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The latest report by IMARC, titled “ InvestmentCastingMarket:GlobalIndustryTrends,Share,Size,Growth,OpportunityandForecast20 23-2028
” " the global investment casting market reached a value of US$ 16.0 Billion in 2022.
Investment casting refers to the manufacturing process that is generally adopted for providing shape to a disposable ceramic mold. It involves multiple steps, including the production of wax-injection tools and wax patterns, assembling wax patterns, manufacturing of investment shell, dewax and pre-heating the mold and poring and cleaning the castings. It is used for the manufacturing of complex-shaped products, such as sonar and radars, robots, electronic housings, heavy armament components, armored vehicles and missile systems. It is widely preferred across industrial sectors since it produces less material waste, provides smooth surface finishing, eliminates machining and multi-part assembly, and offers flexibility of design and sizes in a cost-efficient manner.
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The global market is primarily driven by the augmenting demand for advanced military equipment. This can be attributed to the growing incidences of geopolitical conflicts and border threats across multiple countries. In line with this, rising investments and funding activities to upgrade the existing defense infrastructure is providing a boost to the demand for investment casting. Moreover, the widespread deployment of the method in the manufacturing of helicopters, aircraft and jets across the aerospace industry is further propelling the market growth. Additionally, the increasing environmental concerns among the masses have encouraged numerous leading players to utilize the investment casting process as an alternative to the traditional casting method, which, in turn, is catalyzing their demand on the global level.
Besides this, continual technological advancements, including the adoption of three-dimensional (3D) printing during the investment casting process, are favorably impacting the growth of the market. Other factors, including rapid industrialization and extensive research and development (R&D) activities conducted by key players, are also positively influencing the market.On account of the aforementioned factors, the market is anticipated to reach a value of US$ 20.1 Billion by 2028, exhibiting a CAGR of 3.6% during 2023-2028.
Looking forward, the market value is projected to reach a strong growth during the forecast period (2023-2028).
MarketSummary:
BreakupbyProcessType:
• Sodium Silicate Process
• Tetraethyl Orthosilicate (Silica Sol Process)
BreakupbyMaterial:
• Superalloys
• Steel
• Aluminum
• Titanium
• Others
BreakupbyApplication:
• Automotive
• Aerospace & Military
• Oil and Gas
• Energy
• Medical
• Others
BreakupbyRegion:
• North America
• United States
• Canada
• Asia Pacific
• China
• Japan
• India
• South Korea
• Australia
• Indonesia
• Others
• Europe
• Germany
• France
• United Kingdom
• Italy
• Spain
• Russia
• Others
• Latin America
• Brazil
• Mexico
• Others
• Middle East and Africa
CompetitiveLandscapewithKeyPlayers:
• Alcoa Corporation
• CIREX bv (Signicast Corporation)
• Dongfeng Metal Products Co. Ltd.
• Dongying Giayoung Precision Metal Co. Ltd.
• Impro
• MetalTek
• Milwaukee Precision Casting
• Ningbo Jiwei Melt Mould Castings Co. Ltd.
• Ningbo Wanguan
• Precision Castparts Corporation
• RLM Industries
• Taizhou Xinyu Precision Casting Co. Ltd.
• Zollern
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