MARKET ANALYSIS

Investment casting, also known as lost-wax casting and precision casting. It is a manufacturing process in which a wax pattern is used to shape a disposable ceramic mold. A wax pattern is made in the exact shape of the item to be cast. Investment casting is so named because the process invests (surrounds) the pattern with refractory material to make a mould, and a molten substance is cast into the mold. investment casting can produce products with exceptional surface qualities owing to the hardness of refractory materials used, which can reduce the need for secondary machine processes.

GROWTH DRIVERS AND CHALLENGES

Increasing air passenger traffic is projected to drive the production of new commercial aircraft, positively impacting the rising demand for investment cast products. The increased passenger traffic is closely attributed to the increasing per capita income and positive GDP worldwide, boosting demand for new commercial aircraft. For instance, in 2021, Airbus delivered 611 commercial aircraft, which was 8% more than in 2021. Similarly, according to their annual report, Boeing delivered 340 commercial aircraft in 2021. The US has recovered from the economic contraction in 2021 caused by the COVID-19 pandemic. The real GDP increased by 5.7% in 2021 from a decrease of 3.4% in 2021. Moreover, the mechanical engineering industry is one of the primary capital goods suppliers and finds extensive global demand. A rapid growth in production activities is anticipated to complement industry growth, thereby boosting the demand for investment castings over the forecast period. Further, agricultural equipment with high durability and long-life cycles for robust agricultural applications are manufactured using investment casting technology. Thus, increasing demand of investment casting for various applications industries is expected to drive the market growth during forecast period.

REPORT SEGMENTATION AND SCOPE

The "Global Investment Casting Market Analysis to 2031" is a specialized and in-depth study with a major focus on the global investment casting market trends and growth opportunities. The report aims to provide an overview of the global investment casting market with detailed market segmentation by material, application, and geography. The global investment casting market has been witnessing high growth over the recent past and is expected to continue this trend during the forecast period. The report provides key statistics on the usage of investment casting worldwide and their demand in major regions and countries. In addition, the report provides the qualitative assessment of various factors affecting the investment casting market performance in major regions and countries. The report also includes a comprehensive analysis of the leading players in the investment casting market and their key strategic developments. Several analyses on the market dynamics are also included to help identify the key driving factors, market trends, and lucrative investment casting market opportunities that would, in turn, aid in identifying the major revenue pockets.

Further, ecosystem analysis and Porter’s five forces analysis provide a 360-degree view of the global investment casting market, which helps understand the entire supply chain and various factors affecting the market growth.

SEGMENTAL ANALYSIS

The global investment casting market is segmented on the basis of material and application. Based on material, the market is classified as steel, aluminum, titanium, nickel, others. The investment casting market is categorized on the basis of application into automotive, aerospace & defence, oil & gas, medical, and others.

Based on material, steel accounted for a major investment casting market share owing to its superior durability in comparison with many other materials. The potential of the material has led to increased use in investment casting by designers and engineers. Applications for steel include gearbox parts in automotive applications, various gears, golf club heads, and camp components. The demand for investment casting in the aerospace & defence segment is expected to grow significantly over the coming years. Highly engineered castings such as cable clamps, ball bearings, fuel valves, fuel manifolds, landing gear, brake systems, pitot probes, and other sensors used in the aerospace industry are manufactured using the investment casting process. This has increased the demand for investment casting for aerospace & defense applications.

REGIONAL ANALYSIS

The report provides a detailed overview of the global investment casting market with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. North America is estimated to account for a significant investment casting market share globally. The factors attributed to North America's growth are the expanding manufacturing industry, majorly industrial gas and aerospace and defense applications, and a significant number of regional defence aircraft and component manufacturers, including Lockheed Martin, Raytheon, and Northrop Grumman. Moreover, the market in Asia Pacific is estimated to expand at a considerable pace during the forecast period due to increasing government investment in aerospace & defence sector. China and India are considered as an automotive hub with a large number of OEM vehicles shifting their manufacturing facilities to these countries. These factors have influenced the demand for investment casting in Asia Pacific.

INDUSTRY DEVELOPMENTS AND FUTURE OPPORTUNITIES

Partnership, acquisitions and new product launches were found to be the major strategies adopted by the players operating in the global investment casting market.

In September 2022, a form technology company ‘Signicast Corporation’ announced the celebration of the new opening of latest investment casting facility.

In October 2022, the advanced manufacturer of the critical metal parts ‘Winsert’ announced the acquisition of Alloy Cast Products Inc., the investment casting and machining company. The acquisition will allow the mutual growth of both companies and would tap unexplored product segments in their coming tenure.

IMPACT OF COVID-19/IMPACT OF GEOPOLITICAL SCENARIO/IMPACT OF RECESSION

The COVID-19 pandemic led to a decline in the progress of many industries across the globe. Shutdown of manufacturing plants and restricted trade across the globe led to supply chain constraints for the manufacturers across the globe. The investment casting market experienced a slump during the pandemic due to the limited trade of raw materials globally.  During the initial phase of the pandemic, almost all countries in the world proposed lockdowns in their respective economies, where people were restricted from going outside their houses. Due to the travel ban, the production of aircraft has been halted abruptly, resulting in a significant loss in the total aerospace sector. As per the Global Air Transport Affiliation (IATA), overall homegrown flights have dropped by 70%, with a $314 billion misfortune in traveler income. These are the major factors that hampered the growth of the aerospace industry during the pandemic. Further, in 2021, various economies re-started their operations as the governments announced relaxation in the previously imposed restrictions, which positively impacted the global marketplace. Moreover, manufacturers were permitted to operate at full capacity, which helped them overcome the demand and supply gap. Currently, the market situation is far better than earlier. Many nations are fully vaccinated, and the manufacturers are focusing on increasing their production to boost their revenues.

COMPETITIVE LANDSCAPE AND KEY COMPANIES

Some of the key players operating in the investment casting market include Signicast; MetalTek; Precision Castparts Corp; Georg Fischer Ltd; Milwaukee Precision Casting, Inc; Impro Precision Industries Limited; Alcoa Corporation; ZOLLERN GmbH & Co. KG; Doncasters Group; Dongying Changrui Precision Investment Casting Co., Ltd; Taizhou Xinyu Precision Manufacture CO., LTD  among others.

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REGIONAL FRAMEWORK MARKET PLAYERS

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