The iron and steel casting market may experience a positive growth trend during the tenure of 2018-2026. Growing demand from a wide range of sectors for producing various components may turn out to be the prime factor for the growth of the iron and steel casting market. Iron and steel casting is a process in which molten iron and steel are poured in a mold to form give shape to an object. The casting products are used for producing various components in numerous sectors such as power generation, manufacturing machinery, automotive, industrial units, agriculture, and automotive.
Construction Industry to Contribute Toward Growth of Iron and Steel Casting Market
The construction industry uses varied casting products for completing their projects at a faster pace. The construction sector is expanding at a faster rate and so is the need for construction equipment. Hence, this may benefit the iron and steel casting market to a great extent. Increasing investments by the Government on various infrastructural projects is also expected to propel the growth rate of the iron and steel casting market.
Manufacturers are also involved in mergers, joint ventures, and acquisition activities to establish dominance over the iron and steel casting market. For instance, ArcelorMittal recently acquired Essar Steel India Limited (ESIL) and in sync, joint-ventured with Nippon Steel. The joint venture, known as ArcelorMittal Nippon Steel India Limited will operate ESIL.
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Technology to Lend a Helping Hand
Technological innovations of iron and steel casting machines will also benefit the iron and steel casting market in terms of production and quality of the products. We can take the example of North Star BlueScope Steel. North Star BlueScope Steel in the USA recently ordered a single-strand thin-slab continuous caster from the SMS Group. This machine will increase the thin-slab production from 2.2 mn metric tons to 3.3 mn metric tons per year.