Fort Collins, Colorado, May 13, 2024 (GLOBE NEWSWIRE) --
The rise in demand from the aerospace and defense sectors propels the industry growth.
In recent years, the investment casting market has experienced notable expansion, largely attributed to heightened demand from the aerospace and defense sectors. The International Air Transport Association (IATA) forecasts a substantial increase in global air passenger traffic, projected to double from 4.1 billion passengers in 2017 to 8.2 billion by 2037. This surge in air travel has consequently driven up the demand for aircraft components, many of which are manufactured using investment casting techniques. Furthermore, the automotive industry's emphasis on producing lightweight and fuel-efficient vehicles has contributed significantly to the growing demand for investment cast parts. The U.S. Department of Energy underscores the significance of lightweight components, indicating that a mere 10% reduction in vehicle weight can yield a 6-8% enhancement in fuel economy, further highlighting the importance of investment casting in the automotive sector.
The investment casting market presents numerous avenues for growth and expansion, with emerging markets like India and Southeast Asia showcasing significant potential due to their rapidly expanding manufacturing sectors. India's governmental initiatives to transform the nation into a global manufacturing hub are creating favorable conditions for investment casting foundries to thrive. Furthermore, technological advancements such as 3D printing and simulation software are revolutionizing the investment casting process. According to the National Institute of Standards and Technology (NIST), the adoption of 3D printing in the U.S. manufacturing sector has seen an annual growth rate of 30% in recent years. This adoption facilitates faster prototyping and more efficient production of investment casting molds, enhancing overall manufacturing processes.
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Segmentation Overview:
The investment casting market has been segmented into type, end-user, and region.
Sodium silicate is the leading segment and is projected to grow more in the coming years.
- Based on the market segmentation by type, the sodium silicate process held the largest market share in the investment casting market in 2023. This can be attributed to its widespread adoption, cost-effectiveness, and ability to produce high-quality castings with excellent surface finishes. The sodium silicate process is well-established and has been widely used in various industries for decades.
The aerospace and military is the leading end-user segment in the forecast period.
- Based on the market segmentation by end-user, the aerospace & military sector dominated the investment casting market in 2023. This can be attributed to the high demand for precision-engineered components in aircraft engines, turbines, and defense equipment. Investment casting is extensively used in the aerospace industry due to its ability to produce complex geometries with tight tolerances and excellent mechanical properties.
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Investment Casting Market Report Highlights:
- The investment casting market growth is anticipated at a CAGR of 5.3% by 2032.
- Increased adoption of 3D printing for creating complex molds and using advanced alloys with improved properties are emerging trends in the investment casting market.
- The Asia-Pacific region is expected to witness the fastest growth in the near future. Countries such as China and India are experiencing rapid industrialization and urbanization, increasing demand for investment cast components across various sectors.
- Some prominent players in the Investment casting market report include Precision Castparts Corp., Arconic Inc., Zollern GmbH & Co. KG, Impro Precision Industries Limited, Signicast LLC, Milwaukee Precision Casting, Inc., Dongying Giayoung Precision Metal Co., Ltd., Dongfeng Precision Casting Co., Ltd., RLM Industries, Inc., Taizhou Xinyu Precision Casting Co., Ltd., Cirex, and Avalon Precision Metalsmiths.
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