Market Insight-Global Ductile Cast Iron Market Overview 2023
The Global Ductile Cast Iron market size is projected to reach US$ 30250.00 Million by 2029 from US$ 38323.67 million in 2022 at a CAGR of 3.46% during 2023-2029 – Bossonresearch.com
Figure Global Ductile Cast Iron Market Size
Source: Bossonresearch.com, 2023
The global Ductile Cast Iron market size is projected to reach US$ 30250.00 Million by 2029 from US$ 38323.67 million in 2022 at a CAGR of 3.46% during 2023-2029.
The excellent properties compared to other materials are an important driving force for the development of ductile cast iron materials. Ductile cast iron has excellent corrosion resistance, tensile strength and yield strength. Unlike cast iron, ductile cast iron does not break when bent, making it more suitable for demanding applications. Compared with sand castings, ductile cast iron castings have the characteristics of short delivery cycle, wide size range, and dense and uniform material; compared with forged steel parts, continuous ductile cast iron castings have the characteristics of light weight, low processing energy consumption, and good iron cutting performance , tool saving and other features.
Sustained high demand from the wind power industry and automotive industry will continue to be an important factor driving the development of the ductile cast iron market during the forecast period. In the wind power industry, ductile cast iron is used to manufacture structural parts such as wheel hubs and frames. In the context of carbon neutrality and energy security, European and American countries will maintain the pace of wind power development, while emerging markets such as Asia and Africa will more actively promote market expansion. The development of the wind power industry will promote the development of the ductile cast iron market. Ductile cast iron, on the other hand, is widely used in the automotive industry for engine blocks, gearboxes, and other components due to its high strength and toughness. Rising demand for automobiles globally, especially in emerging markets, is driving the growth of the ductile cast iron market.
Segment by Type, the Ductile Cast Iron can be split into Vertical Molding, Horizontal Molding, etc. The Vertical Molding segment contributed the highest revenue to the market in 2022 with the highest market share of 60.95%. Vertical shapes are particularly suitable for casting large and complex ductile cast iron components. The automotive, mechanical and industrial sectors often require complex and large parts such as engine blocks, gearboxes and industrial machinery components. Vertical molding excels at efficiently filling these larger, more complex-shaped mold cavities, reducing the risk of defects and ensuring the quality of the final product. Additionally, while vertical forming may require taller, more robust machinery, it can be highly cost-effective for certain applications. In industries requiring large and complex parts, the efficiency and quality offered by vertical molding often exceed initial equipment and operating costs.
According to application classification, the Ductile Cast Iron can be split into Machinery & Equipment, Automotive, Construction, Oil and Gas, Aerospace, Others. Automotive has always been the most important application of ductile cast iron, and its market share has even reached 58.80 in 2022 %. The automotive industry has a long history of using ductile cast iron and has developed expertise in casting and machining processes. Extensive use in critical automotive components, suitability of the material for lightweighting and heat resistance, its durability and longevity, cost-effectiveness, and long-term applications have enabled the automotive industry to maintain its dominance in the ductile cast iron market .
On basis of geography, the Ductile Cast Iron market is segmented into North America, Europe, Asia-Pacific, South America, Middle East and Africa, etc. Asia-Pacific has the highest market share in the world with its large number of manufacturers and end-users . Asia Pacific is the global leader in the automotive industry. The region has a huge production volume of passenger cars and commercial vehicles. In addition, densely populated and rapidly urbanizing Asian countries require extensive infrastructure development. Ductile cast iron is widely used in construction and water supply systems, with urbanization in the region driving demand for such infrastructure. Rapid industrialization in countries such as China, India and Southeast Asian countries has led to increased demand for ductile cast iron components in various industries including automotive, machinery, construction and infrastructure development. Finally, Asia-Pacific manufacturers often serve international markets, exporting ductile cast iron components to regions such as North America and Europe. This export capability strengthens the region's market share.
Driving Factors
Excellent characteristics
Ductile Cast Iron is a high-strength cast iron material that obtains spherical graphite through spheroidization and inoculation. At present, Ductile Cast Iron has rapidly developed into a cast iron material that is second only to gray cast iron and is widely used.
Ductile Cast Iron has excellent corrosion resistance, tensile strength and yield strength. Unlike cast iron, Ductile Cast Iron does not break when bent, which makes it more suitable for demanding applications. Compared with sand castings, Ductile Cast Iron castings have the characteristics of short delivery cycle, wide size range, and dense and uniform material; compared with forged steel parts, continuous Ductile Cast Iron castings have the characteristics of light weight, low processing energy consumption, good iron cutting performance, and saving tools.
In addition, the recyclability and environmental friendliness of Ductile Cast Iron are in line with the trend of sustainable development. As environmental concerns grow, industry and governments are increasingly choosing materials such as Ductile Cast Iron for their projects.
At the same time, the inherent properties of materials drive research and innovation. This includes the development of advanced Ductile Cast Iron alloys, casting methods and processing techniques to further enhance its suitability for a variety of applications.
Growing demand for Ductile Cast Iron pipes
Due to the special characteristics of Ductile Cast Iron pipe, it is an ideal choice for water and oil transportation. The popularity of Ductile Cast Iron pipes has increased due to the need to supply piped water to the entire population, especially in developing economies. Demand is likely to increase during the forecast period as governments increase spending to support the reconstruction of existing drinking water infrastructure. This will drive the development of the Ductile Cast Iron market.
1) Development of underground infrastructure. Underground infrastructure includes water transportation, gas and oil supply, electricity supply, etc. These are basic services required for daily life. Some developing countries are focusing on developing infrastructure. This includes replacing old pipes and installing new pipes. Ductile Cast Iron pipes are widely used in the gas and oil transportation industry because they are mostly chemically inert to petroleum products and can withstand the high pressures generated in gas and oil transportation. During the water delivery process, Ductile Cast Iron pipes, together with cement mortar, play the role of active and passive protection. This helps deliver water without mixing with chemicals in the outside environment and maintains normal water pH levels.
2) Specialized connectors for niche applications. As the use of Ductile Cast Iron pipes continues to increase in numerous industries, manufacturers produce many types of joints according to customer requirements. These connectors make the installation of pipes easier. Depending on the application, these joints can be used above ground and below ground. Additionally, these joints allow for vertical and horizontal deflection as well as contraction/expansion within the same coupling. A variety of couplings allow the installer to rotate and install the pipe in the desired direction. Commonly used joints on Ductile Cast Iron pipes include push-in joints, mechanical joints, flange joints and constrained joints. These couplings are available in different sizes and lengths to help numerous applications in many industries.
3) Investment in seismic pipelines continues to increase. In the process of economic growth, most countries require the replacement of aging pipelines with new earthquake-resistant Ductile Cast Iron pipes. Replacing aging pipes that have exceeded their legal service life of 40 years has become a problem. Many governments are increasing investments in earthquake-resistant piping systems, including Ductile Cast Iron pipes. Ductile Cast Iron pipes can also withstand seismic waves that propagate through the soil. Many earthquake-prone regions, such as Japan and California, are using Ductile Cast Iron pipes for underground infrastructure such as drinking water supplies and wastewater breakwater treatment.
4) With the rapid growth of developing countries like India, more and more smart cities and development projects are increasing the demand for pipeline networks and ultimately DI pipelines.
Development of the wind power industry
In the wind power industry, Ductile Cast Iron is used to make structural parts such as wheel hubs and frames. Ductile Cast Iron is suitable for large, complex shapes and high (fatigue) loads, such as large megawatt wind turbine shafts. Therefore, the development of the wind power industry will promote the development of the Ductile Cast Iron market.
On March 27, 2023, the Global Wind Energy Council (GWEC) released the "Global Wind Report 2023" in Sao Paulo, Brazil. The report predicts that by 2024, global onshore wind power newly installed capacity will exceed 100GW for the first time; by 2025, global offshore wind power newly installed capacity will reach a new high, reaching 25GW. In the next five years, the global new grid-connected wind power capacity will reach 680GW, and the average annual newly installed wind power capacity will reach 136GW, achieving a compound growth rate of 15%. After 2023, global wind power installed capacity will enter a stage of stable growth, with offshore wind installed capacity growing at a significantly higher rate. Offshore wind power installed capacity and the development of emerging markets will become the main driving forces for the increase in wind power installed capacity in the next 5-10 years. According to GWEC, global new installed sea wind capacity is expected to reach 31.4GW in 2026.
In the context of carbon neutrality and energy security, European and American countries will maintain the pace of wind power development, while emerging markets such as Asia and Africa will more actively promote market expansion. According to GWEC forecasts, looking at the newly installed capacity of Landwind from 2022 to 2026, the installed capacity rankings in markets other than China are Europe, North America, Asia (excluding China), Latin America, and Africa and the Middle East. The European and American markets are large but relatively stable. Emerging markets such as Asia and Africa are showing a high growth rate with a low base. Among them, wind power in markets such as India and Vietnam is developing particularly rapidly. Judging from Haifeng's new installed capacity, Asia is the largest new installed capacity market, while Europe and the United States are expected to start growing in 2025.
Automotive industry needs
Ductile Cast Iron is widely used in the automotive industry for engine blocks, transmissions and other components due to its high strength and toughness. The growing demand for automobiles across the globe, especially in emerging markets, is driving the growth of the Ductile Cast Iron market.
The automotive industry is an important driver of the Ductile Cast Iron market. The automotive industry's demand for engine blocks, gearboxes and other components has resulted in continued demand for Ductile Cast Iron. Characteristics such as high strength and toughness of Ductile Cast Iron are crucial to ensuring the safety and reliability of automotive parts. As automakers prioritize vehicle safety and performance, Ductile Cast Iron remains the material of choice. As the global population continues to grow and urbanization accelerates in emerging markets, automotive demand is expected to rise, further driving the development of the Ductile Cast Iron market.
In the long run, the automobile industry still has a lot of room for development, mainly reflected in the fact that the number of cars owned per thousand people in many developing countries is still far lower than that in developed countries. Taking China as an example, on a comparable basis, China’s car ownership per thousand people in 2018 was 170, while the number in the United States was nearly 800, and that in developed countries such as Europe and Japan was 500 to 600. In China, road infrastructure is increasingly improving and national consumption is increasing. As standards continue to improve, more and more cars will enter urban and rural households, and the demand for upgrades will increase rapidly. In addition, the rapid development of new energy vehicles has also provided new growth momentum for the development of the automobile industry.
Generally speaking, fluctuations in the automotive industry will affect the company's sustained rapid growth of its automotive casting business in the short term. However, in the medium to long term, the automotive industry still has good room for development and can provide a market for the improvement of Ductile Cast Iron and other related casting products.
Global Ductile Cast Iron Market: Competitive Landscape
Based on our calculations, in 2022, the CR5 and HHI of the ductile cast iron market are 5.54% and 0.10% respectively. This means that the concentration of the ductile cast iron market is very low, and manufacturers in the market are still in very fierce competition. Major players in the market include Proterial, Ltd, Wescast Industries, Grede Foundry, Draxton, MAT Foundry, Weichai Power (Weifang) Casting, Castings PLC, Metal Technologies, Inc., Aludyne, Georg Fischer, FAW Foundry Co., Ltd., Huaxiang Group, INTAT Precision, Meide Group, Tianjin New Wei San Industrial, Rochester Metal Products, ACO Eurobar, Neenah Foundry, Silbitz Group, Denizciler, Goldens'Foundry, Willman Industries, Aarrowcast, Inc., Kutno.
Key players in the Ductile Cast Iron Market include:
Proterial, Ltd
Wescast Industries
Grede Foundry
Draxton
MAT Foundry
Weichai Power (Weifang) Casting
Castings PLC
Metal Technologies, Inc.
Aludyne
Georg Fischer
FAW Foundry Co., Ltd.
Huaxiang Group
INTAT Precision
Meide Group
Tianjin New Wei San Industrial
Rochester Metal Products
ACO Eurobar
Neenah Foundry
Silbitz Group
Denizciler
Goldens'Foundry
Willman Industries
Aarrowcast, Inc.
Kutno
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