Cast Steel: Introduction
- Cast steel is a ferrous alloy that has maximum carbon content of around 0.75%. It offers advantages as it can be molded in complex shapes in fewer steps.
- Cast steel has the ability to withstand high stress and strain forces. The combination of strength and ductility in steel makes it a preferred choice among end-users in mechanical and structural applications, as it is capable of bearing heavy loads.
Key Drivers of Global Cast Steel Market
- Rapid industrialization and urbanization is a key driver of the cast steel market. Significant rise in investment in power generation, automobile, and construction industries has boosted the demand for cast steel. This trend is expected to continue during the forecast period.
- Increase in demand for cast steel among end-users such as automobile and power industries is anticipated to drive the market. Substantial rise in demand for equipment from automobile and power industries in developing and developed countries around the world is driving the cast steel market. This trend is estimated to continue during the forecast period. Thus, the cast steel market is projected to expand considerably in the near future.
Global Cast Steel Market: Segmentation
- The global cast steel market can be segmented based on type and end-user
- In terms of type, the global cast steel market can be classified into carbon cast steel and alloy cast steel. Demand for alloy cast steel is likely to rise in the near future, as this type of cast steel is more resistant to corrosion and has higher tensile strength & hardness. Thus, the segment is expected to expand at a fast-paced CAGR during the forecast period.
- Based on end-user, the global cast steel market can be split into power generation, automotive oil & gas, railway, mining, construction, shipbuilding, and others. Automotive and power generation segments are anticipated to lead the market in the near future due to significant rise in demand for metal work in these industries across the globe.
Global Cast Steel Market: Regional Segmentation
- Based on region, the global cast steel market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- Asia Pacific is expected to dominate the global cast steel market during the forecast period. The market in the region is projected to expand at a significant pace during the forecast period. This can be ascribed to rapid industrial development in countries such as China, India, Japan, and Singapore. China is expected to lead the cast steel market in Asia Pacific due to increase in investment in end-user industries in the country.
- North America is also projected to account for considerable share of the global cast steel market during the forecast period. Demand for cast steel is rising in various industries, including power generation, automotive, railway, and construction, in the region. The U.S. is the one of the leading countries in automobile and power generation in North America. Thus, demand for cast steel is likely to be high in the region during the forecast period.
COVID-19 Impact on Cast Steel Market
- The COVID-19 pandemic has adversely impacted the global economy due to the stringent lockdowns imposed in all major countries. Investment in manufacturing and power generation has been affected by these lockdowns. A few projects have been delayed, while some have been put on hold. However, governments of various countries across the world are easing lockdown restrictions. As a result, investment in manufacturing and other industry projects is estimated to rise steadily. This is projected to drive the demand for cast steel during the forecast period.
Key Players Operating in the Cast Steel Market
- Silbitz Guss GmbH
- Allard Europe
- Castalloy Group
- Fisher Cast Steel
- thyssenkrupp Steel Europe
- KUBOTA Corporation
- Reliance Foundry Co. Ltd.
- TOSÇELİK Granul
- DANDONG FUDING ENGINEERING MACHINERY CO., LTD.
- ArcelorMittal Mining Canada G.P.
Global Cast Steel Market: Research Scope
Global Cast Steel Market, by Type
- Carbon Cast Steel
- Alloy Cast Steel
Global Cast Steel Market, by End-user
- Power Generation
- Oil & Gas
The Global Cast Steel Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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Below is a snapshot of these quadrants.
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The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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