Global Gray Cast Iron Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Gray Cast Iron Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Gray Cast Iron is a cast iron with a graphite microstructure. It is named after the grey color of the cracks it forms, due to the presence of graphite. It is the most common cast iron and one of the most widely used casting materials. It is used in housings where component stiffness is more important than its tensile strength, such as internal combustion engine cylinder blocks, pump casings, valve bodies, electrical boxes and decorative castings.

Market Overview:

The latest research study on the global Gray Cast Iron market finds that the global Gray Cast Iron market reached a value of USD 76837.21 million in 2022. It’s expected that the market will achieve USD 89945.45 million by 2028, exhibiting a CAGR of 2.66% during the forecast period.

COVID-19 Impacts on Current Market

The impact of COVID-19 on the global economy. More than five million lives have been lost to COVID-19 since the start of 2021 and the toll continues to rise. Many more have suffered a serious illness. Close to 90 million people are expected to fall into extreme deprivation this year. Compared with the IMF report released in June, the global economic contraction in 2020 will not be as severe as previously predicted. This revision reflects a better-than-expected economic recovery in the second quarter. Global growth is projected at 5.2 percent in 2021, a little lower than in the June 2020 WEO Update, reflecting the more moderate downturn projected for 2020 and consistent with expectations of persistent social distancing. This is the worst global recession in decades, despite the huge efforts of governments with the support of fiscal and monetary policies to deal with the economic downturn. But from a long-term perspective, it is expected that the severe recession caused by the pandemic will cause a prolonged economic depression by reducing investment. Should COVID-19 outbreaks persist, should restrictions on movement be extended or reintroduced, or should disruptions to economic activity be prolonged, the recession could be deeper. Businesses might find it hard to service debt, heightened risk aversion could lead to climbing borrowing costs, and bankruptcies and defaults could result in financial crises in many countries. Until the beginning of 2022, the global economy still has not fully recovered, and the trend of continuous increase of the epidemic situation has not been completely contained.
Due to the outbreak of the epidemic, the global economy has slumped, trade has been reduced, and factories have cut production or shut down. For the Gray Cast Iron industry, the market has been adversely affected. Due to the outbreak of the epidemic, in order to reduce direct contact, some factories have chosen to reduce production or suspend production, which is not conducive to the production of the Gray Cast Iron industry. Mining activities have been affected by the epidemic, which has further reduced the supply of pig iron and the shortage of raw materials for grey cast iron. The downstream sales market has also been affected by the epidemic, and demand has declined.
Growth and production decline in the automotive industry due to the COVID-19 pandemic has affected the demand for grey cast iron and its raw materials. To recover from the losses, governments in many countries have introduced stimulus packages to revive the economy and various industries such as automobiles.

Market Drivers

/Opportunities
Gray Cast iron is one of the most widely used metals. Its versatile characteristics facilitate the companies engaged in the iron casting industry to employ different molding techniques. It is easier to cast and less costly to produce when compared with the other types of cast iron. This is one of the factors driving the development of the grey cast iron industry.
In recent years, downstream industries such as construction and automotive have developed rapidly, and the demand from multiple end-user industries such as packaging, auto parts and machine manufacturers has continued to increase, and the market demand for cast iron has continued to grow. In addition, the government's increased investment to promote the development of the industry and the introduction of favorable policies for the industry are also factors that promote the development of the Gray Cast Iron industry.

Market Challenges/Risks

Alternative products such as ductile iron are occupying a larger market, which is expected to hinder the growth of the grey cast iron market over the forecast period. Fluctuations in raw material prices coupled with rapid technological advancements are likely to hinder the growth of the steel casting market, including grey cast iron, in the coming years. In addition, the shortcomings of gray cast iron are also one of the factors hindering the development of the industry. For example, gray cast iron cannot be forged, extruded or rolled even at higher temperatures, and gray cast iron has lower tensile strength and ductility. These factors are hindering the development of the grey cast iron market.

Region Overview:

Asia-Pacific had the highest growth rate of all regions.

Company Overview:

Waupaca Foundry is one of the major players operating in the Gray Cast Iron market, holding a share of 1.602% in 2022.

Waupaca Foundry, Inc., formerly known as ThyssenKrupp Waupaca, is among the world's largest independent iron foundries. The company produces gray, ductile, and compacted graphite iron castings. Global markets served include automotive and light truck, commercial vehicle, agriculture, construction, material handling, and other industrial sectors.

Grede Foundry is the industry's premier supplier of ductile iron, gray iron and specialty iron, designing, engineering, validating and manufacturing safety-critical components for partners in the automotive, industrial and commercial freight markets.

Segmentation Overview:

Among different product types, Vertical Molding segment is anticipated to contribute the largest market share in 2027.

Application Overview:

By application, the Automotive segment occupied the biggest share from 2017 to 2022.

Key Companies in the global Gray Cast Iron market covered in Chapter 3:

Gartland Foundry
Wescast Industries
Huaxiang Group
Willman Industries
Atlas Foundry
Nelcast
Grede Foundry
Waupaca Foundry
Metal Technologies
Jiangsu Wansheng Foundry Co., Ltd.
Tos Met Foundry
Faw Foundry
Neenah Foundry
Draxton
MAT Foundry Group
Goldens' Foundry
Aarrowcast
Rochester Metal Products

In Chapter 4 and Chapter 14.2, on the basis of types, the Gray Cast Iron market from 2018 to 2029 is primarily split into:

Vertical Molding
Horizontal Molding

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Gray Cast Iron market from 2018 to 2029 covers:

Pipes and Fittings
Automotive
Construction
General Engineering
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)