The global investment casting market size is expected to reach USD 20.69 billion by 2027, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 2.8% from 2020 to 2027. The market is predicted to be driven by increasing industrial output in the emerging economies of Asia Pacific, such as China, India, and Southeastern countries, such as Vietnam, Thailand, and Malaysia.
The
major applications of investment casting differ according to the region. For
instance, the aerospace and defense sector dominated the North American and
European markets in 2019, while the industrial and automotive sectors were the
primary customers of investment casting vendors in Asia Pacific in 2019. In the
Middle East and Africa, the oil & gas industry represents a major customer
for the casting manufacturers.
The
COVID-19 crisis is likely to cause a severe decline in the demand in the short
term owing to a drastic fall in aerospace and automotive manufacturing and
overall industrial output. Global automotive production is expected to witness
a decline of at least 20% in 2020, while aerospace manufacturers are in severe
distress as they are in need of a heavy influx of cash from the government
authorities to survive amidst the drastic decline in demand for airline travel.
For instance, Boeing announced the reduction of its Boeing 777 and Boeing 787
aircraft in the coming years.
Recent
trends in the market including robotics arms, simulation techniques, and
the Internet of Things (IoT) are gaining popularity among the
industry players. Key benefits of using robotic arms include enhanced precision
and reduction in the lead time for cast parts.
Fluctuating
prices of raw materials, like steel and superalloys, and high capital
investments are the factors expected to restrain the industry growth. Even
though it is a cost-saving process, the preparation of wax molds is
time-consuming and labor-intensive, which is likely to restrict market growth.
The
competitive landscape of the market is largely fragmented due to the presence
of many global and regional players. In addition, investment casting is widely
popular among the vendors of developing countries, like India, China, Brazil,
and Argentina, as it is a less capital-intensive process when compared to other
technologies.
For more info visit here: https://www.grandviewresearch.com/industry-analysis/investment-castings-market
Investment Casting
Market Report Highlights
- The aerospace
and defense application segment dominated the market with a revenue share
of 46.1% in 2019 owing to extensive utilization of investment casting
process for aerospace manufacturing in the developed regions, such as
Europe and North America
- The energy
technology application segment is predicted to expand at the fastest CAGR
of 3.7% from 2020 to 2027 owing to rapidly increasing demand for wind
energy around the globe
- North America
dominated the market with a revenue share of 36.5% in 2019 owing to the
presence of numerous established aerospace manufacturers, such as Lockheed
Martin; Boeing; Honeywell International, Inc.; and General Dynamics
Corporation
- Asia Pacific
is expected to expand at the fastest CAGR of 3.4% from 2020 to 2027 owing
to expanding industrialization in the region
- In February
2019, Signicast acquired CIREX, an investment casting company based in the
Netherlands, to expand its customer base in Europe
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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