USD 8.5 billion
Report ID:
SQMIR30L2262 |
Region:
Regional |
Published Date: January, 2025
Pages:
199
|Tables:
124
|Figures:
77
The US & Europe Investment Casting Market size was valued at USD 8.5 billion in 2024 and is poised to grow from USD 7,850.3 billion in 2024 to USD 16.6 billion by 2032, at a CAGR of 9.1% over the forecast period (2024- 2031).
Investment casting, also known as precision casting or lost wax casting, is a manufacturing technique used to create particularly special steel elements with remarkable precision. This method is right for producing problematic and complex components, making it mainly valuable in industries like aerospace, car, clinical, and industrial equipment.
The growing demand for medical devices is a key driver for the growth of the investment casting industry in Europe and the United States. Investment casting is crucial for producing high-precision components for medical devices such as surgical tools, prosthetics, and orthopedic implants. These components require the high accuracy and durability that investment casting offers, making it ideal for creating complex shapes and intricate designs. The U.S. medical device industry is valued at over $200 billion, according to the Food and Drug Administration. As the population ages and healthcare continues to advance, the need for precision-engineered parts is increasing. All these factors are anticipated to drive the market growth
The adoption of investment casting in Europe and the United States is the high production cost associated with the technique, compounded by using its labor-intensive nature. Investment casting is a exceptionally specialized approach that requires huge investment in materials, professional labor, and advanced equipment. For manufacturers in these areas, which are beneath consistent pressure to minimize manufacturing charges and maximize efficiency, this high price can be prohibitive, especially for industries relying on high-quantity, fee-effective manufacturing methods.
Investment casting has considerably benefited from improvements in substances and technology, specifically in excessive-overall performance alloys and the integration of cutting-edge production techniques. These traits are poised to play a critical role in riding the successful of the funding casting marketplace in each Europe and the United States. Advanced alloys together with titanium, cobalt-chrome, and nickel-primarily based superalloys are critical in industries like aerospace, car, and healthcare because of their high electricity-to-weight ratios, fantastic resistance to warmness and corrosion, and fatigue resistance.
Market snapshot - (2024- 2031)
Global Market Size
USD 8.5 billion
Largest Segment
Ferrous Alloys
Fastest Growth
Non-Ferrous Alloys
Growth Rate
9.1% CAGR
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The US & Europe Investment Casting Market is segmented based on type, wax type, distribution channel, and region. By type, the market includes ferrous alloys and non-ferrous alloys. Based on process type, the market is divided into sodium silicate process and tetraethyl orthosilicate/silica sol process. In terms of application, the market is divided into turbine blades, airfoils, engine components, suspension components, transmission parts, medical equipment, pump components, valves & fittings, firearm components, ship propellers and others. By end user industry, the market includes aerospace & defense, automotive, industrial machinery, healthcare, energy, oil & gas, marine and others. Geographically, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa (MEA).
In 2023, the Ferrous Alloys dominate the US & Europe investment casting market The growth of the US & Europe investment casting market in ferrous alloys is associated with its broad scope of applications in the aerospace, defense as well as industrial machinery markets. From our extensive research we understand that ferrous alloys such as carbon steel, alloy steel as well as stainless steel are selected based on their strength, durability, and ability to resist corrosion. According to CAEF statistics, the amount of iron and steel castings produced in the member states stood at 10.7 million tons in 2021, which indicates a year-on-year increase of 17.6% thus strengthening the dominance of this segment.
Furthermore, the Non-Ferrous Alloys is the fastest growing segment in US & Europe investment casting market since this type of alloys has a low weight and excellent corrosion resistance. Their application encompasses a range of industries such as aerospace, automotive and healthcare since aluminium, titanium and copper alloys are in demand for production of high-performance components. The increased fuel efficiency and durability of these products motivate the market further.
In 2023, the Tetraethyl Orthosilicate/Silica Sol Process segment dominates the US & Europe investment casting market and its anticipated to show the fastest growth during the forecast period. This dominance can be attributed to its superior characteristics, including exceptional surface finish, reduced geometric deviations, and high corrosion resistance, which make it highly suitable for precision applications across industries like aerospace, defense, and medical equipment. The process's ability to achieve high-quality results aligns with the growing demand for advanced casting techniques in sectors requiring intricate designs and tighter tolerances.
However, the Sodium Silicate Process segment is anticipated to be the second fastest-growing segment in the US & Europe investment casting market. the sodium silicate process, while economical and widely used for larger, less precision-intensive components, is limited in applications requiring superior surface finish and tighter tolerances. With its CAGR of 8.8%, the segment remains important for cost-sensitive industries. However, the silica sol process's adoption is driven by its capability to meet the evolving needs of advanced manufacturing sectors, ensuring its continued dominance in the investment casting market. As industrial demands grow more sophisticated, the Tetraethyl Orthosilicate/Silica Sol Process is well-positioned to leverage these trends, securing its leadership in the market.
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In 2023, Europe is projected to hold the largest share of the US & Europe Investment Casting Market, accounting for approximately 52.7%. Investment casting is extensively used for the aerospace and defense industries in Europe which are the major investors, given the fact that it is a cost-effective method to fabricate lightweight strength components that include turbine blades and parts of a structure. Increased spending on defense and growing aerospace production in countries like Germany and France further boost demand. Technological advancements, including the integration of 3D printing for mold creation and precision engineering, enhance the efficiency and quality of investment casting processes, driving its adoption across various industries.
However, US is poised to secure the second-largest position in the US & Europe Investment Casting Market, The U.S. investment casting market is driven by significant defense spending through initiatives like the Pentagon's modernization programs focusing on aerospace and military applications. With strong demand for turbine blades and engine components in the aviation sector, the market benefits from collaborations between players like Precision Castparts Corp and government-backed research programs to boost manufacturing capabilities.
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Integration of Additive Manufacturing in Investment Casting Driving Market Growth
Growth of Investment Casting in the Automotive Industry Driven by EVs and Autonomous Vehicles
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The US and European investment casting market is highly fragmented, with many players vying for a leading position in both domestic and regional markets. This competition is fueled by the growing demand for precision castings across various industries, including aerospace, automotive, industrial, and medical. Notable market leaders such as Precision Castparts Corp (Berkshire Hathaway), Proterial Ltd., Impro Precision Industries Ltd., Form Technologies LLC, and Doncasters Group Ltd. dominate the market, leveraging their extensive expertise and capabilities to meet the evolving needs of their clients. The Precision Castparts Corp (Berkshire Hathway) hold the highest market share in investment casting market. In August 2023, Doncasters Group, the renowned international manufacturer of high-precision alloy components, obtained a major multiyear contract amounting to more than $1 billion in value from Siemens Energy, leading in global energy technology.
These developments characterize the competitive nature of the investment casting market in the US and Europe, where leading manufacturers have been constantly innovating and growing in their capabilities to serve these highly demanding industries. Such efforts through strategic partnerships and technologies, investments in innovative cutting-edge manufacturing processes help to position companies as key market leaders in the global market.
Increased Adoption of Automation and Robotics in Casting Processes
According to our analysis, The US and Europe investment casting market will grow significantly, as it is driven by the high demand for high-precision components in sectors such as aerospace, automotive, and healthcare. Despite challenges in the form of high production costs and labor intensity, technological advancements such as additive manufacturing and automation benefit the market. The integration of such innovations in the aerospace and automobile industries will improve efficiency and reduce lead times, fueling further adoption. In the meanwhile, ferrous alloys remain dominant, with non-ferrous alloys growing at a rapid rate. Strong players like Precision Castparts Corp. and Doncasters Group are strengthening their competitive position by winning strategic contracts and investing in appropriate technologies.
Report Metric | Details |
---|---|
Market size value in 2024 | USD 8.5 billion |
Market size value in 2032 | USD 16.6 billion |
Growth Rate | 9.1% |
Base year | 2024 |
Forecast period | (2024- 2031) |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
Methodology
For the US & Europe Investment Casting Market , our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the US & Europe Investment Casting Market .
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the US & Europe Investment Casting Market :
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the US & Europe Investment Casting Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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