Investment Casting Industry Overview

The global Investment Casting market size was valued at USD 16.63 billion in 2019 and is expected to expand at a compound annual growth rate (CAGR) of 2.8% from 2020 to 2027.

Rising usage of investment casting in the automotive and transportation industry for the development of advanced components, such as engine parts, compressor, and gearbox components, is likely to drive the market in the long term.

The aerospace and defense industry also plays a crucial role in influencing the demand for investment casting, as various parts of jets and helicopters are manufactured through investment casting. These include landing and braking components, hydraulic fluid system components, and flight critical and safety components. Such components require precise dimensions and shapes, which is possible through investment casting.

Gather more insights about the market drivers, restrains and growth of the Global Investment Casting Market

In the U.S., the aerospace and defense industry was the dominant application segment in 2019 and accounted for almost 63.0% share of the country’s revenue. The aerospace industry in the U.S. is the largest in the globe with the presence of several established aerospace manufacturers, such as Schweizer Aircraft, Luminati Aerospace LLC, and Lockheed Martin Corporation.

However, the aerospace and defense manufacturing sector in the U.S. is likely to emerge as the worst-hit sector by the COVID-19 pandemic owing to drastic downstream demand for airline travel. It is likely to take a considerable amount of time to resume its operations similar to the pre-COVID level. This is likely to impact market growth in the short term.

In spite of the modest demand from the end-use industries, the market faces hurdles related to lead time, efficiency, and capacity utilization. To counter these challenges, industry vendors are gravitating toward innovative technologies, such as machine to machine interaction using the Internet of Things (IoT), automation, and simulation techniques.

Technological enhancements such as integration of automation in the investment casting process are likely to encourage manufacturers to optimize efficiency and reduce lead time. Large scale manufacturers are increasingly adopting multiple robotic arms to perform activities, such as wax model designing, wax removal, and shell building. The shift toward automation is anticipated to propel the manufacturers to enhance capacity utilization and obtain greater efficiency.

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• Precision Gearbox Market - The global precision gearbox market size was estimated at USD 2.4 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 8.9% from 2020 to 2028. Rising awareness about the product benefits across various industries including military and aerospace, machine tools, material handling, robotics, and medical, is expected to drive the market growth over the forecast period.
  
  
• Air Compressor Market - The global air compressor market size was valued at USD 32.02 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 3.4% from 2021 to 2028. With the burgeoning need to control the spread of the COVID-19 infection, governments around the world implemented strict national lockdowns in 2020. This, in turn, hampered the growth of various sectors and industries. 

Investment Casting Market Segmentation

Grand View Research has segmented the global Investment Casting Market on the basis of application and region:

• Investment Casting Application Outlook (Revenue, USD Million, 2016 - 2027)
  • Aerospace & Defense
  • Automotive
  • Oil & Gas
  • Medical
  • Mechanical Engineering
  • Automation
  • Food & Beverages and Packaging Industry
  • Energy Technology
  • Transportation
• Investment Casting Regional Outlook (Revenue, USD Million, 2016 - 2027)
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa (MEA)

Market Share Insights

• October 2021: Alcoa Corporation announced its plans to achieve net-zero greenhouse gas (GHG) emissions across its global operations by 2050

Key Companies profiled:

Some prominent players in the global investment casting market include

• Arconic, Inc.
• Doncasters Group Ltd.
• Hitachi Metals, Ltd.
• MetalTek International
• Signicast
• Precision Castparts Corp (Berkshire Hathaway)
• Zollern GmbH and Co. KG
• Impro Precision Industries Limited

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.