Global Steel Casting Market 2016-2020
Our team recognizes the following companies as the key players in the global steel casting market: Anhui Yingliu, Hitachi, Kobe Steel, Precision Castparts, JFJC, and Peekay
Other Prominent Vendors in the market are: Amsteel Castings, ESCO, Hyundai Steel, Nucor, and Pacific Steel Casting
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Commenting on the report, an analyst from Our team’s team said that steel as sustainable material is one of the trends spurring growth for the market. The production of steel is extremely energy-intensive, and it is the world’s most important engineering material. Technological advances and extensive R&D will help in reducing the high consumption of energy during the production process, thereby leading to a decrease in greenhouse gas emissions. This will also help combat climate change, which has become a serious environmental issue in recent years. Thus, the use of steel as a sustainable material for casting is a new trend that is expected to auger well for the growth of the market during the forecast period.
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According to the report, increased simulation-based castings is a key driver aiding to the growth of this market. Financial services are one of the most data-intensive industries. Simulation allows visualization of the virtual casting processes such as mold filling, cooling, and solidification with respect to direction and time for the manufacturers. It also helps in predicting the location of internal defects and optimizing the method and design of the casting process. Simulation-based casting technique is highly suitable for the production of reliable, economical, and high accuracy cast components.
Further, the report states that volatile raw material prices is challenge the market is facing. The profit margins of major steel casting manufacturers worldwide have been under stress because of volatile raw material prices and a decline in steel casting product prices. The price volatility of raw materials has hurt steel producers that have long-term raw material supply contracts. To overcome this and to remain competitive in the market, steel producers have taken steps to integrate vertically their upstream operations. This would give them more control over raw material prices.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors. For further information on this report, please visit- https://marketreportscenter.com/reports/374149/global-steel-casting-market-2016-2020
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