South Korea Iron Casting Market Size & Outlook, 2021-2030
South Korea iron casting market, 2017-2030 (US$M)
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South Korea iron casting market highlights
- The South Korea iron casting market generated a revenue of USD 1,733.4 million in 2021 and is expected to reach USD 2,715.0 million by 2030.
- The South Korea market is expected to grow at a CAGR of 5.1% from 2022 to 2030.
- In terms of segment, gray was the largest revenue generating product in 2021.
- Ductile is the most lucrative product segment registering the fastest growth during the forecast period.
Iron casting market data book summary
| Market revenue in 2021 | USD 1,733.4 million |
| Market revenue in 2030 | USD 2,715.0 million |
| Growth rate | 5.1% (CAGR from 2021 to 2030) |
| Largest segment | Gray |
| Fastest growing segment | Ductile |
| Historical data | 2017 - 2020 |
| Base year | 2021 |
| Forecast period | 2022 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Gray, Ductile, Malleable |
| Key market players worldwide | Hitachi Ltd, POSCO Holdings Inc ADR, Georg Fischer AG, Calumet Specialty Products Partners LP, Brakes India, Chamberlin Plc, Crescent Foundry, Xinxing Ductile Iron Pipes, Newby Foundries, Grupo Industrial Saltillo(GIS) |
Other key industry trends
- In terms of revenue, South Korea accounted for 1.7% of the global iron casting market in 2021.
- Country-wise, China is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, China iron casting market is projected to lead the regional market in terms of revenue in 2030.
- India is the fastest growing regional market in Asia Pacific and is projected to reach USD 21,997.9 million by 2030.
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Iron Casting Market Scope
Iron Casting Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|
South Korea iron casting market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to iron casting market will help companies and investors design strategic landscapes.
Gray was the largest segment with a revenue share of 66.43% in 2021. Horizon Databook has segmented the South Korea iron casting market based on gray, ductile, malleable covering the revenue growth of each sub-segment from 2017 to 2030.
The South Korean economy contracted by 1% in 2020 due to the COVID-19 pandemic. The country’s economy registered a growth rate of 4% in 2021. The government of the country is investing heavily in industries such as energy, infrastructure, rail, and transport, which is anticipated to augment the demand for iron castings in the country over the forecast period.
In July 2021, South Korea announced a stimulus package dubbed as Korean New Deal 2.0. In this plan, the government is expected to invest USD 191 billion in digital technology and green energy project.
The government has set the target of 30,000 smart industries by 2022, which is expected to have fully automated manufacturing abilities. In 2020, the government of the country injected USD 414.4 million into R&D to incentivize small-medium enterprises (SME) to advance and upscale automated technology.
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Our clientele includes a mix of iron casting market companies, investment firms, advisory firms & academic institutions.
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Horizon Databook provides a detailed overview of country-level data and insights on the South Korea iron casting market , including forecasts for subscribers. This country databook contains high-level insights into South Korea iron casting market from 2017 to 2030, including revenue numbers, major trends, and company profiles.
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South Korea iron casting market size, by product, 2017-2030 (US$M)
South Korea Iron Casting Market Outlook Share, 2021 & 2030 (US$M)
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