Market Size of Investment Casting Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.58 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Investment Casting Market Analysis
The investment casting market was valued at USD 14.09 billion currently, and it is expected to reach USD 17.57 billion, registering a CAGR growth of 4.58% over the forecast period.
The COVID-19 outbreak has had a swift and severe impact on many industries globally. The pandemic placed intense pressure on industries with a downward shift in global demand. With declining demand, the companies are examining their strategies and operational plans for the post-pandemic period. As economies are recovering slowly, the investment casting market is expected to grow positively during the forecast period.
The demand for investment casting is majorly driven by the growing aerospace and military industry, as there are many different applications and parts of aircraft, helicopters, and jets that are produced through investment casting. These include flight critical and safety components, landing and braking components, and hydraulic fluid system components, all of which are vital to the safety of the aircraft.
A few factors are hindering the demand for investment castings, such as manufacturing cost and high energy consumption. However, foundries are trying to overcome these challenges by collaborating to innovate advanced casting technologies using simulations, which is likely to reduce the shop-floor time and increase the casting yield.
North America is currently leading the investment casting market. The factors attributable to the region's growth are the expansion of the manufacturing, medical, and aerospace and military sectors. Asia-Pacific is projected to be the fastest-growing region over the forecast period. China is likely to lead the region as it is one of the significant countries that majorly contribute to the growth of the investment casting industry.
