USD 17.41 billion
Investment Casting Market Size, Share, Growth Analysis, By Type(steel, aluminum, and superalloys), By Application(Aerospace & Defense, Automotive, Oil & Gas, Medical), By End user(Automotive, Aerospace, Aefense, and Healthcare), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20A2191 |
Region:
Global |
Published Date: March, 2024
Pages:
202
|Tables:
95
|Figures:
76
Investment Casting Market Insights
Global Investment Casting Market size was valued at USD 16.55 Billion in 2022 and is poised to grow from USD 17.39 Billion in 2023 to USD 25.90 Billion by 2031, growing at a CAGR of 5.1% in the forecast period (2024-2031).
The Global Investment Casting Market is a thriving industry that plays a vital role in the manufacturing sector. Investment casting, also known as lost-wax casting, is a process used to create complex and intricate metal components with high precision. It involves creating a wax pattern of the desired part, coating it with a ceramic shell, melting the wax to leave a cavity, and then pouring molten metal into the cavity. The purpose of the investment casting market is to meet the growing demand for high-quality metal components across various industries such as automotive, aerospace, defense, and healthcare. Investment casting offers numerous advantages, including the ability to produce intricate shapes, excellent surface finishes, and dimensional accuracy. This makes it a preferred choice for manufacturing components that require tight tolerances and intricate designs. The market is driven by several factors. Firstly, the increasing demand for lightweight and fuel-efficient components in the automotive and aerospace industries is fueling the growth of investment casting. The ability of investment casting to produce lightweight and complex parts with excellent mechanical properties makes it ideal for these applications. Secondly, the rising adoption of investment casting in the healthcare sector for manufacturing medical implants and devices is driving the market growth. Additionally, the growing industrialization and infrastructure development in emerging economies is creating opportunities for the market.
While the investment casting market has immense potential, it also faces some restraints. The process can be time-consuming and costly, which may limit its adoption in certain industries. Moreover, the availability of alternative manufacturing processes, such as 3D printing and CNC machining, poses a challenge to the market. However, key trends such as the integration of advanced technologies like computer-aided design (CAD) and simulation software are enhancing the efficiency and cost-effectiveness of investment casting. Despite these challenges, the investment casting market offers significant opportunities for growth. The aerospace industry, in particular, presents a promising market due to the increasing demand for aircraft components with complex geometries and high-performance materials. Furthermore, the expanding renewable energy sector, including wind and solar power, requires specialized components that can be efficiently manufactured through investment casting.
US Investment Casting Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Steel
Fastest Growth
Steel
Growth Rate
5.2% CAGR
Global Investment Casting Market ($ Bn)
Country Share for North America Region (%)
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Investment Casting Market Segmental Analysis
Global Investment Casting Market is segmented by type, material type, application, end user industry and region. Based on type, the market can be segmented Sodium Silicate Process, and Tetraethyl Orthosilicate/Silica Sol Process. Based on material type, the market is segmented into Ferrous Alloys, and Non-ferrous Alloys. Based on application, the market is segmented into turbine blades, airfoils, engine components, suspension components, transmission parts, medical equipment, pump components, valves & fittings, firearm components, ship propellers, and others. Based on end user industry, the market is segmented into aerospace & defense, automotive, industrial machinery, healthcare, energy, oil & gas, marine, and others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis By Type
Among the different types of materials used in investment casting, steel is the largest segment, accounting for a significant share of the global market. Steel investment casting offers exceptional strength, durability, and versatility, making it a preferred choice for various applications. The largest segment status of steel can be attributed to its wide range of applications across industries such as automotive, aerospace, and energy. In the automotive industry, steel investment castings find extensive usage in engine components, transmission parts, and suspension systems, where high strength and reliability are paramount. The robustness and excellent mechanical properties of steel castings contribute to improved performance and safety in vehicles. Furthermore, the aerospace sector heavily relies on steel investment castings for critical components such as turbine blades, compressor parts, and landing gear. Steel's exceptional heat resistance, fatigue strength, and corrosion resistance make it ideal for these demanding applications, ensuring reliable and high-performance aerospace systems.
While steel currently holds the largest segment in the investment casting market, the fastest-growing segment is superalloys. Superalloys are highly specialized materials designed to withstand extreme temperatures and harsh environments. They offer exceptional strength, creep resistance, and corrosion resistance, making them indispensable in industries such as aerospace, power generation, and chemical processing. In the aerospace industry, superalloy investment castings are widely used in turbine engines, exhaust systems, and combustion chambers. The increasing demand for fuel-efficient aircraft and the need for higher engine performance drive the growth of superalloy investment casting. Additionally, the power generation sector utilizes superalloy castings for gas turbine components, where the ability to withstand high temperatures and stresses is crucial for efficient power production. The growing focus on renewable energy sources, such as wind turbines, also contributes to the demand for superalloy investment castings. These castings enable the production of high-performance turbine blades that can withstand the extreme conditions present in wind farms.
Analysis By End User
Among these segments, the largest end-user segment is the automotive industry, while the fastest-growing segment is the aerospace industry. The automotive sector is a significant consumer of investment castings, driven by the increasing demand for lightweight and fuel-efficient vehicles. Investment casting offers the automotive industry the ability to produce complex and lightweight components that contribute to enhanced vehicle performance and fuel economy. Components such as engine parts, transmission components, and suspension systems require high precision and intricate designs, which investment casting can efficiently provide. With the growing emphasis on sustainability and the need for advanced automotive technologies, the demand for investment castings in the automotive sector is expected to continue its upward trajectory.
On the other hand, the aerospace industry represents the fastest-growing segment in the investment casting market. Aerospace applications demand high-performance components that can withstand extreme conditions while maintaining precision and reliability. Investment casting enables the production of complex parts with intricate geometries, such as turbine blades, engine components, and structural parts, which are crucial for aircraft performance. As the aerospace industry continues to expand, driven by the rising air travel demand and the need for next-generation aircraft, the demand for investment castings is projected to experience substantial growth.
Global Investment Casting Market By Type
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Investment Casting Market Regional Insights
One such dominant region in the investment casting market is North America. With its advanced manufacturing capabilities and a strong presence in the aerospace and automotive industries, North America holds a substantial market share. The region's robust infrastructure and technological advancements contribute to its dominance in investment casting. For instance, in the United States, investment casting finds extensive applications in the aerospace sector. The country is home to leading aerospace manufacturers and suppliers, such as Boeing and General Electric, who rely on investment casting to produce critical components for aircraft engines and structures. The high precision, intricate geometries, and superior mechanical properties achieved through investment casting make it a preferred choice for these applications. North America's dominance in the aerospace industry fuels the growth of the investment casting market in the region.
In terms of the fastest growing region in the investment casting market, Asia Pacific takes the spotlight. The region is witnessing rapid industrialization, infrastructure development, and a growing automotive and aerospace sector. Countries like China and India are leading the way in manufacturing and are experiencing a surge in demand for investment cast components. For example, China's automotive industry is the largest in the world, and investment casting plays a crucial role in producing engine parts, transmission components, and chassis components. The market share of investment casting in Asia Pacific is expanding as the region continues to invest in advanced manufacturing technologies and meet the rising demand for high-quality metal components.
Global Investment Casting Market By Geography
- Largest
- Fastest
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Investment Casting Market Dynamics
Drivers
Increasing Demand for Lightweight Components
- The automotive and aerospace industries are experiencing a growing demand for lightweight components to improve fuel efficiency and reduce emissions. Investment casting offers the capability to produce intricate and lightweight parts with excellent mechanical properties. For example, investment casting is widely used in the aerospace sector to manufacture turbine blades, where weight reduction is critical for enhancing engine performance.
Restraints
Time-Consuming and Costly Process
- Investment casting involves multiple steps, including pattern creation, shell building, casting, and post-processing. The process can be time-consuming, especially for large and complex components. Additionally, the cost of investment casting can be relatively high compared to alternative manufacturing methods, such as sand casting. These factors may limit the adoption of investment casting, particularly in industries with cost-sensitive applications.
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Investment Casting Market Competitive Landscape
The Global Investment Casting Market features a highly competitive landscape with the presence of several key players striving for market dominance. These companies focus on continuous technological advancements, product innovation, and strategic collaborations to gain a competitive edge. Some prominent players in the market have a strong global presence and extensive product portfolios catering to diverse industries. They invest significantly in research and development activities to enhance their manufacturing processes and improve the quality and performance of their investment casting products. Additionally, partnerships with end-user industries and expansion into emerging markets are key strategies adopted by these players to strengthen their market position. The competitive landscape is further intensified by mergers and acquisitions, which enable companies to consolidate their market presence and expand their customer base.
Top Player’s Company Profile
- Precision Castparts Corp (Berkshire Hathaway) (US)
- Alcoa Corporation (US)
- MetalTek International (US)
- WINSERT (US)
- Zollern GmbH & Co. KG (Germany)
- Milwaukee Precision Casting, Inc (US)
- Arconic, Inc. (US)
- Doncasters Group Ltd. (UK)
- American Casting Company (US)
- Signicast (US)
- Georg Fischer Ltd (Switzerland)
- Hitachi Metals, Ltd. (Japan)
- Dongying Gia Young Precision Metal Co., Ltd (China)
- Impro Precision Industries Limited (China)
- Precision Investment Castings (UK)
- CIREX Europe (Netherlands)
- MARLE NOWAK - Fonderie de précision (France)
- PBS Velka Bites (PBS) (Czech Republic)
- Aero Metals (US)
- Investacast (UK)
Recent Developments
- In October 2022, Winsert, an advanced manufacturer specializing in critical metal parts, announced its acquisition of Alloy Cast Products Inc., an investment casting and machining company. This strategic move is expected to foster the mutual growth of both companies and unlock untapped opportunities in new product segments during their upcoming tenure.
- In August 2022, TriTech Titanium Parts emerged as a spin-off company following AmeriTi Manufacturing's launch of titanium parts in the Detroit market. TriTech Titanium Parts utilizes cutting-edge technologies such as metal injection, 3D binder jet printing, and investment casting to produce high-quality products. These titanium components are tailored for a range of applications across industrial, aerospace, automotive, and medical sectors.
Investment Casting Key Market Trends
- Integration of Advanced Technologies: The industry is witnessing the integration of advanced technologies such as computer-aided design (CAD) and simulation software. These technologies enable manufacturers to optimize the casting process, improve efficiency, and reduce costs. For example, simulation software can predict casting defects, optimize gating and riser design, and minimize material wastage, leading to improved process control and quality.
Investment Casting Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Types team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analyses, The Global Investment Casting Market is projected to experience significant growth in the coming years. Factors such as the rising demand for lightweight and fuel-efficient components in the automotive and aerospace industries, coupled with the increasing adoption of investment casting in the healthcare sector, are driving market expansion. The integration of advanced technologies like computer-aided design (CAD) and simulation software is expected to enhance the efficiency and cost-effectiveness of investment casting, further fueling market growth. Although challenges such as the time-consuming and costly nature of the process, as well as competition from alternative manufacturing methods, exist, the market's potential remains strong. Opportunities in the aerospace industry and the expanding renewable energy sector provide avenues for market players to capitalize on.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 16.55 Billion |
| Market size value in 2031 | USD 25.90 Billion |
| Growth Rate | 5.1% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Investment Casting Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Investment Casting Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Investment Casting Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Investment Casting Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Investment Casting Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Investment Casting Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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