North America Iron Casting Market Overview and Growth by 2031

The North America Iron Casting Market size is projected to reach US$ 50.19 billion by 2031 from US$ 33.40 billion in 2023. The market is expected to register a CAGR of ~5.2% during 2023–2031. The growing demand from end-use industries, including automotive, aerospace, and industrial machinery, is likely to remain a key North America iron casting market trend.

North America Iron Casting Market Analysis

Iron castings are crucial for the manufacturing of engine components, transmission to gearbox components, suspension systems, braking systems, wheels and rims, and other automotive components. Iron castings are also critical structural components used for the production of expansion joints, columns, beams, and trusses in the building & infrastructure industry. The production of precise and durable iron casting through advanced manufacturing processes enables the cost-effective production of critical automotive and construction elements. According to a 2022 report by the International Energy Agency, the sales of electric cars doubled in the US in 2021; the sales share increased by 4.5%, and 6.6 million units were sold in that year. According to the International Trade Administration data released in 2022, Mexico is the seventh largest global passenger vehicle producer, manufacturing ∼3 million vehicles yearly.

Nearly 90% of vehicles produced in Mexico are exported, of which ∼76% are exported to the US. North America also has well-established automotive producers such as Audi AG, Bayerische Motoren Werke AG, Stellantis NV, Ford Motor Company, Honda Motor Co Ltd, Hyundai Motor Company, Mercedes Benz, and Volkswagen Group, as well as many original equipment manufacturers. According to the International Organization of Motor Vehicle Manufacturers (OICA), in 2021, North America recorded vehicle production of 13.4 million units.

North America Iron Casting Market Overview

North America consists of major automotive, aerospace, infrastructure & construction, and machinery industries. According to the American Foundry Society, highly engineered iron castings are used to produce most of the manufactured goods and machinery. North America consists of more than 1,900 metal casting facilities. Further, foundries serve industries such as automotive, construction, agriculture, heavy industrial machinery, aircraft & aerospace, railways, and pipelines in the US, Canada, and Mexico. The rising demand for iron casting from several end-use industries is prompting manufacturers to plan expansion in the region. For instance, in 2020, a division of Raytheon Technologies Corp, Pratt & Whitney, announced its plan to invest US$ 650 million through 2027 in a turbine airfoil production facility in North Carolina, US. The production facility was planned to have an advanced casting foundry for the production of turbine airfoils. In 2021, Mitsui Kinzoku Die-Casting Technology America built a US$ 20 million facility in Georgia. Automotive products will be developed in this facility. In 2021, IBC Advanced Alloys announced its plans to invest over US$ 5 million to build a copper casting facility. Thus, the expansion of end-use industries and strategic developments by iron casting manufacturers in North America are likely to boost the demand for iron casting.

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North America Iron Casting Market: Strategic Insights

North America Iron Casting Market

• Market Size 2023
  US$ 33.40 Billion
• Market Size 2031
  US$ 50.19 Billion

Market Dynamics

GROWTH DRIVERS

• NA

FUTURE TRENDS

• NA

OPPORTUNITIES

• NA

Regional Overview

• North America

Market Segmentation

Type

• Grey Iron
• Ductile Iron

Process

• Die Casting
• Centrifugal Casting
• SCasting
• Investment Casting

End Use

• Automotive
• Industrial Machinery
• Aerospace
• Building & Construction
• Energy
• Marine

North America Iron Casting Market Drivers and Opportunities

Surging Adoption from Construction Industry Bolsters North America Iron Casting Market Growth

The construction sector is also witnessing growth in North America due to a robust economy and increased federal and state financing for commercial and institutional structures. According to a 2022 report by the USAFacts Institute, the federal government of the US passed the Infrastructure Investments and Jobs Act in 2021, allocating US$ 550 billion for new federal infrastructure, including the repair or rebuilding of bridges, roads, rail, and airports, for five years. A rise in investments by governments and private companies in infrastructure building & construction projects fuels the demand for construction materials, specifically iron casting. Therefore, the growing construction industry drives the demand for metal casting in North America.

Strategic Expansion Activities in North America

Metal casting manufacturers are constantly focusing on increasing their product offering portfolio and targeting new customer bases through geographical expansion strategies. Diversification in terms of geography reduces the company's dependency on specific locations for revenue generation and mitigates risk associated with market fluctuation. Companies seek opportunities to expand their geographic presence in several locations in North America. In 2023, Monomoy Capital Partners acquired the global iron casting supplier Waupaca Foundry Inc. The strategy aimed to increase the efficiency of manufacturing sites and raw material procurement in North America. In 2021, Kent Foundry planned a US$ 3.5 million expansion project to manufacture gray and ductile iron casting in the US. In 2021, The CA Lawton Co. acquired Penn-Mar, a gray and ductile iron foundry in Pennsylvania, US. Penn-Mar develops multi-cored, gray, and ductile iron casting ranging from 68 to 2,268 kgs. In 2021, Neenah Enterprises acquired an 18.7-acre manufacturing facility for US Foundry & Manufacturing Corp for US$ 17.43 million in Florida, US. Further, collaborative efforts with research institutions, universities, and other companies allowed iron casting businesses to access expertise and develop novel solutions. Therefore, strategic expansion strategies by several market players are expected to create lucrative opportunities in the North America iron casting market.

North America Iron Casting Market Report Segmentation Analysis

Key segments that contributed to the derivation of North America iron casting market analysis are type, process, and end use.

• Based on type, the market is segmented into grey iron, ductile iron, and others. The grey iron segment held the largest share of the market in 2023.
• In terms of process, the market is segmented into die casting, centrifugal casting, sand casting, investment casting, and others. The sand casting segment held the largest share of the market in 2023.
• By end use, the market is bifurcated into automotive, industrial machinery, aerospace, building & construction, energy, marine, and others. The automotive segment held the largest market share in 2023.

North America Iron Casting Market Share Analysis by Geography

The geographic scope of the North America iron casting market report is mainly divided into the US, Canada, and Mexico.

In terms of revenue, the US dominated the North America iron casting market share in 2023. Industries such as automotive, aerospace and industrial machinery widely use components manufactured from iron casting. In 2021, the Naval Foundry and Propeller Center manufactured 90.72 metric tons of iron casting for a Columbia-Class submarine. According to the American Foundry Society, the geographic concentration of casting facilities is dispersed in Ohio, Pennsylvania, Indiana, Illinois, Michigan, California, Texas, and Wisconsin, with ~1,500 foundries in the US. The country comprises both large-scale foundries and small-scale specialty iron casting foundries. Several foundries in the US are also focusing on sustainable practices such as the utilization of recycled materials and energy-efficient casting processes. Thus, the rising demand for iron casting from end-use industries propels the iron casting market growth in the country.

North America Iron Casting Market Report Scope

North America Iron Casting Market News and Recent Developments

The North America iron casting market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for iron casting and strategies:

• Proterial, Ltd. ("Proterial"), a leading international producer of high-performance materials for mobility, industrial infrastructure, and electronics, today announced the signing of a definitive agreement for Monomoy Capital Partners ("Monomoy") to acquire Waupaca Foundry, Inc. ("Waupaca Foundry" or the "Company"), North America's leading supplier of cast and machined iron castings. Waupaca Foundry will continue to operate under its current management team, led by President, CEO, and COO Michael Nikolai. Financial terms of the private transaction were not disclosed. (Source: Waupaca Foundry, Inc, Press Release, 2023)

North America Iron Casting Market Report Coverage and Deliverables

The "North America Iron Casting Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:

• Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Market dynamics such as drivers, restraints, and key opportunities
• Key future trends
• Detailed Porter's Five Forces and SWOT analysis
• Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
• Detailed company profiles