The global investment casting market size is expected to reach USD 20.69 billion by 2027, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 2.8% from 2020 to 2027. The market is predicted to be driven by increasing industrial output in the emerging economies of Asia Pacific, such as China, India, and Southeastern countries, such as Vietnam, Thailand, and Malaysia.
The major applications of investment casting differ according to the region. For instance, the aerospace and defense sector dominated the North American and European markets in 2019, while the industrial and automotive sectors were the primary customers of investment casting vendors in Asia Pacific in 2019. In the Middle East and Africa, the oil & gas industry represents a major customer for the casting manufacturers.
The COVID-19 crisis is likely to cause a severe decline in the demand in the short term owing to a drastic fall in aerospace and automotive manufacturing and overall industrial output. Global automotive production is expected to witness a decline of at least 20% in 2020, while aerospace manufacturers are in severe distress as they are in need of a heavy influx of cash from the government authorities to survive amidst the drastic decline in demand for airline travel. For instance, Boeing announced the reduction of its Boeing 777 and Boeing 787 aircraft in the coming years.
Recent trends in the market including robotics arms, simulation techniques, and the Internet of Things (IoT) are gaining popularity among the industry players. Key benefits of using robotic arms include enhanced precision and reduction in the lead time for cast parts.
Fluctuating prices of raw materials, like steel and superalloys, and high capital investments are the factors expected to restrain the industry growth. Even though it is a cost-saving process, the preparation of wax molds is time-consuming and labor-intensive, which is likely to restrict market growth.
The competitive landscape of the market is largely fragmented due to the presence of many global and regional players. In addition, investment casting is widely popular among the vendors of developing countries, like India, China, Brazil, and Argentina, as it is a less capital-intensive process when compared to other technologies.
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The aerospace and defense application segment dominated the market with a revenue share of 46.1% in 2019 owing to extensive utilization of investment casting process for aerospace manufacturing in the developed regions, such as Europe and North America
The energy technology application segment is predicted to expand at the fastest CAGR of 3.7% from 2020 to 2027 owing to rapidly increasing demand for wind energy around the globe
North America dominated the market with a revenue share of 36.5% in 2019 owing to the presence of numerous established aerospace manufacturers, such as Lockheed Martin; Boeing; Honeywell International, Inc.; and General Dynamics Corporation
Asia Pacific is expected to expand at the fastest CAGR of 3.4% from 2020 to 2027 owing to expanding industrialization in the region
In February 2019, Signicast acquired CIREX, an investment casting company based in the Netherlands, to expand its customer base in Europe
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
Oil & Gas
Food & Beverages and Packaging Industry
Investment Casting Regional Outlook (Revenue, USD Million, 2016 - 2027)
Central & South America
Middle East & Africa
List of Key Players of Investment Casting Market
Doncasters Group Ltd.
Hitachi Metals, Ltd.
Precision Castparts Corp (Berkshire Hathaway)
Zollern GmbH and Co. KG
Impro Precision Industries Limited
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