According to the research 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 & steel casting market is expected to accumulate USD 30 billion by the year 2027.
 

Report findings suggest that the growth of North America iron & steel casting market is attributed to increasing demand from automotive and construction sectors, backed by preference for robust, durable, and wear-resistant components like pipes, fittings, heavy machinery, and valves.
 

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Based on process, the market is fragmented into sand casting, die casting, and others. On the basis of material, the industry is divided into steel, and iron, wherein steel segment is gaining traction, especially in electric vehicle industry, due to its cost-effectiveness, robustness, and corrosion resistance. Growing user preference for fuel-efficient cars will constantly raise the product demand.
 

Meanwhile, iron material segment accounted for 80% share in iron & steel casting market in North America in 2020, owing to steady demand for gray iron cast from the construction, automotive, and oil & gas industries for applications like electrical boxes, engine cylinder blocks, pumps, etc.
 

In terms of application spectrum of North American iron & steel casting market, automotive segment is anticipated to be worth USD 10 billion by the year 2027. With increased sales of automobiles in North America, demand for iron casting for engine parts is likely to rise. Engineers are attempting to improve engine economy, which along with investments in iron & steel casting of components for lightweight trucks and passenger car components are propelling the industry forward.
 

On the other hand, power & electrical segment is expected to surpass USD 5.5 billion by 2027 while recording a 6% CAGR during the evaluation timeframe. The expansion is attributed to rapid adoption of energy-efficient and cost-saving technologies, as well as design flexibility across solar thermal, geothermal, coal thermal, and nuclear power generation & supply infrastructure.  
 

The key players in North American iron & steel casting market are Nelcast Ltd., Waupaca Foundry, Inc., Nippon Steel Corporation, POSCO, Nucor Corporation, ArcelorMittal S.A., and Hitachi Metals Ltd.