Investment casting market report contains detailed information on factors influencing demand, growth, opportunities, challenges, and restraints. It provides detailed information about the structure and prospects for global and regional industries. In addition, the report includes data on research & development, new product launches, and product responses from the global and local markets by leading players. The structured analysis offers a graphical representation and a diagrammatic breakdown of the Investment casting market by region.
The global investment casting market is expected to register a healthy CAGR of over 5% to reach USD 28,449.1 million by the end of 2025.
Global Investment casting Market: Information by Type (Silica Sol Process, Sodium Silicate Process), Application (Aerospace & Military, General Industrial, Industrial Gas Turbines, Automotive, Others), and Region (North America (US, Canada), Europe(Germany, UK, Russia, France, Spain, Italy, Belgium, and Poland), Asia-Pacific (China, India, Japan, Australia & New Zealand, Indonesia, South Korea, Thailand), Latin America(Brazil, Mexico, and Argentina), and the Middle East & Africa (GCC, South Africa, Iran, Israel, Egypt))-Forecast till 2025
A release on June 8th, 2021, by the Bureau and Economic Analysis and U.S. The Census Bureau reports the recovery of the U.S. market. The report also described the recovery of U.S. International Trade in July 2021.In April 2021, exports in the country reached $300 billion, an increase of $13.4 billion. In April 2021, imports amounted to $294.5 billion, increasing by $17.4 billion. COVID19 is still a significant issue for economies around the globe, as evidenced by the year-over-year decline in exports in the U.S. between April 2020 and April 2021 and the increase in imports over that same period of time. The market is clearly trying to recover. Despite this, it means there will be a direct impact on the Healthcare/ICT/Chemical industries, resulting in a large market for Investment casting.
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Investment casting, also known as the lost wax method, is a process which involves production of a metal part from an investment mold. This process helps in minimizing material waste, energy, and machining. Investment casting is majorly used to produce metal parts for the aerospace, industrial, gas turbine, and automotive industries. High demand for investment casted products in the aerospace & defense industry coupled with the increased defense spending by the developed as well as developing economies is the major factor driving the market growth. According to Reportocean analysis, the global investment casting market is expected to register a healthy CAGR of over 5% to reach USD 28,449.1 million by the end of 2025. The growth of the global market is primarily driven by the expanding aerospace industry and increasing adoption of investment casted products in the industrial sector.
The demand for commercial aircraft is increasing across the globe which has increased the application of investment casting. For instance, Airbus forecasts demand for approximately 37,400 new passenger and freight aircraft over the next two decades. The commercial aircraft fleet is estimated to grow by 3.3% every year and double in number from 22,510 in 2017 to 45,240 in 2035. Furthermore, investment casting plays a vital role in the manufacturing of medical implants. The expanding medical industry is expected to create lucrative opportunities for market players. However, the growing popularity of alternatives such as 3D printing and sand casting is likely to hamper the market growth in the coming years. In addition, the availability of economical casting process is expected to be the prime challenge for the market players.
The global investment casting market has been segmented based on type, application, and region. Based on type, the market has been segmented into silica sol process and sodium silicate process. The silica sol process is expected to be the fastest growing segment at a CAGR of 5.40% owing to its increasing application in the aerospace industry. Silica sol process is used to cast complex parts that are difficult to machine, especially for the aerospace industry. The use of silicon dioxide (SiO2) and sodium oxide enhances the key feature of the component-stability. Several methods are used to make silica sol such as dialysis method, acidification method, ion exchange method, hydrolysis method, and gel glue solution method, among others. By application, the aerospace & military is the largest consumer and is expected to register the highest CAGR of around 6% during the assessment period. The high demand for investment casting in the manufacturing of interior components, motion control, bearing cages, hydraulic fluid system, exterior and interior sensors and actuation systems is projected to drive the market growth.
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Geographically, global investment casting Market has been split into regions like North America, Europe, Asia-Pacific, the Middle East and Africa, and Latin America. Asia-Pacific is the largest regional market with a share of 41% in 2018. China and Japan are the major contributors to the growth of this regional market. The expanding aerospace industry in Asia-Pacific is projected to be the prime contributor to the market growth. According to the Association of Asia Pacific Airlines, the aviation industry in the region generated USD 218 billion and USD 8.2 billion net profit in 2017. North America accounted for the second-largest share in 2018 and is expected to witness healthy growth during the forecast period. The growth of the regional market is mainly attributed to the presence of a large number of largescale aerospace & defence industry in the US and increasing investments by the government to support the growth of defence sector in the country. According to the US Department of Commerce, Bureau of the Census, Foreign Trade Division, the total exports of the US aerospace industry held at USD 150.61 billion in 2018, which increased from USD 143.17 billion in 2017. The fleet count for the North American market stood at 8,495 in 2017, which accounts for 29% of the commercial air transport fleet. This fleet count is likely to reach 9,156 by 2027, as per the IATA. According to the Aerospace Industries Association, the production of civil aircraft in the US increased by 6% in 2017, wherein 2,808 units were produced for commercial and government customers.
Alcoa Corporation (US), Signicast (US), Precision Castparts CORP (US), CIREX (The Netherlands), Zollern GMBH & CO. KG (Germany), Milwaukee Precision Casting, INC (US), RLM Industries, INC (US), Metaltek International Inc (US), Dongying Gia Young Precision Metal CO., LTD (China), and American Casting Company (US) are some of the major players in the global investment casting market. The key players operating in the global investment casting market are primarily focusing on lowering the environmental footprint and making investments in research and development. The market witnessed only one key development during the past five years, i.e., in January 2019, Dongfeng Precision Casting Co., Ltd inaugurated a new site and intelligence factory, with a land area of 59,300 square meters and a building area of 43,000 square meters. However, with the growth of the automotive and aerospace industries, the demand for investment casted products is expected to increase. The high demand is expected to influence the manufacturers to adopt strategic growth initiatives such as expansion, mergers, agreements, and acquisitions during the forecast period. This is further projected to intensify the degree of rivalry amongst the existing players.
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The market report presents the estimated size of the Industrial automation market at the end of the forecast period. The report also examines historical and current market sizes. During the forecast period, the report analyzes the growth rate, market size, and market valuation. The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets. The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance.
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