Investment Casting Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis

Investment Casting Market Size and Forecasts (2021 - 2031), Global and Regional Growth Opportunity Analysis, and Geography (North America, Europe, Asia Pacific, and South and Central America)

Publication Month : Apr 2024

  • Report Code : TIPRE00010183
  • Category : Chemicals and Materials
  • Status : Upcoming
  • No. of Pages : 150
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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 2020. Similarly, according to their annual report, Boeing delivered 340 commercial aircraft in 2021. The US has recovered from the economic contraction in 2020 caused by the COVID-19 pandemic. The real GDP increased by 5.7% in 2021 from a decrease of 3.4% in 2020. 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 2030" 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
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Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

This text is related
to segments covered.

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

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to country scope.

The List of Companies

1. Arconic, Inc.
2. Anhui Yingliu Electromechanical Co., Ltd
3. ATI
4. CIREX
5. INVESTMENT AND PRECISION CASTINGS LTD
6. Doncasters Group Ltd
7. Hitachi Metals, Ltd
8. Impro Precision Industries Limited
9. MetalTek International
10. Precision Castparts Corp.

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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