In the last few years, there has been a rise in the demand for the steel casting industry. Increase in consumer demands for components in various markets such as mining, oil, gas, and power generating industries, agricultural sector, and other manufacturing industries, drives the growth of the global steel casting market.
By Vaishanavi Kumbalwar, Allied Market Research
First, a pattern has to be designed. This pattern requires a great deal of knowledge from the manufacturer, as its dimensions and geometry have to take into account the contraction of the solidifying metal, the path through where the molten metal will pass, and other subtleties. The molten metal is then poured in the mold and left alone to solidify. Once it is cooled, the sand mold is removed and the piece is cleaned and inspected. Depending on the fabrication standard, weld repairs may be allowed. The as-casted piece normally does not have the desirable mechanical properties. To correct this, a heat treatment is normally made, where the piece is taken to an industrial furnace and stays there under controlled temperature for a prescribed time. Test coupons are then removed to make sure the desired properties were achieved and then the piece goes to final inspection (x-ray, ultrasonics, penetrant test, etc., depending on the standards).
The demand for steel casting is improving due to its various advantages. Steel casting has more durability and reliability than other metal castings. It also has flexibility in the selection of shape and size of components, improved efficiency, and others. In addition, steel casting allows for greater metallurgical flexibility as well as increased weldability and operation at high temperatures, thus making it a perfect material for the casting of various components.
The global marketplace’s economic demands have produced an ideal environment for steel casting foundries, as it rewards innovation, consistency, and efficiency. Steel casting foundries are striving to enhance their manufacturing process and keep up with the growing market demand. The demand for steel casting is expected to increase in the next few years due to the reviving economy. Additionally, governments of several developed countries are investing in various infrastructural and maintenance projects. According to Allied Market Research, the global steel casting market is expected to grow considerably over the next few years.
COVID-19 Impact on the Global Market
The outbreak of COVID-19 had a negative impact on the global steel casting market. Many industries had to stop or slow down their operations. In addition, stringent regulations on import-export trade activities to curb the spread of the virus have disrupted the global supply chains, which lead to the shortage of raw materials. Moreover, many end-use industries such as construction, mining, and other sectors witnessed a decreased demand.
Now, the lockdown has been lifted in some countries. As the world is getting back to normalcy, many industries have started their operations with new regulations. But, the steel sector is still facing numerous challenges such as the hampered logistics movement and labor shortages. However, the market is expected to have growing demand due to an increase in demand in end-use industries. The market is anticipated to recoup soon.