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Increasing incidence in the demand from the aerospace sector for the process in manufacturing aircraft components are driving the demand for the market.
NEW YORK CITY, NY, UNITED STATES, April 5, 2022 /EINPresswire.com / -- The Global investment Casting market is projected to reach USD 21.09 billion in 2027. Increased use of investment casting in the aerospace industry is likely to increase market demand for advanced component development such as compressors, engine components, gearbox components, and others.
The investment casting market is transforming towards automation as technological advancements such as robotics arms, simulation techniques, the internet of things, etc. are gaining popularity among the industry's vendors. Robotic arms are used with ceramic coats to cover the wax patterns, and then pour metal into the cavity. Key advantages of using robotic arms include increased precision in casting parts and reduced lead time.
Large investments and fluctuating prices of raw materials such as superalloys and steel are the factors that are expected to curb growth in the industry. Although it is a cost-saving process, wax mold preparation is labor-intensive and time-consuming, which is expected to impede market growth further.
The 3D printing of wax patterns is expected to provide new avenues for market vendors in investment casting. 3D printing is an evolving technique in this sector, which is expected to reduce long lead times, which high tooling costs in the years to come. Various industries are designing new technologies for 3D wax pattern printing.
Considering the moderate demand from the end-use industries, the industry faces obstacles associated with productivity, lead time, and capacity utilization. To overcome these challenges, industry vendors move to advanced technology.
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Key players in the market include
Alcoa, CIREX, Precision Castparts, Milwaukee Precision Casting, Zollern, RLM Industries, MetalTek, Dongying Giayoung, Impro and Amtek Group, among others.
The COVID-19 impact:
The COVID-19 pandemic is expected to intervene to some degree with the development of the industry. In this difficult situation, major business players are pessimistic about the prospects of the market and are seeking to reshape their plans for maintaining it. The pandemic had severely affected the automotive industry, and most of the big automakers were forced to stop production and other operations. Workforce shortages are happening in many parts of the world, leading to frequent lockdowns. COVID-19 has affected the international trade, exports, and imports and, consequently, industry demand has also significantly decreased. The major companies are seeking to clear their reserves and are focused on preserving their cash flows. People's real discretionary income is likely to drop, and suppliers are attempting to find new products that will respond to consumer demands at a much lower cost.
Further key findings from the report suggest
Aerospace application is anticipated to lead the global investment casting market over the forecast period as a result of increased demand for emerging-country air fleets.
As a result of improved performance, rising demand for high-performance, and sustainable components is expected to propel demand.
Expansion and improved production in the automotive sector in European countries would likely raise demand for automotive components made using investment casting methods.
Influential manufacturers concentrate on achieving optimum operating costs and enhancing product efficiency to preserve their supremacy in the industry
Asia-Pacific has emerged as a significant investment casting market due to countries such as India and China that have seen substantial growth in its domestic aviation industry. Thereby, the demand for new air fleets and the manufacture of related components is largely influenced.
In February 2019, Signicast agreed with Amsterdam based investment firms Convent and Nedvest to acquire CIREX, an European investment casting specialist based in the Netherlands. This transaction enables Signicast to support its growing foreign client base better, and the merged company will now have plants in the Czech Republic, Netherlands, and Slovakia in addition to Signicast 's current three facilities in the USA.
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For the purpose of this report, Reports and Data have segmented into the global Investment Casting Market on the basis of Product, Material, Application, and region:
Product Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
Sodium Silicate Process
Silica Sol Process
Tetraethyl Orthosilicate
Ceramic Mold
Others
Material Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
Aluminum
Super Alloys
Steel
Titanium
Others
Application Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
Aerospace
Defense
Automotive
Oil & Gas
Medical
Mechanical Engineering
Energy
Others
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Regional Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
North America
Europe
Asia Pacific
MEA
Latin America
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