North America iron casting are estimated to reach USD 29.4 Billion.
The North America iron casting market is an important and dynamic market in the vast industrial and manufacturing landscape of the continent. Casting iron is the process of melting iron and pouring it into a mold to create a variety of shapes and forms.
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Molding of cast iron ranges from complex parts to large parts of industrial machinery. This industry plays a significant role in supporting several sectors including automotive, construction, agriculture, energy, and more.
The sector has benefited greatly from recent technological advancements. These include improved casting techniques, computer-aided design (CAD) software, automated processes, and simulations that optimize design parameters.
As in several manufacturing sectors, there is a growing emphasis on sustainable and environmentally friendly practices. Efforts are made to decrease energy consumption, minimize waste and develop environmentally friendly materials.
The sector relies on skilled workers, including metalworkers, mold designers, and casting technicians. Securing a skilled workforce in a company is a key to maintain product quality and process efficiency.
This regional market is influenced by economic cycles and global trade dynamics. Factors such as tariffs, trade agreements, and currency fluctuations can affect the competitiveness of domestic products.
Key Takeaways from the North America Iron Casting Report:
- North Americais expected to reach a valuation of US$ 4 Billion by 2033.
- The United States is projected to reach a valuation of US$ 5.4 Billion by 2033.
- By application, the automotive segment is projected to surge at a CAGR of 4% through 2033.
- In the product segment, the gray cast iron segment is expected to dominate the market with a CAGR of 5% by 2033.
Who is Winning?
- Cadillac Casting Inc.
- CALMET
- Decatur Foundry
- Fusium
- Grupo Industrial Saltillo (GIS)
- Alloy Castings Industries Ltd.
- GREDE
- Lemfco, Inc.
- Metal Technologies, Inc.
- Neenah Foundry
- OSCO Industries, Inc.
- US Castings
- WAUPACA FOUNDRY, INC.
- American Castings
- The C.A. Lawton Company
- Faircast Inc.
- East Jordan
- Golden’s Foundry and Machine
- H. Sheppard Co. Inc.
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Competitive Landscape:
Key players in the market are capitalizing heavily in research and development to expand their product lines, which will contribute to the growth of the market. These well-known brands influence strong distribution networks, brand awareness, and economies of scale to reach large customer bases.
Market players are likewise undertaking several strategic growth activities to expand their footprint, with significant growths in the market including new product launches, contract agreements, mergers, and acquisitions. acquisitions, larger investments, and partnerships with other institutions.
For instance,
- In February 2022, division Metal7 of Quebec’s M7 Group acquired Cast Corporation Foundry of Minnesota. This acquisition will help Metal7 Inc. create high-value-added products and amenities for the mining industry while increasing efficiency while dipping environmental impact.
- In February 2022, Groupe M7 acquired Cast Corporation Foundry, based in The acquisition will help Groupe M7 inflate its product portfolio.
North America Iron Casting Industry Segmentation Analysis:
By Product:
- Gray Cast Iron
- Ductile Cast Iron
- Malleable Cast Iron
By Application:
- Automotive
- Machinery & Tools
- Pipes & Fittings
- Railways
- Power Generation
- Others
About Future Market Insights (FMI)
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