The major consumer industries such as aerospace, defense, industrial turbines, and automotive are highly developed, aiding to the steady growth of investment casting products in the market.
According to the latest Arizton’s market research report, the investment casting market size to cross USD 18 billion by 2025, growing at a CAGR of 3% during the forecast period.
Investment Casting Market – Market Growth
The major consumer industries such as aerospace, defense, industrial turbines, and automotive are highly developed, aiding to the steady growth of investment casting products in the market. The healthcare industry has been historically a steady demand generator for the investment casting industry. The need for medical devices is increasing with regular advances in functionalities. Investment casting industry constitutes as an essential part of the overall functioning of any industrial production plant, which in turn, is fueling the demand in the market. The demand for industrial gas turbines in the power sector is expected to grow as electrical consumption is on the higher side. The turbines are used across various end-use sectors and hence have higher traction, creating lucrative opportunity for vendors in the global investment casting market.
Automation in Investment Casting
The investment casting process is rather an old manufacturing process and is mostly a capital-and-labor intensive process. The need for automation is growing, as the industry has become highly fragmented, leading to reduced order volumes. The use of automation is expected to increase across regions, which was until now limited to developed countries and high revenue-generating vendors. The larger foundries will continue to incorporate the new and technologically advanced systems during the forecast period. Due to COVID-19, vendors are getting more orders from the businesses to recover from losses due to the lockdown.
- Market Size & Forecast by Revenue | 2019−2025
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Segmentation – A detailed analysis by end-users, and geography
- Competitive Landscape – 18 Prominent Vendors are Profiled
Investment Casting Market – Geographic Analysis
The demand for investment casting is highest in Europe on account of the widescale manufacturing of extremely critical components related to automotive, aerospace, defense, and power generation. The demand for investment casting in North America is likely to depend on the automotive, aerospace, and IGT industries as well. The demand for investment casting, although impacted by COVID-19 related economic pressure in North America, is expected to recover faster as it constitutes an essential part of the overall functioning of any industrial production plant in the region.
The investment casting market is highly fragmented, with no clear global leader providing a full portfolio of products and services across all countries. Vendors in the market are investing in advanced technologies, but only prominent vendors with deliverables to critical end-users have investments in advanced technologies. The lack of demand on account of COVID-19 is expected to increase consolidation, and at the same time, smaller vendors are looking to exit the high capital-intensive market. Vendors must set apart their product and service offerings through a clear and unique value proposition to gain competitive advantage. The difficulty of procuring casting materials such as zirconium, monel, titanium, Inconel and other higher alloys is high, and since not all vendors have the capabilities, the competition in this niche sector is expected to increase.
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