Global Investment Casting Market - Overview
Investment Casting Market is projected to be valued at USD 19,572.6 Million by 2027 and register a CAGR of over 5.25%.
The Global Investment Casting Market is expected to reach USD 28,449.1 Million by 2027, exhibiting a CAGR of 5.25%. The use of investment casting process in the medical industry is expected to create growth opportunities for the market players during the assessment period.
The manufacturing firms are highly dependent on the efficiency and functioning of the machinery and equipment. The use of robots and automation in the industrial sector has increased the demand for machines. Machines enhance operation efficiency. Thus, investment casting is used in the manufacturing of complex components such as motion control and sensor & vision to ensure optimal performance. According to the German Electrical and Electronic Manufacturers' Association (ZVEI), the global automation sector was valued at USD 556.49 billion in 2016, which is expected to register a significant CAGR during the forecast period. Thus, the growth of the industrial sector is also projected to drive the growth of the global investment casting market during the forecast period.
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Alcoa Corporation (US), WANGUAN (China), Precision Castparts CORP (US), Metaltek International Inc (US), CIREX (The Netherlands), Ningbo Jiwei Melt Mould Castings CO., LTD (China), Zollern GMBH & CO. KG (Germany), Taizhou Xinyu Precision Manufacture CO., LTD (China), Milwaukee Precision Casting, INC (US), Dongfeng Precision Casting CO., LTD. (China), IMPRO Precision Industries Limited (Hong Kong), RLM Industries, INC (US) and Dongying Gia Young Precision Metal CO., LTD (China)
All the key players in the investment casting market have been working hand in hand to ensure they take the market to the heights of success. Continuous efforts in technological advancements are being made by all the major players in the investment casting industry overview. Moreover, various acquisitions, collaborations, and mergers have led to the need to increase. The focus of all the major players has not been only on the individual growth but growth of the entire investment cast market.
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Investment Casting Market - Segments:
The Global Investment Casting Market has been segmented on the basis of type, application, and region.
On the basis of type, the global market has been segmented into silica sol process and sodium silicate process. The silica sol is projected to be the largest segment, which held around 60% share in 2018 owing to its ability to cast complex aerospace components.
By application, the market has been divided into aerospace & military, general industrial, industrial gas turbines, automotive, and others. The aerospace & military segment held the largest market share in the last few years owing to increasing air traffic and growing need for better security, which is projected to drive the market growth during the forecast period.
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Global Investment Casting Market -Regional Analysis
Geographically, the global investment casting market has been segmented into Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa. As per the MRFR analysis, Asia-Pacific was the fastest growing and largest regional market for investment casting in 2018. The expanding aerospace industry in Asia-Pacific is projected to be the prime contributor to the market growth during the assessment period. The carriers in Asia-Pacific account for 34% of the global passenger traffic and 37% of global cargo traffic. The airline industry in the region is responsible for carrying a total of 1,468 million passengers annually, wherein 1,054 million are domestic passengers while 414 million are international passengers. According to the International Air Transport Association (IATA), the fleet count in Asia-Pacific was 8,449 units in 2017, which is expected to reach 17,481 units by 2037. Thus, the growing demand for investment casting in the aerospace & military industry is expected to drive the global demand during the forest period.
Key Findings of the Study:
- The Global Investment Casting Market is projected to reach USD 28,449.1 Million by 2025 at a CAGR of more than 5.25% during the review period, 2017–2025.
- Silica sol process accounted for the largest market share in 2018 and is estimated to register a CAGR of 5.40%.
- Capacity expansion, acquisitions, and partnerships are some of the initiatives taken by the manufacturing companies to meet the growing demand for investment casting metal products.
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