January 02, 2024 08:12 ET | Source: Emergen Research Emergen Research
Vancouver, Jan. 02, 2024 (GLOBE NEWSWIRE) -- The global investment casting market, valued at USD 15.70 billion in 2022, is poised to experience a robust revenue Compound Annual Growth Rate (CAGR) of 4.5% during the forecast period. The surge in demand for investment casting is primarily fueled by the aerospace and automotive sectors, where manufacturers seek strong yet lightweight components. Investment casting, also known as the lost wax method, minimizes material waste, energy consumption, and machining efforts, resulting in high-integrity, precise, and smooth-surfaced components. Aluminum Hot Forging
The aerospace industry, in particular, benefits significantly from investment casting, offering enhanced possibilities for intricate parts. Likewise, the automotive sector finds cost and time savings through investment casting, ranging from small brackets to substantial engine blocks and chassis elements. Notably, the medical industry has embraced investment casting for prosthetics and medical implants, ensuring stringent specifications and high precision in the production of intricate parts.
Despite these advantages, the market faces challenges due to the high cost of production associated with the investment casting process. Labor-intensive and time-consuming, the process may not be economically viable for small-volume production. Material costs, design complexity, and manual labor contribute to the overall expense. Additionally, the market is witnessing an increasing trend in the use of investment casting in the oil and gas industry, particularly for thin-walled, near-net-shaped parts that require minimal machining.
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In terms of type, the sodium silicate process dominates the market, holding the largest revenue share in 2022. The process is favored for its low cost and flexibility in casting intricate geometries. Conversely, the silica sol process is gaining momentum with its precision, surface quality, and corrosion resistance properties, especially in aerospace, medical, and automotive industries. The steel alloy segment is projected to command a significant revenue share in the investment casting market due to the versatility and cost-effectiveness of alloy steel. Alloy steel, with added elements such as manganese, silicon, nickel, titanium, copper, chromium, and aluminum, provides specific qualities that cater to various industrial applications. Aluminum alloys, on the other hand, are expected to register moderate growth, offering superior mechanical properties suitable for industries like electronics, medicine, and aerospace.
The automotive segment is set to dominate the market, holding the largest revenue share throughout the forecast period. Investment casting has revolutionized auto component manufacturing, providing accuracy, adaptability, and affordability. Components such as brake disks, ABS components, and brake calipers benefit from the precision and robustness offered by investment casting, enhancing vehicle safety and performance.
The aerospace segment is expected to witness the fastest revenue growth rate due to the increasing demand for strong and lightweight components. Investment casting allows for the production of intricate designs, thin walls, and precise components crucial for aerospace applications. The manufacturing of parts for engines, air and fuel systems, hydraulic systems, and environmental control systems relies on investment casting for its ability to produce pieces with exceptional inherent durability.
The Asia Pacific region emerged as the leader in the investment casting market in 2022, driven by the rising demand for efficient and high-quality aluminum casting solutions. Automation adoption is accelerating in the region, contributing to cost savings and enhanced productivity. North America is poised to experience the fastest revenue growth rate, fueled by a growing number of manufacturing companies focusing on the rising demand for investment casting. Innovations in products, such as titanium components for aerospace and defense, are contributing to the region's market growth.
In Europe, advancements in investment casting production technologies, highlighted by companies like Zollern GmbH & Co. KG, are driving considerable market share. The region's aerospace and defense firms, seeking intricate and high-quality parts, benefit from precision casting technologies. As the investment casting market evolves, manufacturers and industries are navigating challenges while capitalizing on the process's unique advantages across diverse applications.
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Major Companies and Competitive Landscape
The global investment casting market is fragmented, with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective investment casting solutions in the market. Some major players included in the global investment casting market report are:
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For the purpose of this report, Emergen Research has segmented the global investment casting market on the basis of type, material, process technology, application and region:
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