Product ID: UCMIR15J2058
Report ID:
UCMIR15J2058 |
Region:
Regional |
Published Date: Upcoming |
Pages:
165
| Tables: 55 | Figures: 60
The North American iron casting market had a value of USD 16.05 billion in 2022 and is projected to experience a 5.6% compound annual growth rate (CAGR) from 2023 to 2030. The market's expansion in the coming years is expected to be fueled by increased investments in the railway sector to promote economic development in various countries. Iron castings are preferred for their robustness and durability in the production of railroad components and infrastructure. Therefore, the rising investments in the railway sector are likely to boost the demand for these products throughout the forecast period. As an illustration, in March 2022, the Government of Mexico introduced a USD 2.4 billion plan for modernizing its metro system, with completion anticipated by 2030.
This report is being written to illustrate the market opportunity by region and by segments, indicating opportunity areas for the vendors to tap upon. To estimate the opportunity, it was very important to understand the current market scenario and the way it will grow in future.
Production and consumption patterns are being carefully compared to forecast the market. Other factors considered to forecast the market are the growth of the adjacent market, revenue growth of the key market vendors, scenario-based analysis, and market segment growth.
The market size was determined by estimating the market through a top-down and bottom-up approach, which was further validated with industry interviews. Considering the nature of the market we derived the Diversified Metals & Mining by segment aggregation, the contribution of the Diversified Metals & Mining in Diversified Materials and vendor share.
To determine the growth of the market factors such as drivers, trends, restraints, and opportunities were identified, and the impact of these factors was analyzed to determine the market growth. To understand the market growth in detail, we have analyzed the year-on-year growth of the market. Also, historic growth rates were compared to determine growth patterns.
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Product ID: UCMIR15J2058