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; it is estimated to register a CAGR of 5.2% from 2023 to 2031.
Industrial machinery enhances the productivity of manufacturing operations and positively impacts industrial competitiveness. According to the International Trade Administration, in 2021, the US exported machinery worth US$ 44 billion and electrical machinery worth US$ 24 billion. According to the US Census Bureau, the sales of metalworking machinery in the US accounted for US$ 31.8 billion in 2019. As per the Parker Hannifin Corporation report, the global market for computer numerically controlled (CNC) machine tools is projected to reach US$ 129 billion by 2026. According to the US Plastics Industry Association, injection molding and extrusion machinery shipments rose by 19.3% in the fourth quarter of 2020 compared to the same period in 2019 in North America. A press release by the International Federation of Robotics in 2022 stated that car and car component manufacturers accounted for 47% of robot orders in North America in Q1 2022, a rise of 15% year-on-year. Industrial machineries perform diverse operations, from material handling, assembly, and welding to finishing and palletizing applications. Iron castings are widely used in the production of bearing housing, machine tool components, and machinery frames and bases. Also, they are used for structural support. Thus, the rising demand for industrial machinery propels the North America iron casting market.
Industries such as automotive, aerospace and industrial machinery widely use components manufactured from iron casting. In 2021, the Naval Foundry and Propeller Center manufactured 90.72 metric tons of iron casting for a Columbia-Class submarine. According to the American Foundry Society, the geographic concentration of casting facilities is dispersed in Ohio, Pennsylvania, Indiana, Illinois, Michigan, California, Texas, and Wisconsin, with ~1,500 foundries in the US. The country comprises both large-scale foundries and small-scale specialty iron casting foundries. Several foundries in the US are also focusing on sustainable practices such as the utilization of recycled materials and energy-efficient casting processes. Thus, the rising demand for iron casting from end-use industries propels the iron casting market growth in the country.
North America Iron Casting Market Segmentation
The North America iron casting market is categorized into type, process, end use, and country.
Based on type, the North America iron casting market is segmented into grey iron, ductile iron, and others. The grey iron segment held the largest market share in 2023.
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 the largest market share in 2023.
In terms of 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 the largest market share in 2023.
By country, the North America iron casting market is segmented into the US, Canada, and Mexico. The US dominated the North America iron casting market share in 2023.
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 are some of the leading companies operating in the North America iron casting market.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 33,402.13 Million |
| Market Size by 2031 | US$ 50,190.44 Million |
| CAGR (2023 - 2031) | 5.2% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Type
|
|
Regions and Countries Covered
|
|
| North America | US, Canada, Mexico |
| Market leaders and key company profiles |
|
The North America Iron Casting Market is valued at US$ 33,402.13 Million in 2023, it is projected to reach US$ 50,190.44 Million by 2031.
As per our report North America Iron Casting Market, the market size is valued at US$ 33,402.13 Million in 2023, projecting it to reach US$ 50,190.44 Million by 2031. This translates to a CAGR of approximately 5.2% during the forecast period.
The North America Iron Casting Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Iron Casting Market report:
The North America Iron Casting Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Iron Casting Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Iron Casting Market value chain can benefit from the information contained in a comprehensive market report.
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