The global investment castings market is estimated to grow at an accelerated rate owing to its applications in a wide range of end-use industries. Investment casting process is also known as the lost wax method. Its advantages such as less material requirement, smooth surfaces, complex geometries, and cost-savings have sustained its market over centuries. In comparison to other casted products, investment castings can be made using various metals, and it offers freedom in designing as well.
The demand from the aerospace & defense industry is the major driver for the global market. The products can be used in both simple and complex aerospace systems. It can produce components ranging from ounces to hundreds of kilos. These castings are used in commercial transport, regional jets, military aircraft, helicopters, and launch vehicles.
Increase in the demand for aircraft due to the rising number of travelers is facilitating the demand for investment castings in the aerospace industry. Boeing, one of the leading aircraft manufacturers has forecasted that over the next 20 years there will be a need of 41,039 new airplanes across the world.
High initial capital investment is one of the major disadvantages of investment castings. Although it is a cost-saving process, the requirement for large machinery for bulk production leads to high initial setup cost. Moreover, the preparation of the wax molds is a time taking and labor-intensive process. These initial expenses are likely to obstruct the market growth and result in a low threat of new entrants over the forecast period.
Based on materials, the global market is segmented into superalloys, steel, aluminum, and titanium. The flexibility in utilization of various metals such as carbon, stainless steel, alloy steels, magnesium, titanium, and zirconium on the basis of application is a key advantage of this process.
Based on end-use industries, the market is segmented into aerospace and defense, automotive and oil & gas. The major players in the global investment castings industry are Arconic, Hitachi Metals, Ltd., Impro Precision Industries Limited, MetalTek International, Precision Castparts Corp., ZOLLERN GmbH & Co. KG, and others. The market is characterized by an intense level of competition within the companies.
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