How big is the Steel Casting Market | Industry Analysis, Trends & Forecast 2031

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Code: MTA9261

Publication Date: Sep 2025

What is the size of Steel Casting Market?

According to 6Wresearch internal database and industry insights, the Global Steel Casting Market was valued at USD 115 Billion in 2024 and is expected to reach USD 160.7 Billion by 2031, growing at a compound annual growth rate of 6.2% during the forecast period (2025-2031).

The market continues to expand as industries move to new casting processes, which enable components used in automotive, construction, power generation, and heavy equipment to be more durable, precise, and perform better. Infrastructure development and demand for more specialized alloys also support this market growth.

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Growth Factors for Steel Casting Industry

Increased demand from automotive, railways, and heavy equipment industries based on the strength and durability characteristics of steel casting
Increased consumption of steel casting due to increased infrastructure development
Industries are becoming more efficient and improving quality by adopting new casting technologies
Energy efficient and wear-resistant requirements for industrial components
Innovation in alloy formation and heat treatment procedures leading to better finished product quality

Steel Casting Market Trends

Trends in the Steel Casting Market are indicating changing preferences with increasing use of automated moulding, better alloys, and precision casting development. Industries also want tailor-made products matching stringent mechanical and metallurgical requirements. Trends also demonstrate very high utilization of castings in energy, construction, and transportation industries. The movement toward lighter industrially sufficient materials is emphasizing the transition of the market. Significant use of simulation software to examine defect issues, investment towards cleaner manufacturing and reducing energy use while casting have rapidly become major industry trends.

Emerging Developments in the Steel Casting Market

The Steel Casting Market developments demonstrate increasing focus on additive manufacturing techniques integrated with traditional casting for high-performance outputs. Companies are enhancing their R&D investments to produce complex geometries with minimal waste and better metallurgical control.

Further developments include strategic collaborations between casting manufacturers and end-user industries to create specialized solutions. Growing use of digital platforms for process monitoring, predictive maintenance, and real-time defect tracking is reshaping operational efficiencies and expanding the application scope of steel castings.