Investment Casting Market

Global Investment Casting Market:

The global investment casting market size reached US$ 16.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 22.2 Billion by 2032, exhibiting a growth rate (CAGR) of 3.1% during 2024-2032. The rising need for industrial manufacturing processes that minimize the waste of energy, materials, and subsequent machining is primarily driving the market.

Investment Casting Market Analysis:

• Major Market Drivers: Significant growth in the aerospace and aviation industry is primarily driving the market. Moreover, the extensive applications of this process in launch vehicles, helicopters, military aircraft, jets, etc., are also acting as significant growth-inducing factors.
• Key Market Trends: Numerous technological advancements, such as enhancements in casting processes through simulations, are among the emerging trends bolstering the market.
• Competitive Landscape: Some of the prominent companies in the global market include 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., and Zollern, among many others.
• Geographical Trends: North America exhibits a clear dominance in the market, owing to the inflating levels of industrialization. Additionally, the increasing focus on sustainable development is also positively influencing the regional market.
• Challenges and Opportunities: One of the key challenges hindering the market is the high production costs associated with investment casting. However, the widespread adoption of advanced technologies like 3D printing for rapid prototyping will continue to fuel the market over the forecasted period.
   

Investment Casting Market Trends:

Rising Use of Novel Technologies

The rising adoption of automation, which allows for the rapid and precise creation of molds and patterns, is catalyzing the market. This technology enables the production of highly complex geometries that were previously challenging or impossible to achieve. Automation, on the other hand, improves efficiency in the casting process. Additionally, robotic systems and advanced software can handle repetitive tasks with high precision, thereby minimizing human error and enhancing overall production quality. This, in turn, is escalating the investment casting market demand. For example, in May 2024, GF Casting Solutions AG, a division of Georg Fischer AG, Switzerland, that produces lightweight components for the energy and mobility industries, invested more than US$ 184 Million in a new manufacturing facility in Augusta, Georgia, to manufacture cast aluminum parts.

Growing Demand for Sustainable Practices

With increasing regulatory pressures and a global shift towards sustainability, the investment casting industry is not just adapting but leading the way towards eco-friendly practices. This includes the usage of sustainable materials, such as biodegradable waxes and recycled metals. Besides this, companies are also investing in technologies that lower energy consumption and reduce waste. For instance, in May 2024, Norway-based Norsk Hydro invested US$ 85 Million in a new casting line at its recycled-content aluminum production facility in Henderson, Kentucky. Moreover, it was created to supply high-quality automotive components across the United States, which is elevating the investment casting market revenue.

Increasing Applications in the Aerospace Industry

The inflating need for components with excellent mechanical properties, high precision, and reliable performance under extreme conditions is acting as a significant growth-inducing factor. In aerospace, turbine blades and structural parts benefit from the high strength-to-weight ratios achievable through investment casting. Furthermore, the ability to produce complex shapes with tight tolerances and superior surface finishes is positively influencing the investment casting market outlook. For instance, in January 2024, Alfred University partnered with the Investment Casting Institute (ICI) on a federally funded project researching ways to utilize 3-D printing in the casting and forging manufacturing processes.

Global Investment Casting Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with the investment casting market forecast at the global, regional, and country levels for 2024-2032. Our report has categorized the market based on the process type, material, and application.

Breakup by Process Type:

• Sodium Silicate Process
• Tetraethyl Orthosilicate (Silica Sol Process)
   

Sodium silicate process currently exhibits a clear dominance in the market

The report has provided a detailed breakup and analysis of the market based on the process type. This includes the sodium silicate process and tetraethyl orthosilicate (silica sol process). According to the report, the sodium silicate process represented the largest market segmentation.

The sodium silicate process is gaining traction due to its notable advantages in product launches. This method provides enhanced mold stability, reducing defects and improving overall casting quality. Additionally, the cost-efficiency of sodium silicate compared to other binders makes it an attractive option for manufacturers, enabling the production of complex and high-precision components at lower costs. The process also offers environmental benefits by being less hazardous and easier to handle, which has driven its widespread adoption across various industries, thereby propelling the investment casting market value in this segmentation. For example, in September 2022, Evonik formed a strategic cooperation with the Pörner Group and Phichit BioPower to supply sustainable ultrasil precipitated silica to several tire manufacturers.

Breakup by Material:

• Superalloys
• Steel
• Aluminum
• Titanium
• Others
   

Currently, steel holds the largest investment casting market share

The report has provided a detailed breakup and analysis of the market based on the material. This includes superalloys, steel, aluminum, titanium, and others. According to the report, steel represented the largest market segmentation.

Steel's high strength, durability, and resistance to wear and corrosion make it ideal for producing complex, high-performance components required in industries, such as automotive, aerospace, construction, and energy. Its ability to be alloyed with various elements further enhances its properties, allowing for tailored solutions to specific engineering challenges. Additionally, the global demand for robust and reliable metal components has driven the extensive use of steel, ensuring its dominance in the market. This represents one of the investment casting market price trends. For example, in May 2023, JSW Steel USA Ohio, Inc., a subsidiary of JSW Steel, invested US$ 145 Million in numerous projects to upgrade its manufacturing operations in Mingo Junction, Ohio. 

Breakup by Application:

• Automotive
• Aerospace & Military
• Oil and Gas
• Energy
• Medical
• Others
   

Currently, aerospace & military accounts for the largest investment casting market segmentation

The report has provided a detailed breakup and analysis of the market based on the application. This includes automotive, aerospace & military, oil and gas, energy, medical, and others. According to the report, aerospace & military represented the largest market segmentation.

Investment casting is critically important in the aerospace and military sectors due to its ability to produce highly precise and complex components that meet stringent performance standards. This casting method enables the production of parts with intricate geometries and fine details, essential for the high-stress environments typical in aerospace and military applications. Components such as turbine blades, engine parts, and structural elements benefit from the superior mechanical properties and reliability offered by investment casting. Additionally, the method supports the use of advanced alloys and materials that provide the necessary strength, durability, and resistance to extreme temperatures and pressures. Consequently, as per the investment casting market overview, it ensures the production of high-quality, reliable components crucial for the safety and effectiveness of aerospace and military operations.

Breakup by Region:

• 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
   

North America currently dominates the market

The investment casting market research report has also provided a comprehensive analysis of all the major regional markets, which include 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. According to the report, North America accounted for the largest market share. 

The rising number of military aircraft programs, like the F-35, across countries, such as the United States, is primarily driving the market. Besides this, as per the Aerospace Industries Association of Canada, De Havilland Canada, Airbus, Boeing, and Bombardier Inc., are some of the major aerospace manufacturers in Canada, with about 95% of companies running at partial capacity. Furthermore, they are expanding their businesses, which will continue to elevate the investment casting market statistics across North America over the forecasted period. For example, in November 2022, one of the aircraft engine manufacturers, Pratt & Whitney, announced the opening of their new turbine airfoil facility with an advance casting foundry in the United States.

Competitive Landscape:

The market research report has provided a comprehensive analysis of the competitive landscape. Detailed profiles of all major investment casting companies have also been provided. Some of the key players in the market include:

• 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
   

(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)

Investment Casting Market Recent Developments:

• May 2024: GF Casting Solutions AG invested more than US$ 184 Million in a new manufacturing facility in Augusta, Georgia, to manufacture cast aluminum parts.
• May 2024: Norway-based Norsk Hydro developed a new casting line at its recycled-content aluminum production facility in Henderson, Kentucky.
• January 2024: Alfred University partnered with the Investment Casting Institute (ICI) on a federally funded project to research ways to utilize 3D printing in casting and forging manufacturing processes.

Investment Casting Market Report Scope:

Key Benefits for Stakeholders:

• IMARC's industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the investment casting market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global investment casting market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the investment casting industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.