Investment Casting Market, Share, Growth Trend And Forecast 2022–2030
Market Highlights
The Global Investment Casting
Market is Investment Casting Market is expected to touch a CAGR
of 5.25%, with a market value of USD 28,449.1 million by the end of 2027.The
use of investment casting process in the medical industry is expected to create
growth opportunities for the market players during the assessment period.
The
manufacturing firms are highly dependent on the efficiency and functioning of
the machinery and equipment. The use of robots and automation in the industrial
sector has increased the demand for machines. Machines enhance operation
efficiency. Thus, investment casting is used in the manufacturing of complex
components such as motion control and sensor & vision to ensure optimal
performance. According to the German Electrical and Electronic Manufacturers'
Association (ZVEI), the global automation sector was valued at USD 556.49
billion in 2016, which is expected to register a significant CAGR during the
forecast period. Thus, the growth of the industrial sector is also projected to
drive the growth of the global investment casting market during the forecast
period
Segment
Analysis
The Global
Investment Casting Market has been segmented on the basis of type, application,
and region.
On the basis of
type, the global market has been segmented into silica sol process and sodium
silicate process. The silica sol is projected to be the largest segment, which
held around 60% share in 2018 owing to its ability to cast complex aerospace
components.
By application,
the market has been divided into aerospace & military, general industrial,
industrial gas turbines, automotive, and others. The aerospace & military
segment held the largest market share in the last few years owing to increasing
air traffic and growing need for better security, which is projected to drive
the market growth during the forecast period.
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Regional Analysis
Geographically,
the global investment casting market has been segmented into Asia-Pacific,
Europe, North America, Latin America, and the Middle East & Africa. As per
the MRFR analysis, Asia-Pacific was the fastest growing and largest regional
market for investment casting in 2018. The expanding
aerospace
investment casting market in Asia-Pacific is projected to be the prime
contributor to the market growth during the assessment period. The carriers in
Asia-Pacific account for 34% of the global passenger traffic and 37% of global
cargo traffic. The airline industry in the region is responsible for carrying a
total of 1,468 million passengers annually, wherein 1,054 million are domestic
passengers while 414 million are international passengers. According to the
International Air Transport Association (IATA), the fleet count in Asia-Pacific
was 8,449 units in 2017, which is expected to reach 17,481 units by 2037. Thus,
the growing demand for investment casting in the aerospace & military
industry is expected to drive the global demand during the forest period.
Market
Players
Market Research
Future (MRFR) recognizes WANGUAN (China), Metaltek International Inc (US),
Ningbo Jiwei Melt Mould Castings CO., LTD (China), Taizhou Xinyu Precision
Manufacture CO., LTD (China), Dongfeng Precision Casting CO., LTD. (China),
Dongying Gia Young Precision Metal CO., LTD (China), RLM Industries, Inc (US),
Impro Precision Industries Limited (Hong Kong), Milwaukee Precision Casting,
INC (US), Zollern Gmbh & CO. KG (Germany), CIREX (The Netherlands),
Precision Castparts Corp (US), and Alcoa Corporation (US) as the key players
operating in the Global Investment Casting Market.
Key Findings
of the Study:
The Global
Investment Casting Market is projected to reach USD 28,449.1 Million by 2025 at
a CAGR of more than 5.25% during the review period, 2017–2025.
Silica sol
process accounted for the largest market share in 2018 and is estimated to
register a CAGR of 5.40%.
Capacity
expansion, acquisitions, and partnerships are some of the initiatives taken by
the manufacturing companies to meet the growing demand for investment casting
metal products.
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