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Precision Casting Market: By Process Type, By Application and Geography
Precision Casting Market: By Process Type, By Application and Geography
Precision Casting Market size was valued at US$ 16,278.3 million in 2023 and is poised to grow at a CAGR of 4.6% during 2024-2030. Precision casting, also widely referred to as investment casting or lost-wax casting, is a manufacturing process by which complex metal parts are produced with much accuracy and smooth surfaces. The method consists of the preparation of a wax model of the part desired; the coating of this model, by some special means, with a layer of ceramic material; and finally, the melting out of the wax leaving the cavity of the shape of the part. This is followed by the pouring of molten metal into this mold to get the final product. Precision casting, for this reason, sees extensive application in space, automotive, defense, and medical devices. Precision casting has significant applications in aerospace and defense industries due to the demand for lightweight, high-strength components with a conglomeration of geometrically complex shapes. In addition, growing demands related to commercial and military aircraft have facilitated an increased utilization of precision casting techniques for the manufacture of turbine blades, engine components, and structural parts.
According to the Aerospace Industries Association, the worldwide total in aerospace production in the year 2021 accounted for $838 billion, proof of how great this sector is. However, the precision casting process involves significant initial investment in tooling and equipment. The cost of producing the ceramic molds and the complexity of the process can be a barrier for smaller manufacturers, limiting the adoption of precision casting in certain regions. Furthermore, the integration of 3D printing with precision casting opens huge avenues for growth, as 3D printing can be used to make more intricate and complex wax patterns or even molds directly, thus reducing time and cost associated with the conventional mold-making process.
Study Period
2024-2030Base Year
2023CAGR
4.6%Largest Market
North-AmericaFastest Growing Market
Asia-Pacific
Rapidly rising demand in the aerospace and defense sectors remains one of the major driving factors for the Precision Casting Market. These industries, very dynamic and fast-growing, have increased needs for high-precision, light, and durable components. Precision casting can produce geometries that will likely be required in high-temperature aerospace applications for turbine blades and engine components that need extremely high performance and stability under aggressions. For instance, the Boeing 737 MAX flew for the first time in 2017 and used several thousand cast parts in its powerplants and fuselage. The design of this aircraft led to a considerable improvement in the usage of investment casting within the aerospace industry, mainly due to superalloy turbine blade manufacturing.
North America, particularly the United States, is a leading region in the precision casting market. The United States is one of the largest markets for the aerospace and defense industries globally. The increased demand for precision-cast parts is driven by giant players such as Boeing, Lockheed Martin, and Raytheon Technologies. For instance, major investments in R&D by the U.S. government for the defense and aerospace industries support the growth of precision casting. According to the U.S. Department of Defense, the budget for research, development, test, and evaluation reached $107 billion in 2021.
Moreover, Europe is another significant region in the precision casting market, with countries like Germany, France, and the United Kingdom playing major roles. Asia-Pacific, particularly China and Japan, is a rapidly growing region in the precision casting market.
Latin America
Europe
Asia Pacific
Middle East
North America
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Report Benchmarks |
Details |
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Report Study Period |
2024-2030 |
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Market Size in 2023 |
US$ 16,278.3 million |
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Market CAGR |
4.6% |
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By Process Type |
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By Application |
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The global precision casting market size was valued at US$ 16,278.3 million in 2023 and is projected to grow at a CAGR of 4.6% from 2024-2030.
Precision casting is used to produce complex metal parts with high accuracy and smooth surfaces, commonly used in aerospace, automotive, defense, and medical industries.
The market is growing due to increasing demand in the aerospace and defense sectors, rising automotive production, and advancements in manufacturing technologies like 3D printing.
North America is leading the market, driven by its dominant aerospace and defense industries, technological innovations, and strong government support.
The main challenges include high initial costs, material limitations, fluctuations in raw material prices, and compliance with environmental regulations.
In 2021, General Electric introduced a new technique combining 3D printing with precision casting to produce more intricate turbine blades.
1. Executive Summary
2. Global Precision Casting Market Introduction
2.1. Global Precision Casting Market - Taxonomy
2.2. Global Precision Casting Market - Definitions
2.2.1. Process Type
2.2.2. Application
2.2.3. Region
3. Global Precision Casting Market Dynamics
3.1. Drivers
3.2. Restraints
3.3. Opportunities/Unmet Needs of the Market
3.4. Trends
3.5. Key Developments
4. Global Precision Casting Market By Process Type, 2019-2023 and Forecast 2024-2030 (Sales Value USD Million)
4.1. Silica Sol Process
4.1.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million)
4.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
4.1.3. Market Opportunity Analysis
4.2. Sodium Silicate Process
4.2.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million)
4.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
4.2.3. Market Opportunity Analysis
5. Global Precision Casting Market By Application, 2019-2023 and Forecast 2024-2030 (Sales Value USD Million)
5.1. Automobile
5 1 1 Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million)
5.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
5.1.3. Market Opportunity Analysis
5.2. Aerospace & Defense
5.2.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million)
5.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
5.2.3. Market Opportunity Analysis
5.3. Medical
5.3.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million)
5.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
5.3.3. Market Opportunity Analysis
5.4. Construction Machinery
5.4.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million)
5.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
5.4.3. Market Opportunity Analysis
5.5. Oil and Gas
5.5.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million)
5.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
5.5.3. Market Opportunity Analysis
5.6. Industrial Machinery
5.6.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million)
5.6.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
5.6.3. Market Opportunity Analysis
5.7. Others
5.7.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million)
5.7.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
5.7.3. Market Opportunity Analysis
6. Global Precision Casting Market By Region, 2019-2023 and Forecast 2024-2030 (Sales Value USD Million)
6.1. North America
6.1.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million)
6.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
6.1.3. Market Opportunity Analysis
6.2. Europe
6.2.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million)
6.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
6.2.3. Market Opportunity Analysis
6.3. Asia Pacific
6.3.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million)
6.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
6.3.3. Market Opportunity Analysis
6.4. Latin America
6.4.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million)
6.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
6.4.3. Market Opportunity Analysis
6.5. MEA
6.5.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million)
6.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%)
6.5.3. Market Opportunity Analysis
6.6. Global Precision Casting Market - Opportunity Analysis Index, By Application, Process Type, , , , , , and Region, 2024-2030
7. North America Precision Casting Market, 2019-2023 and Forecast 2024-2030 (Sales Value USD Million)
7.1. Process Type Analysis, 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%)
7.1.1. Silica Sol Process
7.1.2. Sodium Silicate Process
7.2. Application Analysis, 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%)
7.2.1. Automobile
7.2.2. Aerospace & Defense
7.2.3. Medical
7.2.4. Construction Machinery
7.2.5. Oil and Gas
7.2.6. Industrial Machinery
7.2.7. Others
7.3. Country Analysis, 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%)
7.3.1. USA
7.3.2. Canada
8. Europe Precision Casting Market, 2019-2023 and Forecast 2024-2030 (Sales Value USD Million)
8.1. Process Type Analysis, 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%)
8.1.1. Silica Sol Process
8.1.2. Sodium Silicate Process
8.2. Application Analysis, 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%)
8.2.1. Automobile
8.2.2. Aerospace & Defense
8.2.3. Medical
8.2.4. Construction Machinery
8.2.5. Oil and Gas
8.2.6. Industrial Machinery
8.2.7. Others
8.3. Country Analysis, 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%)
8.3.1. Germany
8.3.2. UK
8.3.3. France
8.3.4. Italy
8.3.5. Spain
8.3.6. Rest of Europe
9. Asia Pacific Precision Casting Market, 2019-2023 and Forecast 2024-2030 (Sales Value USD Million)
9.1. Process Type Analysis, 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%)
9.1.1. Silica Sol Process
9.1.2. Sodium Silicate Process
9.2. Application Analysis, 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%)
9.2.1. Automobile
9.2.2. Aerospace & Defense
9.2.3. Medical
9.2.4. Construction Machinery
9.2.5. Oil and Gas
9.2.6. Industrial Machinery
9.2.7. Others
9.3. Country Analysis, 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%)
9.3.1. China
9.3.2. India
9.3.3. Japan
9.3.4. South Korea
9.3.5. ASEAN Countries
9.3.6. Rest of APAC
10. Latin America Precision Casting Market, 2019-2023 and Forecast 2024-2030 (Sales Value USD Million)
10.1. Process Type Analysis, 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%)
10.1.1. Silica Sol Process
10.1.2. Sodium Silicate Process
10.2. Application Analysis, 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%)
10.2.1. Automobile
10.2.2. Aerospace & Defense
10.2.3. Medical
10.2.4. Construction Machinery
10.2.5. Oil and Gas
10.2.6. Industrial Machinery
10.2.7. Others
10.3. Country Analysis, 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%)
10.3.1. Brazil
10.3.2. Mexico
10.3.3. Argentina
10.3.4. Rest of Latin America
11. MEA Precision Casting Market, 2019-2023 and Forecast 2024-2030 (Sales Value USD Million)
11.1. Process Type Analysis, 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%)
11.1.1. Silica Sol Process
11.1.2. Sodium Silicate Process
11.2. Application Analysis, 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%)
11.2.1. Automobile
11.2.2. Aerospace & Defense
11.2.3. Medical
11.2.4. Construction Machinery
11.2.5. Oil and Gas
11.2.6. Industrial Machinery
11.2.7. Others
11.3. Country Analysis, 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%)
11.3.1. GCC Countries
11.3.2. Israel
11.3.3. South Africa
11.3.4. Rest of MEA
12. Competition Landscape
12.1. Strategic Dashboard of Top Market Players
12.2. Company Profiles (Introduction, Financial Analysis, By Product Offerings, Key Developments, Strategies, and SWOT Analysis)
12.2.1. Arconic, Inc.
12.2.2. Doncasters Group Ltd.
12.2.3. Hitachi Metals, Ltd.
12.2.4. MetalTek International
12.2.5. Signicast
12.2.6. Precision Castparts Corp (Berkshire Hathaway)
12.2.7. Zollern GmbH and Co. KG
12.2.8. Impro Precision Industries Limited
12.2.9. Intermountain Precision Casting
12.2.10. Shelmet Precision Casting Co, Inc.
13. Research Methodology
14. Key Assumptions and Acronyms
Key Market Players
Author
Prem Kumar with profound experience and sound knowledge across a wide range of market forecasting methods, demand forecasting, and pricing analysis, I am able to make precise projections. I have extensive practical knowledge in Time Series Analysis (TSA), Simple Linear Regression (SLR), Multiple Linear Regression (MLR), Seasonality & Trend Forecasting, and Forecasting Models for New Products, among others. Additionally, I have hands-on experience with tools such as Power BI and SQL. I am highly committed, self-motivated, and possess a strong entrepreneurial spirit. Over the past 8 years, my team and I have built a robust clientele in various sectors, including Packaging, Pharma, Medical Devices, Oil & Gas, and Chemicals & Materials. We have provided a wide range of services, from management consulting to market forecasting and survey-related projects. I am particularly proud to have provided consulting services to one of the industry’s leading COVID-19 vaccine manufacturers for a packaging-related project. In the packaging space, I have served clients across a range of segments, including packaging printing, consumer packaging, flexible packaging, rigid packaging, and pharmaceutical packaging, to name a few. I deeply appreciate the efforts of my team and am grateful to our clients for their continued trust.