Iron Casting Procurement Intelligence

The iron casting category is anticipated to grow at a CAGR of 6.1% from 2023 to 2030.

Rapid industrialization has boosted the utilization of the category in various industries such as construction, industrial machinery, and automotive industries, which is driving the growth of the category. Iron casting is utilized in the production of parts such as gearbox cases, suspension parts, engine blocks, brake parts, and others. Additionally, the demand for the category products is rising due to their durability, high strength, and cost-effectiveness which is also anticipated to drive the category growth over the coming years.

Order your copy of the Iron Casting category procurement intelligence report 2023-2030, published by Grand View Research, to get more details regarding day one, quick wins, portfolio analysis, key negotiation strategies of key suppliers, and low-cost/best-cost sourcing analysis

Iron Casting Procurement Intelligence Report Scope

The Iron Casting category is expected to have pricing growth outlook of 6% - 7% from 2023 to 2030, with below pricing models.

• Product type pricing
• Volume based Pricing
• Competition based pricing

Supplier Selection Scope of Report

• Cost and pricing
• material type
• production capacity
• product quality
• geographical presence
• compliance

Supplier selection criteria of Report

• Quality of the product
• type of material used
• technical services offered
• post-casting services
• contract terms
• delivery option
• technology used
• safety and environmental compliance
• location and presence of supplier
• others

Iron Casting Procurement Intelligence Report Coverage

Grand View Research will cover the following aspects in the report:

• Market Intelligence along with emerging technology and regulatory landscape
• Market estimates and forecasts from 2022 to 2030
• Growth opportunities, trends, and driver analysis
• Supply chain analysis, supplier analysis with supplier ranking and positioning matrix, supplier’s recent developments
• Porter’s 5 forces
• Pricing and cost analysis, price trends, commodity price forecasting, cost structures, pricing model analysis, supply and demand analysis
• Engagement and operating models, KPI, and SLA elements
• LCC/BCC analysis and negotiation strategies
• Peer benchmarking and product analysis
• Market report in PDF, Excel, and PPT and online dashboard versions 

Iron Casting Procurement Cost and Supplier Intelligence

Raw materials, labor, utilities, machinery & equipment, rent, and others are some of the cost components of the category. The cost of machinery & equipment may vary depending on the size of the operation. Raw materials, labor, machinery & equipment account for a major part of the cost component. The cost of iron casting is cheaper than cast steel due to low material cost, and energy cost to produce a final product. Installation and setup costs for equipment can cost around USD 10,000 to USD 50,000.

In terms of sourcing iron casting, the hybrid model, widely embraced in this sector, seamlessly integrates in-house processes with full-service outsourcing. Some suppliers prefer a partially outsourced approach by outsourcing specific tasks like raw material procurement and transportation services. For certain operations, such as the entire iron casting process-from pouring material into molds to the final product and transportation-maintaining an in-house team can prove advantageous for companies. Building robust partnerships with raw material suppliers, particularly for iron ore, and ensuring the supply chain's consistency and traceability are crucial elements in effectively sourcing within this category. Buyers of the category such as automotive, construction, and manufacturing industries usually look for casting design offered, type of metal used, product quality, post-casting operations, and production capacity. Maintaining uniform quality across orders and ensuring consistency from the initial to the final casting in each order is important and hence should be considered when selecting a reliable category supplier.

List of Key Suppliers

• Omnidex
• Reliance Foundry
• Newby Foundries Group
• OSCO Industries
• NINGBO Innovaw Mechanical
• Chamberlin plc
• Crescent Foundry
• Calmet
• Castings P.L.C.
• Brakes India.

Add-on Services provided by Grand View Research Pipeline: 

• Should Cost Analysis

Component wise cost break down for better negotiation for the client, highlights the key cost drivers in the market with future price fluctuation for different materials (e.g.: steel, aluminum, etc.) used in the production process 

• Rate Benchmarking

Offering cost transparency for different products / services procured by the client. A typical report involves 2-3 case scenarios helping clients to select the best suited engagement with the supplier 

• Salary Benchmarking

Determining and forecasting salaries for specific skill set labor to make decision on outsourcing vs in-house. 

• Supplier Newsletter

A typical newsletter study by capturing latest information for specific suppliers related to: M&As, technological innovations, expansion, litigations, bankruptcy etc. 

Browse through Grand View Research’s collection of procurement intelligence studies:

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Brief about Pipeline by Grand View Research:

A smart and effective supply chain is essential for growth in any organization. Pipeline division at Grand View Research provides detailed insights on every aspect of supply chain, which helps in efficient procurement decisions. 

Our services include (not limited to):

• Market Intelligence involving – market size and forecast, growth factors, and driving trends
• Price and Cost Intelligence – pricing models adopted for the category, total cost of ownerships
• Supplier Intelligence – rich insight on supplier landscape, and identifies suppliers who are dominating, emerging, lounging, and specializing
• Sourcing / Procurement Intelligence – best practices followed in the industry, identifying standard KPIs and SLAs, peer analysis, negotiation strategies to be utilized with the suppliers, and best suited countries for sourcing to minimize supply chain disruptions