Investment Casting Market In-Depth Research On Basis By Application (Aerospace & Defense, Oil & Gas, Mechanical Engineering, Automotive), By Region, And Segment Forecasts, 2023 - 2030

 

San Francisco, 30 October 2023: The Report Investment Casting Market Size, Share & Trends Analysis Report By Application (Aerospace & Defense, Oil & Gas, Mechanical Engineering, Automotive), By Region, And Segment Forecasts, 2023 - 2030

The global investment casting market size is expected to reach USD 24.52 billion by 2030, registering a CAGR of 5.0% over the forecast period, according to a new report by Grand View Research, Inc. The use of new computer simulation techniques and robotics is projected to boost production rates and contribute to market growth.

The investment casting process is labor-intensive on account of the precision required in the final product, which increases the cost of direct wages to the workers. However, to overcome this, technological advancements have been made by prominent players in the industry with the introduction of electronically operated robotic arms that perform the majority of casting operations. These arms apply various types of ceramic and sand coating to wax patterns and pouring of metal into the cavity.

The investment casting process is widely used for aerospace and automotive parts manufacturing on account of the need for varied sizes and dimensions of the components. The process allows the formation of minute parts by supplying metal casting in the ceramic molds with the exact shape and size of the original components. Several industries are utilizing this process to form the components of desired intricate dimensions.

The process is comparatively easy and accurate as it uses molds to form the components. The wax patterns reflecting detailed measurements of the original component are used as templates, which are then coated with ceramic materials. These patterns are melted and taken out of the mold once the ceramic coatings are hardened. Thus, the exact specification cavities are created inside the molds.

High cost compared to other conventional production methods such as die-casting during high volume production is projected to hinder the market growth. The cost allied to the overall process of the product has a majority share of the raw materials including steel and superalloys. Wax patterns and ceramic or refractory coatings also have significant effects on the overall prices of the process. In addition, expenses paid to the skilled workforce are higher owing to the hazardous and extreme working conditions in the foundries.

An increase in air passenger traffic is projected to assist in the production of new commercial aircraft creating a positive impact on the demand for investment cast products. The increase in passenger traffic is closely attributed to the increasing per capita income and positive GDP across the globe, which has increased the demand for new commercial aircraft. For instance, in 2021, Airbus delivered 611 commercial aircraft, which was 8% more than in 2020. Similarly, Boeing delivered 340 commercial aircraft in 2021. The U.S has recovered from the economic contraction in 2020 caused by the COVID-19 pandemic. The economy’s real GDP increased by 5.7% in 2021 from a decrease of 3.4% in 2020.

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The growth is attributed to investments and relief packages provided by the government to various industries including construction, automotive, defense & aerospace, railways, infrastructure, transportation, and medical. This, in turn, is expected to positively impact the market growth in the said forecast period.

Investment Casting Market Report Highlights

• By application, medical sector is projected to grow at the highest CAGR of 6.2% over the forecast period. Demand for investment cast products in dental & surgical tools, implantable parts, MRI machines, X-ray equipment, stretchers, and wheelchairs is projected to contribute to the segment growth
• Aerospace & defense accounted for the highest share in terms of the consumption of investment cast products in 2022. Several manufacturers of aerospace parts utilize the process to manufacture specialized components for large-size aircraft
• Growth in the oil & gas industry across the globe has resulted in ascending demand for casting components. Highly engineered product components manufactured via the investment casting process are utilized in offshore and onshore drilling operations and hydraulic fracturing applications
• North America accounted for a revenue share of 36.6% in 2022 of the global market, owing to the high production capacity of key players in the region. The region exhibits a high demand for aerospace and automotive cast finished parts

In the U.S., aerospace & defense emerged as a dominant segment in 2022 and accounted for a revenue share of more than 62.0%. Owing to the rise in demand for satellites and commercial & private jets, key players in the aerospace industry are opening new plants to cater to the demand. For instance, in October, Saab AB open its new aerospace plant in West Lafayette, Indiana.

Investment Casting Market Report Scope

Report Attribute	Details
Market size value in 2023	USD 17.31 billion
Revenue forecast in 2030	USD 24.52 billion
Growth rate	CAGR of 5.0% from 2023 to 2030
Base year for estimation	2022
Historical data	2018 - 2021
Forecast period	2023 - 2030

The leading market players have positioned themselves strongly by offering a wide range of investment cast products with various designs, materials, and specifications. Companies always tend to offer products using innovative and advanced methods to cope with customer demands.

The new entrants or emerging players, especially in developing economies, are likely to gain opportunities to establish themselves in the global investment casting industry. Rising foreign investments and increasing government initiatives for the development of the automotive sector, mostly in India, Taiwan, and China, are expected to boost market growth over the forecast period.

List of Key Players in the Investment Casting Market

• Arconic, Inc.
• Doncasters Group Ltd.
• Hitachi Metals, Ltd.
• MetalTek International
• Signicast
• Precision Castparts Corp (Berkshire Hathaway)
• Zollern GmbH and Co. KG
• Impro Precision Industries Limited