According to the business intelligence report titled ‘North America Iron & Steel Casting Market Forecast 2027 By Material, By Process, By Application, Research Report, COVID-19 Impact Statistics, Country Outlook, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share’ available with MarketStudyReport, North America iron and steel casting market is likely to exceed a market value of USD 30 billion by 2027.

Burgeoning sales of automobiles as well as increasing investments by manufacturers towards deploying lightweight truck and passenger vehicle components are the major factors fueling North America iron & steel casting market growth.

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Based on material, the steel segment is likely to showcase a monumental growth through 2027, owing to extensive utilization of the product across automobiles owing to its anti-corrosive properties.

Similarly, the iron segment accounted for around 80% of overall market remuneration in 2020. Moreover, gray iron is the most popular form of cast iron as it is increasingly being utilized in the production of engine cylinder blocks, pumps, and electrical boxes among others.

Moving on to application scope, the automotive segment is slated to account for USD 10 billion by the end of 2027, creditable to increasing adoption of electric vehicles in order to reduce carbon emissions, alongside surging consumer preference for fuel-efficient cars.

Meanwhile, the power & electrical segment of North America iron & steel casting industry is expected to register a healthy CAGR of 6% through 2027 and surpass a valuation of USD 5.5 billion by the forecast period end, owing to the penetration of energy efficient and affordable technologies that boast of flexibility in design.

Geographically, the United States iron & steel casting market is anticipated to progress steadily through the analysis timeframe, as the country is touted to be the second largest automaker in the world with numerous investments aimed at enhancing the supply chain of automakers.

The competitive framework of this industry space is defined by key players such as ArcelorMittal S.A.,, POSCO, Nippon Steel Corporation, Nelcast Ltd., Waupaca Foundry Inc., Nucor Corporation and Hitachi Metals Ltd.