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Steel Casting Market Report Overview
The global steel casting market attained a value of USD 35.29 Billion in 2025 and is projected to expand at a CAGR of 5.50% through 2035. The market is further expected to achieve USD 60.28 Billion by 2035, driven by wear-part replacement in mining, new gas and thermal power equipment, oil and gas drilling and processing activity, and the steady need for heavy cast components in rail, construction machinery and aerospace.
Key Market Trends and Insights
- Mining is the dominant application, and Weir Group reported in July 2026 that orders for the six months ended June 2026 rose 8% at constant currency to GBP 1,426 million, with aftermarket orders of GBP 1,135 million up 8% and more than 2,000 mining projects active in its pipeline, within a market that Expert Market Research projects to grow at a CAGR of 5.50% through 2035.
- Power is the fastest-growing application, and GE Vernova reported in July 2026 that orders for the quarter ended June 2026 rose 88% organically to USD 24.2 billion, while its gas power equipment backlog and slot reservations reached 116 GW, up from 100 GW, against an overall market CAGR of 5.50% through 2035.
- Latin America is expected to be the fastest-growing region, and Petrobras reported in August 2026 record oil and gas output of 3.34 million barrels of oil equivalent per day for the quarter ended June 2026, with capital spending of USD 5.3 billion, 82% of it directed to exploration and production.
Market Size & Forecast
- Market Size in 2025: USD 35.29 Billion
- Projected Market Size in 2035: USD 60.28 Billion
- CAGR from 2026 to 2035: 5.50%
- Fastest-Growing Regional Market: Latin America
Europe's casting base shows both the scale and the strain of the industry. A study by IW Consult for the Federal Association of the German Foundry Industry, published in July 2026, counted 545 German foundries employing about 67,700 people, with production value of EUR 14 billion, while the production index stood more than 35% below its early 2018 level. Even so, about three quarters of surveyed user companies said German castings can be replaced only to a limited extent or not at all, which supports demand for high-specification steel castings.
China's heavy machinery output shows where casting demand is building. Data from the National Bureau of Statistics, reported in September 2026, put excavator output at 307,189 units in the eight months to August 2026, up 25.5% on the same period a year earlier. Excavators, loaders and crushing equipment use steel castings in wear-exposed parts such as bucket teeth, track components and housings, so higher machine output feeds directly into foundry orders and into the replacement parts that mines and quarries buy afterwards. Rising output also shows that mining and construction customers are still willing to invest in new machines.
Japan's largest equipment maker adds a third reading. Komatsu reported in July 2026 net sales of JPY 1,043.1 billion for the three months ended June 2026, up 14.7%, with operating income of JPY 151.6 billion, up 8.0%, as its construction, mining and utility equipment segment gained from higher selling prices and higher sales volume. Equipment makers of this size buy large volumes of cast steel for frames, undercarriage and wear parts, so their order books are a useful signal of casting demand over the coming quarters.
Compound Annual Growth Rate
5.5%
Value in USD Billion
2026-2035
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Key Trends and Recent Developments
Siemens Energy reported in August 2026, for the quarter ended June 2026, record orders of EUR 17.9 billion and a record backlog of EUR 162 billion. Gas Services orders rose 61.9% on a comparable basis to EUR 9,967 million, with a book-to-bill ratio of 2.65 and a backlog of EUR 73 billion. Companies can secure long-term supply agreements with turbine makers to match foundry capacity to this multi-year order book.
Japan Steel Works reported in August 2026, for the quarter ended June 2026, operating profit of JPY 5.3 billion, up 23.5%. Materials and Engineering orders rose to JPY 9.8 billion from JPY 8.1 billion, with about 60% coming from natural gas-fired power plant customers ordering turbines and shafts. Companies can expand heavy forging and casting capacity for power plant components to capture this demand.
Metso reported in July 2026 that orders received in the quarter ended June 2026 rose 18% to EUR 1,462 million, lifting the order backlog 13% to EUR 3,662 million. In its Minerals segment, orders rose 24% and equipment orders rose 50%, led by grinding and crushing solutions, with aftermarket orders up 13%. Companies can secure wear-part castings contracts with crusher and mill makers while equipment orders convert into installed bases.
Wabtec reported in July 2026, for the quarter ended June 2026, sales of USD 3.18 billion, up 17.5%, and a multi-year backlog of USD 30.93 billion, USD 9.10 billion higher than a year earlier. Freight segment sales rose 16.9%, with equipment sales up 35.0% on higher locomotive deliveries. Companies can leverage rail equipment backlogs to plan cast steel supply for locomotives and rolling stock.
Kobe Steel Ltd. Posts Higher Sales but Lower Ordinary Profit
Kobe Steel Ltd. reported in August 2026 net sales of JPY 578,349 million for the three months ended June 2026, up 1.6%, while ordinary profit fell 21.2% to JPY 22,663 million. Its Steel and Aluminum segment recorded an ordinary loss of JPY 2,337 million against a profit of JPY 5,488 million a year earlier. Companies can leverage diversified materials portfolios to offset weakness in commodity steel earnings.
Hitachi Metals Ltd., Now Proterial, Plans INR 22.5 Billion Magnet Plant in India
Proterial, the company formerly known as Hitachi Metals, was reported in July 2026 to be investing INR 22.5 billion, about USD 225 million, in a plant at Achyutapuram in the Anakapalli district of Andhra Pradesh. The plant will make sintered NdFeB rare earth magnets with annual capacity of 1,200 metric tons once complete. Companies can leverage local production in India to serve growing electric motor and power equipment demand.
Precision Castparts Corp. (Berkshire Hathaway Inc.) Draws Valuation Focus as GE Aerospace Buys a Casting Rival
Press coverage in September 2026 reported that GE Aerospace agreed to buy Consolidated Precision Products for USD 11.75 billion, a price used as a benchmark for valuing Precision Castparts, whose complex metal components go into turbine blades. The coverage linked the rerating to rising demand for gas turbines serving AI data centres. Companies can secure alloy and casting capacity ahead of turbine demand to win long-term supply positions.
Precision Castparts Corp. (Berkshire Hathaway Inc.) Lifts Pre-Tax Earnings 32.9% in Berkshire's First Quarter
Forbes reported in May 2026, in its coverage of Berkshire Hathaway's first quarter 2026 results, that Precision Castparts grew pre-tax earnings by 32.9% year on year and that robust aerospace demand was a tailwind for Berkshire's aerospace businesses. Companies can align casting and forging capacity with aerospace build rates and long-term customer schedules to share in this demand and protect margins through the cycle.
Steel Casting Industry Segmentation
This Expert Market Research Report titled "Global Steel Casting Market Report and Forecast 2026-2035" offers a detailed analysis of the market based on the following segments:
Market Breakup by Application
- Mining
- Power
- Oil and Gas
- Others
Key Insight: Mining is the leading application, and Chile's copper output fell 9.4% in July 2026, with Escondida down 22.1% to 89,400 tons and Collahuasi up 12.3% to 38,400 tons, according to data from the state copper commission reported in September 2026; Power is the fastest-growing application, and India's Minister of State for Power told the Rajya Sabha in July 2026 that the country needs 86,440 MW of additional thermal capacity by 2035-36, with 63,545 MW under implementation; Oil and gas covers the valve, pump, wellhead and compressor castings used in drilling, processing and transport, and Aramco reported in August 2026 that its Jafurah gas plant phase two and Fadhili gas plant expansion are on track for completion in 2027; and Others captures rail, construction machinery, aerospace and general engineering, where Boeing delivered 51 aircraft in August 2026 and 418 in the eight months to August 2026, the highest tally for the period since 2018.
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Key Insight: North America is anchored by oil and gas drilling and power equipment, and the Baker Hughes count reported in August 2026 showed 588 rigs running in the United States, of which 452 were drilling for oil and 127 for gas, plus 216 in Canada; Europe is led by Germany, the United Kingdom, France, Italy and Spain, where machinery and energy equipment makers buy castings; Asia Pacific is led by China, Japan, India, ASEAN and Australia, the base of the region's foundries and heavy machinery makers; Latin America grows fastest among regions, led by Brazil, Argentina and Mexico; and the Middle East and Africa is led by Saudi Arabia, the United Arab Emirates, Nigeria and South Africa, where oil and gas and mining projects drive demand.
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Purchase the Regional Overview for USD 1099
If you choose to purchase the full report at a later stage, the amount already paid will be adjusted, and you will only need to pay the remaining balance.
Purchase the Regional Overview for USD 1099
If you choose to purchase the full report at a later stage, the amount already paid will be adjusted, and you will only need to pay the remaining balance.
Purchase the Regional Overview for USD 1099
If you choose to purchase the full report at a later stage, the amount already paid will be adjusted, and you will only need to pay the remaining balance.
Read more about this report - REQUEST FREE SAMPLE COPY IN PDF
Steel Casting Market Share
By Application, Mining leads the market while Power grows fastest because mines replace worn steel parts continuously, while turbine and grid equipment makers order heavy cast components against long order books
Mining leads because crushers, mills and loading equipment wear out cast steel parts continuously. Statistics South Africa data reported in September 2026 showed mining production down 7.5% year on year in July 2026, with platinum group metals down 13.5%, coal down 7.5% and iron ore down 8.1%, while output slipped 1.9% on June. Lower volumes slow wear-part replacement, yet maintenance spending continues, which keeps mining the steadiest source of casting orders for foundries serving mines through almost every commodity cycle.
Power grows fastest as gas turbine, steam turbine and grid equipment makers order casings, valve bodies and nozzle parts. Baker Hughes reported in July 2026 industrial and energy technology orders of USD 7,088 million and a record backlog of USD 37.1 billion for the quarter ended June 2026, with total company orders of USD 10,501 million. Large order books for turbomachinery turn into multi-year demand for heavy steel castings, which favours foundries able to qualify high-alloy grades and heat-treatment routes.
Steel Casting Market Regional Analysis
Asia Pacific commands the largest regional share of the steel casting market, shaped by its concentration of foundries, heavy machinery makers and mining and power equipment demand
This is supported by India, where the Institute of Indian Foundrymen's president told the 74th Indian Foundry Congress and IFEX 2026 in Mumbai in February 2026 that the country produced 15.86 million metric tonnes of castings in 2024-25, exported castings worth USD 4.31 billion and ranks second after China, with nearly 5,000 units employing over 2 million people. Output of this scale keeps Asia Pacific foundries central to global supply and to export orders from other regions.
Latin America is the fastest-growing region, supported by offshore oil and gas development. Petrobras reported that its P-79 floating production unit in the Buzios field reached first oil in May 2026, with gas injection starting 56 days later, and that operated pre-salt output reached a record 2.78 million barrels of oil equivalent per day. Asia Pacific, Europe, North America and the Middle East and Africa are expanding through mining, power and rail projects and local sourcing of castings.
Competitive Landscape
The global steel casting market is fragmented, with a handful of large integrated metal groups and specialist casting and forging producers competing alongside a long tail of regional foundries that serve mining, power, oil and gas, rail and machinery customers.
Competitive dynamics are increasingly shaped by metallurgical and quality certification for critical components, long-term supply agreements with equipment makers, investment in melting and heat-treatment capacity, energy and raw material costs, and the ability to serve both original equipment orders and replacement wear parts.
Precision Castparts Corp. (Berkshire Hathaway Inc.)
Precision Castparts Corp. is based in Lake Oswego, Oregon, and manufactures investment castings, forgings, fasteners and aerostructures for aerospace and power and energy applications, and supplies nickel, titanium and cobalt alloys. Berkshire Hathaway, which owns the company, reported operating earnings of USD 4,470 million from its manufacturing, service and retailing businesses in the quarter ended June 2026.
Hitachi Metals Ltd.
Hitachi Metals Ltd. now operates as Proterial, Ltd., a materials and components group. In February 2026 Valore announced the acquisition of Mirai Casting Group from Proterial, a business that casts and machines automotive parts and has added ceramic diesel particulate filters, with operations in Japan, Korea, the United States and India. The release traced Mirai's roots to 1910 and did not disclose financial terms.
Kobe Steel Ltd.
Kobe Steel Ltd. reports through Steel and Aluminum, Advanced Materials and Machinery segments. For the three months ended June 2026, reported in August 2026, Advanced Materials sales rose to JPY 92,551 million from JPY 75,966 million and its ordinary profit rose to JPY 8,105 million from JPY 73 million, while Machinery sales fell to JPY 59,772 million from JPY 66,199 million.
Peekay Steel Castings Pvt. Ltd.
Peekay Steel Castings Pvt. Ltd. is the flagship business of the Peekay Group, headquartered in Kerala, India, and makes steel castings at foundries in Tamil Nadu, Andhra Pradesh and Karnataka. The company states that it serves construction, mining, transportation and energy customers, has capacity above 13,000 tonnes a year and exports to more than 30 countries.
Other key players in the steel casting market include Japan Casting & Forging Corp., among others.
*Please note that this is only a partial list; the complete list of key players is available in the full report. Additionally, the list of key players can be customized to better suit your needs.*
Key Highlights of the Steel Casting Market Report
- Mining, Power, Oil and gas and Others make up the application segmentation, with Mining leading and Power growing fastest as gas and thermal equipment order books lengthen.
- North America, Europe, Asia Pacific, Latin America and Middle East and Africa form the regional landscape, with Asia Pacific holding the largest share and Latin America the fastest-growing region.
- Participants including Precision Castparts Corp. (Berkshire Hathaway Inc.), Hitachi Metals Ltd., Kobe Steel Ltd., and Peekay Steel Castings Pvt. Ltd. are active across investment castings, heavy steel castings and forgings for demanding industrial uses.
- Order books at equipment makers in mining, power, oil and gas and rail point to multi-year demand for heavy cast components and replacement wear parts.
Why Rely on Expert Market Research?
- In-depth, segment-level analysis of the global steel casting market across application and regional dimensions.
- Research grounded in verified, up-to-date industry data and company-level developments across the steel casting value chain.
- Clear coverage of competitive dynamics, end-use order books, and the mining, power and oil and gas trends shaping steel casting demand.
- Actionable insights designed to support capacity planning, partnership strategy, and go-to-market decisions for steel casting market participants.
- A dedicated team of analysts providing ongoing support and customization for steel casting market research requirements.
Call to Action
For a detailed assessment of opportunities across the steel casting market's application and regional segments through 2026 and beyond, connect with Expert Market Research for a customized consultation.
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
Frequently Asked Questions About This Report
The steel casting market is projected to grow at a CAGR of 5.50% from 2026 to 2035.
Key strategies include securing long-term supply agreements with turbine, mining and rail equipment makers, investing in heat-treatment and high-alloy capabilities, pursuing aftermarket wear-part business, divesting non-core operations, and expanding capacity in fast-growing regions such as India.
The introduction of automation in the die-casting method is expected to be a key trend guiding the growth of the market.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
Steel casting finds applications in mining, power, and oil and gas, among others.
Key players in the steel casting market include Precision Castparts Corp. (Berkshire Hathaway Inc.), Hitachi Metals Ltd., Japan Casting & Forging Corp., Kobe Steel Ltd., and Peekay Steel Castings Pvt. Ltd.
The global steel casting market attained a value of USD 35.29 Billion in 2025.
Asia Pacific dominates the market, driven by rapid industrialization, mining expansion, and large-scale infrastructure projects.
Key challenges include volatile scrap, alloy and energy costs, cyclical mining and oil and gas spending, tightening emissions and decarbonization requirements for melting operations, skilled labour shortages, and competition from forged and fabricated alternatives and lower-cost imports.
Report Summary
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
| REPORT FEATURES | DETAILS |
| Base Year | 2025 |
| Historical Period | 2019-2025 |
| Forecast Period | 2026-2035 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Application |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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