The global Investment Casting Market size is expected to reach USD 24.52 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.0% over the forecast period. The use of new computer simulation techniques and robotics is projected to boost production rates and contribute to market growth.
The investment casting process is labor-intensive on
account of the precision required in the final product, which increases the
cost of direct wages to the workers. However, to overcome this, technological
advancements have been made by prominent players in the industry with the
introduction of electronically operated robotic arms that perform the majority
of casting operations. These arms apply various types of ceramic and sand
coating to wax patterns and pouring of metal into the cavity.
The investment casting process is widely used for
aerospace and automotive parts manufacturing on account of the need for varied
sizes and dimensions of the components. The process allows the formation of
minute parts by supplying metal casting in the ceramic molds with the exact
shape and size of the original components. Several industries are utilizing
this process to form the components of desired intricate dimensions.
The process is comparatively easy and accurate as it
uses molds to form the components. The wax patterns reflecting detailed
measurements of the original component are used as templates, which are then
coated with ceramic materials. These patterns are melted and taken out of the
mold once the ceramic coatings are hardened. Thus, the exact specification
cavities are created inside the molds.
High cost compared to other conventional production
methods such as die-casting during high volume production is projected to
hinder the market growth. The cost allied to the overall process of the product
has a majority share of the raw materials including steel and superalloys. Wax
patterns and ceramic or refractory coatings also have significant effects on the
overall prices of the process. In addition, expenses paid to the skilled
workforce are higher owing to the hazardous and extreme working conditions in
the foundries.
Related Press Release@ Investment Casting Market Report
Investment Casting Market Report
Highlights
- By application, medical sector is projected to grow at the highest
GAGR of 6.1% over the forecast period. Demand for investment cast products
in dental & surgical tools, implantable parts, MRI machines, X-ray
equipment, stretchers, and wheelchairs is projected to contribute to the
segment growth
- Aerospace & defense accounted for the highest share in terms of
the consumption of investment cast products in 2021. Several manufacturers
of aerospace parts utilize the process to manufacture specialized
components for large-size aircraft
- Growth in the oil & gas industry across the globe has resulted
in ascending demand for casting components. Highly engineered product
components manufactured via the investment casting process are utilized in
offshore and onshore drilling operations and hydraulic fracturing
applications
- North America accounted for a revenue share of 36.0% in 2021 of the
global market, owing to the high production capacity of key players in the
region. The region exhibits a high demand for aerospace and automotive
cast finished parts
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, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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