Global Investment Casting Market to Reach US$ 19.4 Billionby 2027, Impelled by Rising Demand for Advanced Military Equipment
According to the latest report by IMARC Group, titled "Investment CastingMarket: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global investment casting market reached a value of US$ 15.3 Billion in 2021 the market is anticipated to reach a value of US$ 19.4 Billion by 2027, exhibiting a CAGR of 3.78%during 2022-2027.
Investment casting refers to themanufacturing 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.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Investment CastingMarket Trends:
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.
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- On the basis of the process type, the market has been segmented into sodium silicate process and tetraethyl orthosilicate (silica sol process).
- Based on the material, the market has been segregated into superalloys, steel, aluminum, titanium and others.
- On the basis of the application, the market has been classified into automotive, aerospace andmilitary, oil and gas, energy, medical and others.
- Based on the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of these players include Alcoa Corporation, CIREX bv (Signicast Corporation), Dongfeng Metal Products Co. Ltd., DongyingGiayoung 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. and Zollern.
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