At 5.2% CAGR, North America Iron Casting Market is Projected to be Worth US$ 50,190.44 Million by 2031, says Business Market Insights

According to Business Market Insights’ research, the North America iron casting market was valued at US$ 33,402.13 million in 2023 and is expected to reach US$ 50,190.44 million by 2031, registering a CAGR of 5.2% from 2023 to 2031. Growing automotive and construction industry and strategic expansion activities are among the critical factors attributed to drive the North America iron casting market growth.

Iron castings are crucial for the manufacturing of engine components, transmission to gearbox components, suspension systems, braking systems, wheels and rims, and other automotive components. Iron castings are also critical structural components used for the production of expansion joints, columns, beams, and trusses in the building & infrastructure industry. The production of precise and durable iron casting through advanced manufacturing processes enables the cost-effective production of critical automotive and construction elements. According to a 2022 report by the International Energy Agency, the sales of electric cars doubled in the US in 2021; the sales share increased by 4.5%, and 6.6 million units were sold in that year. According to the International Trade Administration data released in 2022, Mexico is the seventh largest global passenger vehicle producer, manufacturing ∼3 million vehicles yearly. Moreover, 90% of vehicles produced in Mexico are exported, of which ∼76% are exported to the US.

North America also has well-established automotive producers such as Audi AG, Bayerische Motoren Werke AG, Stellantis NV, Ford Motor Company, Honda Motor Co Ltd, Hyundai Motor Company, Mercedes Benz, and Volkswagen Group, as well as many original equipment manufacturers. According to the International Organization of Motor Vehicle Manufacturers (OICA), in 2021, North America recorded vehicle production of 13.4 million units.

The construction sector is also witnessing growth in North America due to a robust economy and increased federal and state financing for commercial and institutional structures. According to a 2022 report by the USA Facts Institute, the federal government of the US passed the Infrastructure Investments and Jobs Act in 2021, allocating US$ 550 billion for new federal infrastructure, including the repair or rebuilding of bridges, roads, rail, and airports, for five years. A rise in investments by governments and private companies in infrastructure building and construction projects fuels the demand for construction materials, specifically iron casting. Therefore, the growing automotive and construction industry drives the demand for iron casting in North America.

On the contrary, fluctuations in raw material prices hamper the growth of North America iron casting market.

Based on type, the North America iron casting market is segmented into grey iron, ductile iron, and others. The grey iron segment held 52.8% market share in 2023, amassing US$ 17,643.27 million. It is projected to garner US$ 26,262.35 million by 2031 to register 5.1% CAGR during 2023–2031.

Based on process, the North America iron casting market is categorized into die casting, centrifugal casting, sand casting, investment casting, and others. The sand casting segment held 61.4% market share in 2023, amassing US$ 20,511.42 million. It is projected to garner US$ 31,099.99 million by 2031 to register 5.3% CAGR during 2023–2031.

By end use, the North America iron casting market is segmented into automotive, industrial machinery, aerospace, building & construction, energy, marine, and others. The automotive segment held 32.4% share of North America iron casting market in 2023, amassing US$ 10,829.80 million. It is anticipated to garner US$ 17,264.35 million by 2031 to expand at 6.2% CAGR during 2023–2031.

By country, the North America iron casting market is segmented into the US, Canada, and Mexico. Our regional analysis states that the US captured 80.6% share of North America iron casting market in 2023. It was assessed at US$ 26,918.25 million in 2023 and is likely to hit US$ 40,849.25 million by 2031, registering a CAGR of 5.4% during 2023–2031.

Key players operating in the North America iron casting market are Aarrowcast Inc, Cadillac Casting Inc, Calmet Inc, Fusium Inc, Decatur Foundry Inc, Grupo Industrial Saltillo SAB de CV, Willman Industries Inc, OSCO Industries Inc, Mesa Castings Inc, and Waupaca Foundry Inc, among others.

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