Press release
Investment Casting Market Forecast 2034: Reaching USD 33.9 Billion with a 6.5% CAGR
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Analyst Viewpoint
The growth in the aerospace & defense sector is a primary driver propelling the investment casting market development. Investment casting plays a critical role in manufacturing temperature-sensitive components used in jet engines and industrial gas turbines.
The integration of additive manufacturing in investment casting, known as Rapid Investment Casting (RIC), is gaining traction. This approach enhances cost-effectiveness and time efficiency, driving market expansion across various industries.
Market Introduction
Investment casting, also known as lost-wax casting, is a manufacturing process that uses expendable patterns and one-piece non-metallic molds. It is ideal for creating complex metal shapes with intricate geometries. Materials such as carbon steel, stainless steel, alloy steel, aluminum, copper, nickel alloys, titanium, and magnesium are commonly used in this process.
Drivers
Growth in Aerospace & Defense Sector: Investment casting is crucial for manufacturing components in gas turbine engines, enhancing their efficiency and performance in aerospace applications.
Integration of Additive Manufacturing: The adoption of additive manufacturing techniques in investment casting reduces production time and costs while maintaining high-quality standards.
Regional Outlook
Asia Pacific dominated the investment casting market in 2023 and is expected to maintain its lead during the forecast period. The region's growth is driven by investments in marine gas turbine production and expansion in the automotive sector.
Analysis of Key Players
Major players in the global investment casting market include Gujarat Precision Cast Pvt. Ltd., Impro Precision Industries Limited, IPCL, Kovatch Castings, MetalTek, Milwaukee Precision Casting, Niagara Investment Castings Ltd., Precision Castparts Corp., and Redstone Manufacturing. These companies are investing in digital foundries and additive manufacturing technologies to meet the increasing demand from aerospace, automotive, and industrial sectors.
Key Developments
Texmo Precision Castings' acquisition of Feinguss Blank and partnerships like 3DCERAM Sinto with Avignon Ceramic underscore the industry's focus on expanding capabilities and technological innovation.
Market Snapshot
Market Size (2023): US$ 16.9 billion
Market Forecast (2034): US$ 33.9 billion
Growth Rate (CAGR): 6.5%
Segmentation: By material type (ferrous alloys, non-ferrous alloys), application (turbine blades, engine components, medical equipment, etc.), and end-use (aerospace & defense, automotive, industrial machinery, etc.).
Conclusion
The investment casting market (熔模铸造市场) is set for robust growth driven by technological advancements, expanding aerospace applications, and the integration of additive manufacturing. As industries seek high-performance components with complex geometries, investment casting remains a pivotal manufacturing technique.
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