Exploring the Growth of North America Iron Casting Market: What You Need to Know

The North America iron casting market size is expected to reach USD 24.89 billion by 2030, expanding at a CAGR of 5.6% from 2023 to 2030, according to a new report by Grand View Research, Inc. The increasing number of projects related to sanitization, sewage, and wastewater treatment being carried out in North America is expected to fuel the growth of iron casting in the region in the coming years.

For instance, in July 2022, the governments of Canada and Nunavut announced an investment for the development of wastewater and water treatment plants in Nunavut. The Government of Canada is anticipated to invest approximately CAD 2.7 million (~USD 1.96 million) and the Government of Nunavut is providing approximately CAD 925,000 (~USD 671,082) for the development of these plants.

Based on product, the market is segmented into gray, ductile, and malleable. Ductile cast iron, also known as nodular iron or spherical graphite iron, has a composition similar to gray with graphite particles precipitated in spherical form rather than in the flake form. Unlike graphite flakes, there is no crack-like network created by the spherical graphite particles, which results in higher toughness and strength of ductile compared to gray cast iron.

Based on application, power generation is anticipated to register a growth rate of 6.4%, in terms of revenue, over the forecast period. Growing investments in renewable energy for power generation are anticipated to augment the demand for iron castings in the segment. For instance, in October 2021, the U.S. government decided to invest in expanding offshore wind energy. The wind farm is part of the government’s plan to generate 30 gigawatts of wind power by 2030.

Gather more insights about the market drivers, restrains and growth of the North America Iron Casting Market

North America Iron Casting Market Report Highlights

• Based on product, gray cast iron accounted for a volume share of over 62.0% in 2022 of the overall market. It is a commonly used material for developing products in various applications such as automotive, machinery & tools, and pipes, owing to its high compressive strength, and good damping capacity.

• Based on application, the pipes and fittings segment is expected to expand at a CAGR of 5.5%, in terms of revenue, from 2023 to 2030. Rising investments in various countries towards upgradation in infrastructure related to sanitization, sewage, and wastewater treatment are propelling segment growth.

• The railways segment is expected to register a CAGR of automotive 6.5% in terms of revenue across the forecast period. Iron castings find use in bearing adapters, rail tracks, suspensions, track connection plates, etc. Rising investments in the industry are anticipated to further augment segment growth over the coming years.

• Based on region, the U.S. is expected to register a CAGR of 4.6%, in terms of volume, over the forecast period. Increasing investment in the construction & infrastructure industry and rising demand for renewables are driving the market growth.