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

Stratview Research, a global market research firm, has launched a report on the global  high value-added investment casting market, which provides a comprehensive outlook of the global and regional industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

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Market Statistics:

Market Size in 2022: US$ 8.66 billion

Market Size in 2028: US$ 14.2 billion

Growth (CAGR): 7.1% during 2023-2028

Leading Industry Type: Aerospace

Leading Material Type: Nickel

Leading Application Type: Engine

Leading End-User Type: Aftermarket

Leading Region: North America

Forecast Period: 2023-2028

Trend Period: 2017-2021

Base Year: 2022

Number of Segments Covered: 5

Number of Tables & Graphs: 100+

Country-Level Market Assessment: 20

Segment Insights on the 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 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 fueling the demand of investment casting for engines. CFM (Safran/GE JV) delivered 1,136 LEAP engines (certified for A320neo, B737Max, and C919) in 2022 and has set a target to deliver 1,300 engines in the year 2023, despite supply chain disruption.

Based on end-user type – The market is segmented into OE and aftermarket. The OE segment dominated the market with 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.

To know the most attractive segments, click here for a free sample of the report:

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Which Region Shows the Most Promising Growth Forecast and Opportunity?

The analysis suggests that North America remains the largest market with a share of more than 55% in 2022 and it is expected to hold the top spot in coming years too, followed by Europe and Asia-Pacific. This growth outlook is majorly attributed to the following–

·      Major aircraft manufacturers like Boeing and Airbus have their presence in the United States. 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.

Top Companies in the High Value-Added Investment Casting Market:

The market is moderately consolidated with the presence of a handful of global players. Most of the major players compete in some of the governing factors including price, product offerings, regional presence, etc. 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 Unique Insights Does This Report Offer?

This report provides comprehensive insights into the market, answering critical questions like

-      How big is the sales opportunity?

-      Which regions offer the best sales opportunities?

-      Which are the most attractive market segments?

-      Which are the top players and their market positioning?

-      How complex is the business environment?

-      What are the factors affecting the market?

For Customization or Any Other Queries, get in Touch with our industry experts at sales@stratviewresearch.com

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Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.

It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.

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