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Global Steel Casting Market 2019-2023 | Growing Trend of Automation in Die Casting Process to Boost Growth | Technavio

October 11, 2019
Global Steel Casting Market 2019-2023 | Growing Trend of Automation in Die Casting Process to Boost Growth | Technavio
Global Steel Casting Market 2019-2023 | Growing Trend of Automation in Die Casting Process to Boost Growth | Technavio

LONDON--(BUSINESS WIRE)--Oct 11, 2019--

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. Request a free sample report

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Technavio has announced its latest market research report titled global steel casting market 2019-2023. (Graphic: Business Wire)

End-users across industries such as transportation, construction, mining, power, and oil and gas are exhibiting a strong demand for steel casting owing to its superior properties. For example, the design flexibility offered by steel casting enables end-users to choose the shape and size of the casting as per their requirements. Moreover, the weight of the steel casting can be altered depending on its applications across industries. Steel casting can also be infused with different materials for various applications in construction, mining, power, and automobile industries. High structural strength offered by steel castings makes them more reliable compared to other castings such as aluminum. Such superior properties have increased the use of steel casting among end-users, which is driving the growth of global steel casting market.

To learn more about the global trends impacting the future of market research, download a free sample:https://www.technavio.com/talk-to-us?report=IRTNTR31567

As per Technavio, the introduction of automation in the die casting process will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.

Global Steel Casting Market: Introduction of Automation in the Die Casting Process

Vendors in the market are integrating casting machines with CNC tools to manufacture high-quality, reliable, and precise cast parts. Steel casting manufacturers are employing robots in foundries to port molten metal into die casts and remove the finished product from casts. The introduction of such automated processes in the casting system is improving productivity, reliability, and quality in the end-user industries. This growing trend among market vendors will have a positive impact on the market growth during the forecast period.

“Apart from the introduction of automation in die casting process, the increasing demand for steel casting from the automotive industry and growing construction activities are some other major factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.

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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, oil and gas, and other application) and geography (APAC, Europe, MEA, North America, and South America).

APAC led the market in 2018, followed by Europe, North America, MEA, and South America. During the forecast period, APAC is expected to maintain its dominance over the global market. This is due to the increasing adoption of steel in the automotive, construction, and agriculture industries in the region..

Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.

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Some of the key topics covered in the report include:

Market Landscape

Market Sizing

Five Forces Analysis

Market Segmentation

Geographical Segmentation

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

View source version on businesswire.com:https://www.businesswire.com/news/home/20191011005330/en/

CONTACT: Technavio Research

Jesse Maida

Media & Marketing Executive

US: +1 844 364 1100

UK: +44 203 893 3200

Email:media@technavio.com

KEYWORD:

INDUSTRY KEYWORD: STEEL MANUFACTURING

SOURCE: Technavio Research

Copyright Business Wire 2019.

PUB: 10/11/2019 03:30 PM/DISC: 10/11/2019 03:30 PM

http://www.businesswire.com/news/home/20191011005330/en