Investment casting market Size, Share, Growth, and Industry Analysis, By Grade (Sodium Silicate Process and Tetraethyl Orthosilicate (Silica Sol Process)), By Application (Automotive, Aerospace and Military, Industrial Gas Turbines, General Industrial Machinery), and Regional Forecast to 2031

Updated On: 20 November 2023

Report Overview

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The global investment casting market size was US$ 7856 million in 2022. As per our research, the market is expected to reach US$ 11170 million by 2029, exhibiting a CAGR of 5.1% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with the investment casting market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Investment casting is a metal casting process that uses a wax or similar material to create a pattern of the desired part. The pattern is then coated with a ceramic material to form a mold. The wax is then melted and removed, leaving a hollow mold that can be filled with molten metal.

 The metal solidifies and the ceramic mold is broken, revealing the final metal part. Investment casting can produce complex and accurate parts with high quality and fine surface finish. It can also use various metals and alloys to make parts for different industries

COVID-19 Impact: Pandemic Decreased the Market Demand due to the Disruption in Supply and Chain

The COVID-19 pandemic has had a significant impact on the investment casting market share affecting both the supply and demand sides of the industry. The lockdown measures imposed by various governments to contain the spread of the virus disrupted the production and distribution of investment cast products, as well as the availability of raw materials, labor, and energy. The pandemic also reduced the demand for investment cast products from various end-use sectors, such as aerospace and defense, automotive, industrial machinery, and medical, due to reduced economic activity, travel restrictions, and deferred or canceled orders. However, the market is expected to recover gradually as the pandemic situation improves and the vaccination programs are rolled out across the world. The market is also expected to benefit from the stimulus packages and relief measures provided by various governments to support the recovery of the affected industries.

Latest Trends

"Adoption of Automation and Digitalization Technologies is expected to Fuel the Growth in the Market"

One of the recent trends in the global market is the adoption of automation and digitalization technologies to enhance the efficiency and quality of the casting process. Automation involves the use of robots, sensors, and software to perform various tasks in the casting process, such as wax model design, wax removal, shell manufacturing, pouring, cooling, and finishing. Automation helps to reduce human errors, labor costs, waste generation, and environmental impacts, as well as to improve productivity, accuracy, consistency, and safety. Digitalization involves the use of data analytics, artificial intelligence, machine learning, and cloud computing to optimize the casting process and enable real-time monitoring and control. Digitalization helps to improve decision making, quality control, process optimization, and customer satisfaction.

Segmentation

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• By Grade Analysis

According to type, the market can be segmented into Sodium Silicate Process and Tetraethyl Orthosilicate (Silica Sol Process).

• By Application Analysis

Based on age, the market can be divided into Automotive, Aerospace and Military, Industrial Gas Turbines, General Industrial Machinery.

Driving Factors 

"Rising Demand from Aerospace and Defence Industry to Foster the Market Growth"

The aerospace and defence industry is one of the largest and most important end-users of investment casting products. It is widely used to produce complex and high-performance components for aircraft, helicopters, rockets, missiles, satellites, and other defence systems. These components require high strength, durability, precision, and resistance to corrosion, fatigue, and high temperatures. Investment casting offers several advantages over other casting methods, such as reduced weight, improved aerodynamics, lower fuel consumption, enhanced safety, and lower maintenance costs.

"Use of Casting in Automotive and Transportation Industry for the Development to Drive the Market Growth"

The automotive and transportation industry is another significant end-user of investment casting products. It is used to manufacture various components for vehicles, such as engine parts, turbochargers, exhaust systems, brake systems, suspension systems, transmission systems, and steering systems. These components require high quality, reliability, efficiency, and performance. Investment casting enables the production of intricate and customized shapes with smooth surfaces and tight tolerances. It also helps to reduce the material wastage, machining costs, and environmental impacts.

Restraining Factor

"High Cost of Production and Energy Consumption to Hamper the Market Growth"

Investment casting is a complex and labour-intensive process that involves multiple steps, such as wax pattern making, ceramic shell molding, wax removal, metal pouring, cooling, shell removal, finishing, and inspection. Each step requires specialized equipment, materials, energy, and skilled workers. The cost of production and energy consumption of investment casting is higher than other casting methods, such as sand casting, die casting, and permanent mold casting. The high cost of production and energy consumption limits the profitability and competitiveness of the market.

Regional Insights

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"Asia Pacific to Lead the Market Owing to the Growing Export Opportunities."

The Asia Pacific region has shown the highest investment casting market growth. Asia-Pacific is undergoing a rapid industrialization and urbanization process that is driving the demand for investment cast products from various sectors, such as aerospace and defense, automotive and transportation, industrial machinery, construction and infrastructure, and power generation. Asia-Pacific is also benefiting from the growing export opportunities for investment cast products. The region has a competitive advantage over other regions in terms of low labor costs, abundant raw materials, favorable government policies, and strategic geographic location. The region is exporting its investment cast products to various markets across the world, such as North America, Europe, Middle East and Africa, and Latin America.

Key Industry Players

"Key Players Are Employing Advanced Technologies In Order To Stimulate Further Growth Of The Market "

All the major players are motivated to offer superior and more advanced services in order to gain a competitive edge in the market. To increase their market presence, vendors are using a variety of techniques, including product launches, regional growth, strategic alliances, partnerships, mergers, and acquisitions.

List of Market Players Profiled

• Alcoa (U.S)
• Precision Castparts (U.S)
• CIREX (Netherlands)
• Zollern (Germany)
• Milwaukee Precision Casting (U.S)
• MetalTek (U.S)
• RLM Industries (U.S)
• Impro (China)
• Dongying Giayoung (China)
• Dongfeng (China)
• Ningbo Wanguan (China)
• Taizhou Xinyu (China)
• Jiwei (China)

Report Coverage

This report examines an understanding of the investment casting market’s size, share, growth rate, segmentation by type, application, key players, and previous and current market scenarios. The report also collects the market’s precise data and forecasts by market experts. Also, it describes the study of this industry’s financial performance, investments, growth, innovation marks, and new product launches by the top companies and offers deep insights into the current market structure, competitive analysis based on key players, key driving forces, and restraints that affect the demand for growth, opportunities, and risks.

Furthermore, the post-COVID-19 pandemic’s effects on international market restrictions and a deep understanding of how the industry will recover, and strategies are also stated in the report. The competitive landscape has also been examined in detail to provide clarification of the competitive landscape.

This report also discloses the research based on methodologies that define price trend analysis of target companies, collection of data, statistics, target competitors, import-export, information, and previous years’ records based on market sales. Moreover, all the significant factors which influence the market such as small or medium business industry, macro-economic indicators, value chain analysis, and demand-side dynamics, with all the major business players have been explained in detail. This analysis is subject to modification if the key players and feasible analysis of market dynamics change.