Investment Casting Industry Overview
The global investment casting market size was valued at USD 15.83 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 5.0% from 2022 to 2030.
An increase in air passenger traffic is projected to assist in the production of new commercial aircraft creating a positive impact on the demand for investment cast products. The increase in passenger traffic is closely attributed to the increasing per capita income and positive GDP across the globe, which has increased the demand for new commercial aircraft. For instance, in 2021, Airbus delivered 611 commercial aircraft, which was 8% more than in 2020. Similarly, Boeing delivered 340 commercial aircraft in 2021. The U.S has recovered from the economic contraction in 2020 caused by the COVID-19 pandemic. The economy’s real GDP increased 5.7% in 2021 from a decrease of 3.4% in 2020.
Gather more insights about the market drivers, restrains and growth of the Global Investment Casting Market
The growth is attributed to investments and relief packages provided by the government to various industries including construction, automotive, defense & aerospace, railways, infrastructure, transportation, and medical. This, in turn, is expected to positively impact the market growth in the said forecast period.
In the U.S, aerospace & defense emerged as a dominant segment in 2021 and accounted for a revenue share of more than 62.0%. Owing to the rise in demand for satellites and commercial & private jets, key players in the aerospace industry are opening new plants to cater to the demand.
Medical sector is another rapidly growing application segment of the market. The national health expenditure of the U.S. grew by 9.7% to reach USD 4.1 trillion in 2020, which was 19.7% of the country’s GDP. The hospital expenditure grew by 6.4%, which amounted to USD 1,270 billion in 2020. The growing investment in the medical industry is expected to propel the demand for investment cast products in the said forecast period.
Automation integration in the investment casting process, for example, is anticipated to enable manufacturers to optimize efficiency and minimize lead time. Multiple robotic arms are increasingly being used by large-scale factories to accomplish tasks such as wax model design, wax removal, and shell manufacturing. Manufacturers are expected to increase capacity utilization and efficiency because of the shift toward automation.
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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
- Oil & Gas
- Mechanical Engineering
- Food & Beverages and Packaging Industry
- Energy Technology
- Investment Casting Regional Outlook (Revenue, USD Million, 2016 – 2027)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Market Share Insights
- October 2021: Saab AB open its new aerospace plant in West Lafayette, Indiana.
Key Companies profiled:
Some prominent players in the global investment casting market include
- Arconic, Inc.
- Doncasters Group Ltd.
- Hitachi Metals, Ltd.
- MetalTek International
- Precision Castparts Corp (Berkshire Hathaway)
- Zollern GmbH and Co. KG
- Impro Precision Industries Limited
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