Vancouver, Jan. 02, 2024 (GLOBE NEWSWIRE) -- The global investment casting market, valued at USD 15.70 billion in 2022, is poised to experience a robust revenue Compound Annual Growth Rate (CAGR) of 4.5% during the forecast period. The surge in demand for investment casting is primarily fueled by the aerospace and automotive sectors, where manufacturers seek strong yet lightweight components. Investment casting, also known as the lost wax method, minimizes material waste, energy consumption, and machining efforts, resulting in high-integrity, precise, and smooth-surfaced components.
The aerospace industry, in particular, benefits significantly from investment casting, offering enhanced possibilities for intricate parts. Likewise, the automotive sector finds cost and time savings through investment casting, ranging from small brackets to substantial engine blocks and chassis elements. Notably, the medical industry has embraced investment casting for prosthetics and medical implants, ensuring stringent specifications and high precision in the production of intricate parts.
Despite these advantages, the market faces challenges due to the high cost of production associated with the investment casting process. Labor-intensive and time-consuming, the process may not be economically viable for small-volume production. Material costs, design complexity, and manual labor contribute to the overall expense. Additionally, the market is witnessing an increasing trend in the use of investment casting in the oil and gas industry, particularly for thin-walled, near-net-shaped parts that require minimal machining.
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In terms of type, the sodium silicate process dominates the market, holding the largest revenue share in 2022. The process is favored for its low cost and flexibility in casting intricate geometries. Conversely, the silica sol process is gaining momentum with its precision, surface quality, and corrosion resistance properties, especially in aerospace, medical, and automotive industries. The steel alloy segment is projected to command a significant revenue share in the investment casting market due to the versatility and cost-effectiveness of alloy steel. Alloy steel, with added elements such as manganese, silicon, nickel, titanium, copper, chromium, and aluminum, provides specific qualities that cater to various industrial applications. Aluminum alloys, on the other hand, are expected to register moderate growth, offering superior mechanical properties suitable for industries like electronics, medicine, and aerospace.
The automotive segment is set to dominate the market, holding the largest revenue share throughout the forecast period. Investment casting has revolutionized auto component manufacturing, providing accuracy, adaptability, and affordability. Components such as brake disks, ABS components, and brake calipers benefit from the precision and robustness offered by investment casting, enhancing vehicle safety and performance.
The aerospace segment is expected to witness the fastest revenue growth rate due to the increasing demand for strong and lightweight components. Investment casting allows for the production of intricate designs, thin walls, and precise components crucial for aerospace applications. The manufacturing of parts for engines, air and fuel systems, hydraulic systems, and environmental control systems relies on investment casting for its ability to produce pieces with exceptional inherent durability.
The Asia Pacific region emerged as the leader in the investment casting market in 2022, driven by the rising demand for efficient and high-quality aluminum casting solutions. Automation adoption is accelerating in the region, contributing to cost savings and enhanced productivity. North America is poised to experience the fastest revenue growth rate, fueled by a growing number of manufacturing companies focusing on the rising demand for investment casting. Innovations in products, such as titanium components for aerospace and defense, are contributing to the region's market growth.
In Europe, advancements in investment casting production technologies, highlighted by companies like Zollern GmbH & Co. KG, are driving considerable market share. The region's aerospace and defense firms, seeking intricate and high-quality parts, benefit from precision casting technologies. As the investment casting market evolves, manufacturers and industries are navigating challenges while capitalizing on the process's unique advantages across diverse applications.
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Scope of Research
| Report Details | Outcome |
| Market Size in 2022 | USD 15.70 Billion |
| CAGR (2023–2032) | 4.5% |
| Revenue Forecast To 2032 | USD 24.43 Billion |
| Base Year For Estimation | 2022 |
| Historical Data | 2019-2021 |
| Forecast Period | 2023–2032 |
| Quantitative Units | Revenue in USD Billion and CAGR in % from 2023 to 2032 |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments Covered | Type, material, process technology, application, and region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Country Scope | U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa |
| Key Companies Profiled | Signicast, Alcoa Corporation, Arconic, Berkshire Hathaway Inc., Bharat Forge, Dongying Giayoung Precision Metal Co. Ltd., Form Technologies, Georg Fischer Ltd., Hitachi, Ltd., Impro Precision Industries Limited, Lestercast Ltd, MetalTek, Milwaukee Precision Casting, Ningbo JWI Investment Casting Co., Ltd., Precision Castparts Corp., RLM Industries, Inc., Ryobi Limited, Taizhou Xinyu Precision Manufacture CO., LTD, Thyssenkrupp AG, and ZOLLERN GmbH & Co. KG. |
| Customization Scope | 10 hours of free customization and expert consultation |
Major Companies and Competitive Landscape
The global investment casting market is fragmented, with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective investment casting solutions in the market.
Some major players included in the global investment casting market report are:
- Signicast
- Alcoa Corporation
- Arconic
- Berkshire Hathaway Inc.
- Bharat Forge
- Dongying Giayoung Precision Metal Co., Ltd.
- Form Technologies
- Georg Fischer Ltd.
- Hitachi, Ltd.
- Impro Precision Industries Limited
- Lestercast Ltd.
- MetalTek
- Milwaukee Precision Casting
- Ningbo JWI Investment Casting Co., Ltd.
- Precision Castparts Corp.
- RLM Industries, Inc.
- Ryobi Limited
- Taizhou Xinyu Precision Manufacture CO., LTD
- Thyssenkrupp AG
- ZOLLERN GmbH & Co. KG
Strategic Development
- On 8 July 2022, Alcoa Corporation (AA) announced to invest at its Deschambault smelter in Canada to increase its casting capabilities in North America. The project will be finished in the first quarter of 2023, with the new casting equipment being built in an existing structure. The site’s two vertical casting pits, which cast just T-bar ingots, will be enhanced by the production of about USD 8 million return-seeking capital investment.
- On 25 February 2022, Bharat Forge acquired JS Auto Cast Foundry India Pvt. Ltd. (JS Auto), a casting company with its headquarters in South India. JS Auto, a prominent provider of machined critical castings for industrial applications, such as wind, hydraulic, and off-highway, recorded revenues of Rs. 259 crores in FY21 and maintained double-digit return ratios. By acquiring JS Auto, Bharat Forge hopes to strengthen its manufacturing foothold in southern India and expand its products in the industrial sector.
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For the purpose of this report, Emergen Research has segmented the global investment casting market on the basis of type, material, process technology, application and region:
- Type Outlook (Revenue, USD Billion; 2019-2032)
- Silica Sol Process
- Sodium Silicate Process
- Material Outlook (Revenue, USD Billion; 2019-2032)
- Aluminum Alloy
- Steel Alloy
- Titanium Alloy
- Nickel Alloy
- Cobalt Alloy
- Others
- Process Technology Outlook (Revenue, USD Billion; 2019-2032)
- Wax Pattern
- Ceramic Shell
- Vacuum Casting
- Robotics
- Three Dimensional (3D) Printing
- Others
- Application Outlook (Revenue, USD Billion; 2019-2032)
- Aerospace
- Defense
- Medical
- Oil & Gas (O&G)
- Automotive
- Mechanical Engineering
- Energy
- Others
- Regional Outlook (Revenue, USD Billion; 2019-2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of Middle East & Africa
- North America
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