Iron Casting is the process in which the molten metal (Iron) is melted in the furnace and then poured into the cavity of the mold (esp. Sand Mold) by gravity or by force which solidifies to form the shape. The mold is then separated from the part.
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Iron Castings market report transcript
Global Iron Castings Industry Outlook
The global castings market is highly fragmented with the major supply bases spread across the US, China, India, Japan, and Germany
The demand from major end uses at a global level has increased during 2022, due to the resumption of major OEM industries.
Zero-COVID policy and energy crisis across European countries have created impact on the supply market; thereby causing lead time delays and price increase
Global Iron Castings Market Maturity
China contributes to 44–48 percent of the global iron castings production. Most of the iron castings producers are small and medium-sized enterprises
Automotive, industrial machinery, and construction are the major end-use industries that serve as key demand drivers for iron castings production
Global Iron Castings Industry Trends
The global iron castings market is fragmented, and the foundries compete by offering various additional services and differentiate themselves amongst peers on cost and product quality
The developed nations, such as the US, Germany have stringent environmental regulations, and hence, the foundries are likely to invest more on environment friendly practices like recycling of sand, usage of silicate binder, etc.
Cost Structure : Iron Castings
- Primary cost drivers are those, which directly affect the cost of the product
–Materials, energy, wage rates are some of the primary drivers, which can be directly tied to the variations in cost
- Secondary cost drivers are those, which explains the variations in primary cost drivers that affects the cost indirectly
–Coke/charcoal and iron ore are the main raw materials used in the production of pig iron. Any change in the price of coke/charcoal and iron ore will have its impact on the price of pig Iron
Coal prices will have its effect on the price of electricity
Key price drivers are end-user demand, taxes contract terms, and the overall cost
Industry Best Practices : Iron Castings
Integration with suppliers in terms of design reduces the over all cost and helps in leveraging their expertise
Collaboration in casting design and rapid tooling are adapted in many foundries
- The cost of rejections are reduced by focus on suppliers and sub-suppliers with PPAP, APQP capability
Most of the OEMs are now procuring the raw materials on behalf of their suppliers
Savings to be redeemed on while purchasing finished components
Identifying suppliers with high levels of automation will enable high quality and consistency and can offset the labor cost
Having a number of levels in supply chain can lead to longer lead times and higher total costs.
Opting suppliers with integrated capabilities reduces lead time and cost
Iron Castings Emerging Trends
An emerging trend in the field of pattern making is the use of 3D printing technology for making the mold, Despite this technology is gaining traction in the developed countries in the West, a majority of the developing economies are yet to catch up. The advantages of adopting this technology would relatively reduce the operational cost. However, still research is being conducted to improve the quality of the mold patterns in terms of surface finish.
Casting Simulation Software
Development of casting design simulation software’s such as Quickcast, ProCast, Flow 3D cast, etc., has resulted in the reduction of casting defects like shrinkage, cold shut, porosity, blowholes, etc., Simulation based castings is a modern casting technique which is implemented in the design phase to improve the quality of the casted product by suitably designing the mold shape, runner and riser assembly.
Advancements in Binders
Few sand mixing binders in the market such as ECOLOTEC, GMBOND, etc., are used in the core making process. ECOLOTEC is a odorless binder suitable for Steel/Iron castings which improves the strength of the mold, prevents the emission of hazardous pollutants thereby creating a clean and a safer core making process.