The global iron casting market size is expected to reach USD 136.55 billion by 2028., expanding at a CAGR of 6.1% over the forecast period. The recent outbreak of COVID-19 has hada significant impact on the iron casting demand, which has hindered market growth.
Companies Mentioned
Hitachi Metals, Ltd
Brakes India Private Limited
Dandong Foundry
GIS
OSCO Industries, Inc.
Chamberlin plc
Crescent Foundry
Xinxing Ductile Iron Pipes Co. Ltd.
Jinan Meide Casting Co Ltd
Tianjin New Wei San Industrial Co., Ltd
The decline in growth and production of the European automotive industry owing to the COVID-19 pandemic has affected the demand for iron casting and its raw materials. To recover from their losses, European countries have allocated stimulus packages to revive the economy and several industries, such as automotive. For instance, in September 2020, the France government announced around USD 118.3 billion to reduce the economic impact of the pandemic.
The automotive industry is anticipated to benefit the overall market in the long term, but its growth was majorly affected in the first half of 2020 in North America. The auto plants resumed their operations in the U.S. and Canada in mid-May 2020, however, most players in Mexico did not resume operations even by the end of May 2020. Auto plants in Mexico operated at minimal capacity, which impacted the trade supply among the North American countries.
Asia Pacific was also majorly impacted due to the pandemic. However, the countries are reporting quick recovery, especially China. The rapid growth in the construction & infrastructural projects in the region is expected to spur the product demand for applications in pipes & fittings. In addition, the growth of the automotive industry from the second quarter of 2020 onwards is expected to boost the product demand.
Read more: Worldwide Iron Casting Industry to 2028