Global Steel Casting Market 2019-2023 | Introduction of Automation in the Die Casting Process to Boost Growth | Technavio
The global steel casting market is expected to post a CAGR of over 4% during the period 2019-2023, according to the latest market research report by Technavio.
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Technavio has published a new market research report on the global steel casting market from 2019-2023. (Graphic: Business Wire)
Steel casting is preferred in various applications across industries because of its various superior properties. One of the significant advantages of using steel casting is its design flexibility, strong metallurgical versatility, and adaptability. Moreover, steel casted products are more reliable than other metal castings such as aluminum due to the high structural strength, weldability, and workability under high heat treatment. Therefore, due to such properties, the market for steel casting is expected to showcase a positive outlook during the forecast period.
As per Technavio, the introduction of automation in the die casting process on the market and contribute to its growth significantly over the forecast period. This global steel casting market 2019-2023 research report also analyzes other significant trends and market drivers that will affect market growth over 2019-2023.
Global steel casting market: Introduction of automation in the die casting process
The manufacturing sector has been witnessing a steady increase in terms of the adoption of industrial robots. The use of industrial robots in the manufacturing process offers several benefits such as increased efficiency, enhanced flexibility, reduced cycle time, and enhanced precision in producing the final product. Moreover, mass production automated robots are now slowly being introduced into casting machines in conjunction with computer numerical control tools that ensure high-quality reliability, and precise cast parts. Furthermore, the incorporation of automated robots into the casting system will lead to increased productivity', providing reliable and efficient cast parts to the end-user industries. Thus, it is expected that the adoption of automated casting machinery will rise during the forecast period with the rising demand for enhanced productivity from the automotive sector.
“To comply with stringent environmental regulations across the globe, automakers focus on manufacturing lightweight fuel-efficient and environment-friendly automobiles. To improve the vehicle's strength and durability, some of the automotive components, are being manufactured by steel casting. These automotive components are essential in the automotive industry. Thus, increasing production of automotive vehicles across the globe will drive the demand for steel casting during the forecast period,” says a senior analyst at Technavio.
Global steel casting market: Segmentation analysis
This market research report segments the global steel casting market by application (automotive and transportation, construction and infrastructure, mining, power, others) and geographical regions (APAC, Europe, North America, MEA and South America).
The APAC region led the market in 2018, followed by Europe, North America, MEA and South America respectively. During the forecast period, the APAC region is expected to maintain its dominance over the global market and register the highest incremental growth due to the huge consumer base and easy availability of raw materials and low-cost labor in the region.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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