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Investment casting is undergoing a sea change due to its wide application areas such as aerospace, automotive, medical devices, healthcare, and energy sectors, among many others influencing it greatly. It refers to a manufacturing process used for fabricating intricate metal components having complex geometry along with precise dimensioning called precision casting or lost-wax casting too; something also called precision casting or lost-wax casting as well since it results in the creation of highly complicated and detailed metal parts that have to comply with strict dimensional accuracy standards. The growth of the aerospace industry is one of the key drivers of market dynamics in this field since such applications as turbine blades, engine components, and structural parts are critical to producers of airplane engines; therefore, this means that more people are going for engine components made through investment casting. On the other hand, automotive has been a major driver of development within investment casting, where it is used to make products with complex geometries, high surface finishes, and high strength-to-weight ratios, such as injection molded plastic parts or even extrusion-formed metals like aluminum alloys, etc. There are several manufacturing techniques involved in the production of automobile components, such as casting for engine blocks, valve transmission cases, pistons connecting rods, steering knuckles, wheels, brake calipers, fuel injectors, etc.
Also, the healthcare industry has an important influence on market dynamics within the investment casting space. This method is also commonly employed during the production of medical implants, prosthetic devices, or dental materials requiring precision along with biocompatibility. However, this industry, too, remains an active player when it comes to shaping market conditions within this industry, including the oil & gas segment, where investment castings can be seen in several power plant appliances like turbine blades, impellers, and valves. The main application fields for investment castings include producing automobile parts, medical equipment, and power plants. Finally, in terms of energy diversification, casts crucially contribute towards improving reliability by ensuring efficiency, thus enhancing the reliability of mission-critical equipment while keeping their performance at a maximum level all the time.
However, the investment casting market faces challenges such as continuous innovation requirements, advancements in materials, and cost-effective fit. The industry must develop new alloys and materials that have better performance but also meet regulatory standards. This is because research and development activities are some of the changing characteristics of the investment casting market. These efforts focus on improving processes, bettering automation, and advancing mold materials to improve repeatability as well as efficiency in the process of investment casting. Innovations like 3D printing, which was used to create patterns for molds used in investment casting, add more capabilities to this ancient manufacturing method, thereby allowing for complex component design.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | Type, Application, and Region |
Investment Casting Market Highlights:
Global Investment Casting Market Overview
Investment Casting Market Size was valued at USD 15 Billion in 2022 and is projected to grow from USD 19 Billion in 2023 to USD 26 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.00% during the forecast period (2023 - 2030). The major driving force in the investment casting market's growth is its control of the close dimensional structure and good surface. Other factors that have been responsible for the growth include its extensive use in the manufacturing of the components used in aircraft and the parts of the machines used in the industries are the key market drivers enhancing market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Investment Casting Market Trends
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The increased demand in the defense industry to boost market growth
The increased demand in the defense industry is one of the key factors driving the growth of the investment casting market. Investment casting, also known as precision casting, is a manufacturing process used to produce complex, high-precision components in a variety of materials, including steel, aluminum, and titanium. The defense industry is a major consumer of investment cast components, which are used in a wide range of applications, including aerospace and defense systems, military vehicles, and weapons systems. With the increasing global tension and the need for advanced military technology, the demand for investment cast components is expected to grow in the defense sector.
Apart from the defense industry, investment casting is also widely used in the aerospace industry, automotive industry, and medical sector, among others. The growing demand for lightweight and high-performance components in these industries is also driving the growth of the investment casting market. Furthermore, advancements in technology and the development of new materials are creating new opportunities for investment casting. The use of 3D printing and other digital technologies is also transforming the investment casting process, making it faster, more accurate, and more cost-effective. Therefore, such factors related to Investment Casting have enhanced the Investment Casting market CAGR across the globe in recent years.In June, 2023, a famous name in the aluminum casting industry, CFS Foundry, announced its wide range of advanced casting services. By means of state-of-the-art equipment and technology, CFS Foundry gravity casting services can ensure good quality castings even for complicated designs.
Investment Casting Market Segment Insights
Investment Casting Type Insights
The Investment Casting Market segmentation, based on type, includes Silica Sol Process, Sodium Silicate Process. The Silica Sol Process segment held the majority share in 2022 of the Investment Casting Market revenue. In the silica sol process, a pattern is first made of the desired part, which is then coated with a ceramic shell made of a mixture of silica and a binder. The shell is then fired, and the pattern is melted or vaporized, leaving a cavity in the shell. Molten metal is then poured into the cavity, and once the metal solidifies, the shell is broken away to reveal the finished part.
Investment Casting Application Insights
Based on application, the Investment Casting Market segmentation includes Aerospace & Military, General Industrial, Industrial Gas Turbines, Automotive, Others. The Aerospace & Military segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2023-2030. Investment casting is widely used in the aerospace and defense industries to manufacture complex parts that are required to withstand high temperatures, pressures, and other extreme conditions. These all factors for Investment Casting positively impact the market growth.In July, 2023, Zollem GmbH & Co., KG, finished their new IGT/AERO Investment Casting production line. The DS/SX shelling lines of VA Technology supplied EQX and seven-axis ABB robot system are included in this development.
Figure 2: Investment Casting Market, by Type 2022 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Investment Casting Regional Insights
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia Pacific region dominates the Investment Casting Market and is projected to grow at the fastest CAGR during the forecast period. This is mainly due to the rapidly growing industrialization and infrastructure development in the region, particularly in countries like China and India. The increasing demand for investment casting in the automotive, aerospace, and defense industries is also driving the growth of the market in the Asia Pacific region.
Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Figure 3: INVESTMENT CASTING MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe’s Investment Casting market accounts for the third-largest market share. The market in Europe is driven by the presence of several key players in the region, particularly in countries like Germany and France, as well as the growing demand for investment casting in the automotive and aerospace industries. However, the market growth in Europe is expected to be relatively slower compared to other regions, primarily due to the region's mature industrial landscape and slow economic growth. Further, the Germany Investment Casting market held the largest market share, and the UK Investment Casting market was the fastest-growing market in the European region.
The North American Investment Casting market is one of the major markets globally and is projected to hold the second-largest market share during the forecast period. This is mainly due to the presence of several key players in the region, including major aerospace and defense companies, and the increasing demand for high-quality and complex parts for various applications. The aerospace and defense industry is one of the primary drivers of the Investment Casting market in North America. The region is home to several established aerospace and defense companies which require high-quality and precise investment castings for various applications such as aircraft engines, turbines, and other critical components. Moreover, the U.S. Investment Casting market held the largest market share, and the Canada Investment Casting market was the fastest-growing market in the North American region.
Investment Casting Key Market Players & Competitive Insights
Major market players are spending a lot of money on R&D to increase their product lines, which will help the Investment Casting market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Investment Casting industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth for Investment Casting. With significant market development like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their global presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the Investment Casting industry must offer affordable products.
Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the global Investment Casting industry to benefit customers and expand the market sector. Major Investment Casting market players, including Alcoa Corporation, WANGUAN, Precision Castparts CORP, Metaltek International Inc, WINSERT, Ningbo Jiwei Melt Mould Castings CO., LTD, Zollern GMBH & CO. KG, Taizhou Xinyu Precision Manufacture CO., LTD, Milwaukee Precision Casting, INC, Dongfeng Precision Casting CO., LTD., IMPRO Precision Industries Limited, AGC ceramicsand Dongying Gia Young Precision Metal CO., LTD, and others, are attempting to increase market demand by funding R&D initiatives.
Alcoa Corporation is a global leader in the production of bauxite, alumina, and aluminum products. The company operates in three business segments: Bauxite, Alumina, and Aluminum. The Bauxite segment includes the mining of bauxite, which is then processed into alumina. The Alumina segment includes the refining of bauxite into alumina, which is then sold to aluminum smelters. The Aluminum segment includes the smelting of alumina into aluminum, as well as the production of value-added products such as rolled, extruded, and forged aluminum products. Alcoa's products are used in a wide range of industries, including aerospace, automotive, commercial transportation, building and construction, packaging, and industrial products.
MetalTek International is a global provider of engineered solutions, metallurgical expertise, and precision component manufacturing for critical applications in the aerospace, defense, energy, industrial, and medical industries. MetalTek International offers a range of products and services, including investment castings, sand castings, centrifugal castings, continuous castings, and fabrication. The company's investment casting capabilities include a wide range of alloys, such as stainless steel, superalloys, and aluminum, which are used in applications ranging from aircraft engine components to medical implants.
The Alcoa Corporation revealed its plan to achieve net-zero greenhouse gas (GHG) emissions globally by 2050. This objective is consistent with the company’s priority of advancing sustainability and builds upon existing ambitions that include a thirty percent reduction in direct & indirect GHG emissions from aluminum smelting & alumina refining operations by twenty-five fifty. The goal-setting process also takes into consideration scope one (direct) as well as scope two (indirect) emissions, which should be eliminated no later than mid-century for all facilities worldwide under Alcoa Corp control while still keeping up with business growth opportunities throughout each sector involved.
Key Companies in the Investment Casting market includes
- Alcoa Corporation
- WANGUAN
- Precision Castparts CORP
- etaltek International Inc
- WINSERT
- Ningbo Jiwei Melt Mould Castings CO., LTD
- Zollern GMBH & CO. KG
- Taizhou Xinyu Precision Manufacture CO., LTD
- Milwaukee Precision Casting, INC
- Dongfeng Precision Casting CO., LTD.
- IMPRO Precision Industries Limited
- AGC ceramics
- Dongying Gia Young Precision Metal CO., LTD among others
Investment Casting Industry Developments
According to a press release, In October 2022, Winsert, an advanced manufacturer of critical metal parts, acquired Alloy Cast Products Inc., which is an investment casting and machining company. This is a move that will benefit the two companies as they will be able to tap into new areas of product development in their lifecycle.
In August 2022, AmeriTi Manufacturing formed TriTech Titanium Parts to launch titanium components in the Detroit market. TriTech Titanium Parts produces high-quality products with advanced methods, including metal injection, 3D binder jet printing and investment casting. These titanium parts are designed for a variety of industrial, aerospace, automotive, and medical applications.
In October 2021, The Alcoa Corporation made public its commitment to achieve the target of net zero greenhouse gas (GHG) emissions by 2050 across all of its operations worldwide. This is in line with the Company’s vision of growing sustainably and is in addition to the company’s current targets that transform the industry, which is reducing direct and indirect GHG emissions from aluminum smelting and alumina refining operations by 30% by 2025 and 50% by 2030 respectively. The objective is to attain net GHG emissions of zero by the year 2050, through direct (scope 1) and indirect (scope 2) emissions by the company’s strategy and will therefore be achieved by 2050.
Investment Casting Market Segmentation
Investment Casting Type Outlook
- Silica Sol Process
- Sodium Silicate Process
Investment Casting Application Outlook
- Aerospace & Military
- General Industrial
- Industrial Gas Turbines
- Automotive
- Others
Investment Casting Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
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