GVR Report cover Investment Casting Market Size, Share & Trends Report

Investment Casting Market Size, Share & Trends Analysis Report By Application (Aerospace & Defense, Energy Technology), By Region (North America, Europe, APAC, Central & South America, MEA), And Segment Forecasts, 2020 - 2027

  • Published Date: Oct, 2020
  • Base Year for Estimate: 2019
  • Report ID: GVR-3-68038-896-1
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2018
  • Number of Pages: 128

Report 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.

U.S. investment casting market size

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.

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.

Application Insights

The aerospace and defense application segment dominated the market and accounted for a revenue share of 46.1% in 2019. Post the COVID-19 crisis, the aerospace industry, particularly in Europe and North America, is likely to be driven by the recovery in airline demand, which, in turn, is likely to encourage aerospace manufacturers to ramp up production. This is expected to benefit the segment growth. The defense sector is likely to provide lucrative opportunities for the industry vendors as countries, such as India and China, are boosting up their defense spending owing to border tensions.

The automotive sector is predicted to take a severe hit owing to the COVID-19 pandemic. Global automotive manufacturing is set to witness a decline of at least 20% in 2020 owing to the sharp downfall in consumer demand. However, government support to encourage the production of electric and lightweight vehicles is likely to benefit the segment growth, albeit to a minimal extent.

The energy technology segment is predicted to expand at the fastest CAGR of 3.7% from 2020 to 2027. The segment includes energy solutions such as fuel nozzles, turbine blades, combustion hardware, air boxes, seal hardware, and tabulation tubes. Increasing installations of wind power capacities around the globe are likely to trigger the demand for turbine blades. This, in turn, is predicted to fuel the segment growth. For instance, as per the stats of the World Wind Energy Association (WWEA), the total wind power installed witnessed nearly 19% growth in 2019 from 2018.

Regional Insights

North America dominated the market and accounted for a revenue share of 36.5% in 2019. This is attributed to the extensive utilization of the investment casting process for manufacturing high value-added parts, especially in the aerospace and defense sector. While aerospace manufacturing is poised to witness a drastic decline in 2020, the defense sector is better positioned as it is unlikely to feel the impact of COVID-19 in the short- to mid-term.

Global investment casting market share

Europe is another key regional market for investment casting as the region, along with North America, is one of the largest markets for value-added investment casting. The region contributes toward a circular economy as vendors in the region practice recycling by procuring scrap material, followed by melting and re-molding it to form casts. This, in turn, is likely to support regional market growth.

Asia Pacific is predicted to expand at the fastest CAGR of 3.4% from 2020 to 2027. As per the World Bank, post the COVID-19 crisis, Asia is poised to witness the fastest growth as compared to its counterparts as the region has witnessed significant growth in its industrial output since the past few years, especially in China and Southeast Asian countries. The automotive and transportation sectors, along with mechanical engineering goods, such as industrial valves, pumps, and other machinery parts, represent the largest markets for investment casting in Asia Pacific.

The COVID-19 pandemic has drastically affected the economic growth and production output in the Middle East and Africa. The oil & gas sector represents the largest customer for investment casting producers in the region. The drastic drop in the oil & gas prices in the region owing to the COVID-19 crisis is expected to severely impact the market growth in the short term. However, government efforts to diversify the economy from oil & gas to the manufacturing sector are expected to benefit the market growth in the long term.

Key Companies & Market Share Insights

The global market is characterized by the presence of small as well as large scale vendors across the globe, thereby resulting in a high level of competition. The large players differentiate themselves by providing precise and reliable investment cast parts. The manufacturers always strive to use innovative investment casting processes by adopting automation and the Internet of Things to minimize cost and provide quality services.

New entrants in the industry tend to develop and sell application-specific products at a competitive price to solidify their market position. Owing to the fragmented nature of the market, the key strategies adopted by the players to stay ahead of the competition include joint ventures, acquisitions, and partnerships. 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

Investment Casting Market Report Scope

Report Attribute


Market size value in 2020

USD 13.47 billion

Revenue forecast in 2027

USD 20.69 billion

Growth Rate

CAGR of 2.8% from 2020 to 2027

Base year for estimation


Historical data

2016 - 2018

Forecast period

2020 - 2027

Quantitative units

Revenue in USD million/billion and CAGR from 2020 to 2027

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Application, region

Regional scope

North America; Europe; Asia Pacific; Central & South America; Middle East & Africa

Country scope

U.S.; Germany; U.K.; France; Italy; Russia; Spain; China; India; Japan; Singapore; Australia; South Korea; Brazil; Saudi Arabia

Key companies profiled

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

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

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Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2027. For the purpose of this study, Grand View Research has segmented the global investment casting market report on the basis of application and region:

  • Application Outlook (Revenue, USD Million, 2016 - 2027)

    • Aerospace & Defense

    • Automotive

    • Oil & Gas

    • Medical

    • Mechanical Engineering

    • Automation

    • Food & Beverages and Packaging Industry

    • Energy Technology

    • Transportation

  • Regional Outlook (Revenue, USD Million, 2016 - 2027)

    • North America

      • U.S.

    • Europe

      • Germany

      • U.K.

      • France

      • Italy

      • Russia

      • Spain

    • Asia Pacific

      • China

      • India

      • Japan

      • South Korea

      • Singapore

      • Australia

    • Central & South America

      • Brazil

    • Middle East & Africa

      • Saudi Arabia

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