BANGALORE, India, Nov. 7, 2023 /PRNewswire/ -- Investment Casting Market is Segmented by Type (Sodium Silicate Process, Tetraethyl Orthosilicate (Silica Sol Process)), by Application (Automotive, Aerospace and Military, General Industrial Machinery, Industrial Gas Turbines): Global Opportunity Analysis and Industry Forecast, 2023-2029. It is Published in Valuates Reports Under the Category of Chemicals Industry.
The Investment Casting Market was valued at USD 7856 Million in 2022 and is anticipated to reach USD 11170 Million by 2029, witnessing a CAGR of 5.1% during the forecast period 2023-2029.
Major Factors Driving the Growth of Investment Casting Market:
It is anticipated that more people traveling by air would support the manufacturing of new commercial aircraft, which will raise demand for investment-cast items. The global expansion in GDP and per capita income is directly linked to the rise in passenger traffic, which in turn has raised demand for new commercial aircraft.
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TRENDS INFLUENCING THE GROWTH OF THE INVESTMENT CASTING MARKET
The strong demand from the aerospace and defense sectors is one of the main factors propelling investment casting's expansion. Precision casting, another name for investment casting, allows for the production of complicated and intricate parts, which is essential for defense and aerospace systems. The market has grown dramatically as a result of the industry's requirement for lightweight, high-performance parts, which has fueled the use of investment casting for structural components, landing gear, and turbine blades, among other applications.
The expansion of investment casting has also been significantly aided by the automobile sector. Automobile exhaust manifolds, engine parts, and even turbochargers are produced using investment casting. Investment casting processes are an economical way to make lightweight, high-strength materials, which are in great demand due to their better fuel economy and lower emissions.
The market for industrial gas turbines has expanded significantly due to the increased need for dependable and efficient power production. To produce turbine blades and vanes that can endure severe temperatures and conditions, investment casting is necessary. Investment casting is becoming more and more in demand as the industrial gas turbine business grows. It is difficult to get the kind of precision and accuracy that investment casting offers using conventional production techniques. Investment casting is a financially advantageous procedure since it eliminates the need for machining and material waste and allows for the one-step creation of complex forms. Because of its affordability, it has become a popular option for businesses looking to streamline their manufacturing procedures.
It works particularly well for intricate parts, including those with intricate interior geometry. Although there is virtually no restriction on the types of investment cast materials that can be utilized, the most popular ones are non-ferrous alloys, cast iron, and aluminum alloy. The procedure is especially appealing for metals that melt at high temperatures. Its versatility is unrestricted by the casting's dimensions, thickness, or intricate form. Production techniques are likewise adaptable. Investment casting using the lost wax method beats other casting processes and reaches a superior surface in finishing. Compared to other casting methods, investment casting tolerances are more accurate. particularly in contrast to fabrications that are forged, sand cast, or welded. Such close tolerances offer an excellent surface polish and allow for little to no machining.
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INVESTMENT CASTING MARKET SHARE
Key participants in the global investment casting market include RLM Industries, Precision Castparts, Alcoa, Zollern, and MetalTek. The top five producers worldwide control almost 25% of the market.
With a share of over 40%, Asia Pacific is the largest market, followed by North America with a share of over 30%.
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Key Players:
- ALCOA Inc
- Precision Castparts
- CIREX
- Zollern
- Milwaukee Precision Casting
- MetalTek
- RLM Industries
- Impro
- Dongying Giayoung
- Dongfeng
- Ningbo Wanguan
- Taizhou Xinyu
- Jiwei
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SIMILAR REPORTS
- Investment Casting Materials Market
- Aircraft and Aerospace Aluminum Casting Components Market
- Investment Casting Filters Market
- Investment Cast Superalloy Market
- Sodium Silicate Investment Casting Market
- Investment Casting Automotive Parts Market
- Ceramic Core for Investment Casting Market
- Automotive Investment Casting Market
- Investment Casting Parts Market
- High Value-Added Investment Casting market is projected to reach USD 14000 million in 2029, increasing from USD 8660 million in 2022, with the CAGR of 7.1% during the period of 2023 to 2029.
- Aluminum Die Casting market is projected to grow from USD 25000 million in 2023 to USD 34870 million by 2029, at a Compound Annual Growth Rate (CAGR) of 5.7% during the forecast period.
- Polysilicon Ingot Casting Furnace Sales Market
- Passenger Vehicle Aluminum Casting market is projected to reach USD 14670 million in 2029, increasing from USD 9915 million in 2022, with the CAGR of 5.6% during the period of 2023 to 2029.
- Commercial Vehicle Aluminum Casting market is projected to reach USD 8115.8 million in 2029, increasing from USD 5894 million in 2022, with the CAGR of 4.8% during the period of 2023 to 2029.
- Motorcycle Aluminum Casting market is projected to reach USD 2254.5 million in 2029, increasing from USD 1741 million in 2022, with the CAGR of 3.8% during the period of 2023 to 2029.
- New Energy Vehicles Aluminum Casting market is projected to reach USD 5005.5 million in 2029, increasing from USD 3247.7 million in 2022, with the CAGR of 6.2% during the period of 2023 to 2029.
- Aluminum Die Casting market is projected to grow from USD 25000 million in 2023 to USD 34870 million by 2029, at a Compound Annual Growth Rate (CAGR) of 5.7% during the forecast period.
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