High Value-Added Investment Casting Market is Forecast to Reach US$ 14.2 Billion in 2028, Says Stratview Research

The High Value-Added Investment Casting Market is likely to rise at a CAGR of 7.1% during 2023-2028, to reach US$ 14.2 billion in 2028, states Stratview Research.

DETROIT, May 3, 2023 /PRNewswire/ -- Stratview Research, a global market research firm has launched a report on the global High Value-Added Investment Casting Market which provides a comprehensive analysis of the global and regional industry forecast, current & emerging trends, segment analysis, and competitive landscape.

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Report Highlights

Segment Insights on High Value-Added Investment Casting Market

The global high value-added investment casting market is segmented based on industry type, material type, application type, end-user type and region.

Based on industry type - The market is segmented into aerospace, defense, and industrial gas turbine. The aerospace industry accounted for more than 75% of the market share in 2022.

As the aerospace industry relies heavily on high value-added investment cast components to provide a variety of vital applications. It is used to create highly engineered cast products including blades, vanes, shrouds, heat shields, bearings, turbine housings, etc. Industrial turbine also holds a sizeable demand for investment cast products.

Based on material type - The market is segmented into nickel, titanium, stainless steel, aluminum, and others. The nickel segment dominated the market with a share of more than 60% in 2022, whereas titanium is the fastest-growing material type in the market during the forecast period.

The aerospace and defense industries significantly rely on nickel-based alloys due to their high chemical corrosion resistance, heat resistance, stress corrosion resistance, and weldability. Nickel is well-suited for high-performance applications such as high-pressure turbine airfoils, housing, jet-engine blade, and other high-performance components.

Based on the application type - The market is segmented into engine and airframe. The engine segment accounted for a share of more than 80% in 2022, it is also expected to be the fastest-growing application in the market during the forecast period.

Increased focus of manufacturers on the ability to optimize turbine aerothermal efficiency with precise and complicated designs and reduce engine weight with thin section components as attempts to reduce carbon footprint and rising fuel prices are other important factors fuelling the demand of investment casting for engines. 

Based on the end-user type - The market is segmented into OE and aftermarket. The OE segment accounted for a share of more than 80% in 2022, whereas the aftermarket is expected to be the faster-growing segment in the coming years.

The OE segment is being driven by the production of new aircraft and new aircraft programs such as COMAC's C919. The aftermarket is driven by increasing fleet size, and the necessity to swap out old parts with advanced components in order to decrease the weight of an aircraft and comply with new carbon emission regulations and other factors.

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Which Region Offers the Best Opportunity and Growth?

The report suggests that the North America remains the largest market with a share of more than 55% in 2022 & it is expected to hold the top spot in coming years too, followed by Europe and Asia-Pacific.

This growth is majorly attributed to the following –

High value-added investment casting components are anticipated to be in demand as a result of the nation's production of military aircraft programs like the F-35 paired with the presence of leading defense aircraft and component producers in the region, such as Lockheed Martin, Raytheon, and Northrop Grumman, which are responsible for North America's growth.

High Value-Added Investment Casting Market Drivers

Some of the key drivers listed in the report are given below.

• Increasing demand for new aircraft and huge R&D investments.
• Increasing requirement for lightweight yet high-strength components, which can be attained by the usage of lighter materials like titanium alloys and super alloys.
• Increase in air passenger traffic creating demand for new aircraft.
• Increasing demand for power around the world.
• Increasing production rate of key aircraft programs.

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Top 10 Companies in High Value-Added Investment Casting Market?

The market is fairly consolidated with the presence of some global and regional players. Stratview Research has identified the following companies as the top market players.

• Chromalloy Gas Turbine LLC
• Consolidated Precision Products
• Doncasters Group
• Hitchiner Manufacturing Co. Inc.
• Howmet Aerospace
• Impro Industries USA, Inc.
• MetalTek International
• Precision Castparts Corp.
• Sunrise Metal.
• Zollern GmbH & Co. KG

What Deliverables will You Get in this Report?

Related reports which might be useful:

• Aircraft Investment Casting Market
• Aircraft Casting Market

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