Investment Casting Market To Hit Value .69 Billion By 2027Posted by Mrudula Karmarkar on December 21st, 2021 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 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. 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 2020, while the industrial and automotive sectors were the primary customers of investment casting vendors in Asia Pacific in 2020. In the Middle East and Africa, the oil & gas industry represents a major customer for the casting manufacturers. 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. Have a Query? Ask Our Expert: https://www.grandviewresearch.com/inquiry/5239/ibb The global market is characterized by the presence of small as well as large scale vendors across the globe, thereby resulting in a high level of competition. The large players differentiate themselves by providing precise and reliable investment cast parts. The manufacturers always strive to use innovative investment casting processes by adopting automation and the Internet of Things to minimize cost and provide quality services. Investment Casting Market Report Highlights
New entrants in the industry tend to develop and sell application-specific products at a competitive price to solidify their market position. Owing to the fragmented nature of the market, the key strategies adopted by the players to stay ahead of the competition include joint ventures, acquisitions, and partnerships. Some prominent players in the global investment casting market include:
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