Investment Casting Market Size, Share & Trends Analysis Report By Application (Aerospace & Defense, Oil & Gas, Mechanical Engineering, Automotive), By Region, And Segment Forecasts, 2023 - 2030

Research Methodology

A three-pronged approach was followed for deducing the investment casting market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for investment casting market to gather the most reliable and current information possible.

• We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
• We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
• We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
• We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
• We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of investment casting market data depending on the type of information we’re trying to uncover in our research.

• Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

• Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

• Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

• Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

• Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

• Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

• This step also entails the finalization of the report scope and data representation pattern.

• Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Investment Casting Market Categorization:

The investment casting market was categorized into four segments, namely application (Aerospace & Defense, Automotive, Oil & Gas, Medical, Mechanical Engineering, Automation, Food & Beverages And Packaging Industry, Energy Technology, Transportation), and regions (North America, Europe, Asia Pacific, Central & South America, Middle East & Africa).

Segment Market Methodology:

The investment casting market was segmented into application, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

• Demand estimation of each product across countries/regions summed up to from the total market.

• Variable analysis for demand forecast.

• Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

• Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

• Used extensively for new product forecasting or analyzing penetration levels.

• Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

• Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

• This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The investment casting market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into nineteen countries, namely, the U.S; Canada; Mexico; Germany; France; Russia; the UK.; Italy; Spain; China; Japan; South Korea; India; Singapore; Australia; Brazil; Argentina; Saudi Arabia; and UAE

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Investment casting market companies & financials:

The investment casting market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

• Arconic, Inc. - Arconic, Inc. was established in 1988 under the name Pittsburg Reduction Company, which was later changed to Alcoa in 1999. In 2016, Alcoa underwent a separation, resulting in the formation of two publicly traded companies: Arconic, Inc. and Alcoa Corporation. Arconic, Inc., headquartered in New York, U.S., specializes in producing lightweight metals. As of December 2019, the company employed 43,000 individuals across 29 countries. Its operations are divided into diverse business segments, including Engineered Products & Solutions (EP&S), Global Rolled Products (GRP), Transportation & Construction Solutions (T&CS), and Certified Reference Material. The EP&S segment comprises three business units: Arconic Fastening Systems (AFS), Arconic Engines (AE), and Arconic Engineered Structures (AES). Within the EP&S segment, the company offers a range of products, such as seamless rolled rings, investment castings, and fastening systems. These products are available in various materials, including nickel, superalloys, titanium, and aluminum. Arconic's products cater to industries such as aerospace, consumer electronics, commercial transportation, building & construction, automotive, defense & space, and energy.

• Anhui Yingliu Electromechanical Co., Ltd. - Anhui Yingliu Electromechanical Co., Ltd., established in 2006, is headquartered in Anhui, China. The company specializes in producing essential assemblies and components for top-of-the-line equipment. Its operations encompass a range of processes, such as machining, casting, welding, and fabrication. By December 2019, the company had established a global presence in more than 30 countries. Anhui Yingliu Electromechanical Co., Ltd. operates two major manufacturing units in Huoshan and Hefei. Additionally, it provides logistics and technical support through its overseas subsidiaries in the Netherlands, the United Kingdom, and the United States. The company caters to various industries, including energy, aerospace, oil and gas, and natural resources. Notably, it possesses expertise in five distinct casting methodologies: ceramic casting, sodium silicate casting, combined investment casting, sand casting, and replicate casting.

• ATI - ATI, headquartered in Pittsburgh, U.S., operates in two primary segments: Flat-Rolled Products (FRP) and High-Performance Materials & Components (HPMC). Its product offerings cater to the electrical energy, medical, oil & gas, and automotive markets. By December 2019, the company had a global presence and employed approximately 8,800 full-time staff members. The High-Performance Materials & Components segment provides diverse products, including advanced metallic powder alloys, superalloys, nickel-based alloys, and specialty materials. This segment also offers castings, precision forgings, 3D-printed parts, and machined parts, serving industries such as electrical energy, medical, construction & mining, and oil & gas. On the other hand, the Flat-Rolled Products segment specializes in producing specialty alloys, titanium & titanium-based alloys, nickel-based alloys, and stainless steel. Its product range includes engineered strips, sheets, plates, and rolled strips. This segment caters to markets such as automotive, oil & gas, construction & mining, food equipment & appliances, aerospace & defense, communication equipment, electronics, and computers. Additionally, ATI provides various services, including machining, fabricating, finishing, analysis, testing, and educational services.

• CIREX - CIREX, founded in 1947 and headquartered in Almelo, Netherlands, is a subsidiary of Signicast, a U.S.-based company. It serves as a prominent manufacturer and development partner for precision steel castings using the lost-wax process. Additionally, CIREX provides small-sized steel components to a diverse range of customers. As of December 2019, the company had a global presence and employed approximately 280 individuals. CIREX operates across three locations, one in Slovakia and two in the Czech Republic. Its subsidiaries include CIREX Foundry CZ, CIREX Finishing SK, and CIREX Finishing Machining CZ. The company employs various methodologies, such as metal casting, precision casting, steel casting, and foundry techniques, to manufacture cast products. These products encompass chisel plate holders, rotors & stators, injector clamps, fuel pump housings, synchron joints, impeller wheels, and valve housings, all produced through the investment casting process. CIREX's products are utilized in diverse markets, including the automotive, engineering, and industrial sectors. The company's esteemed clientele includes Opel, BMW, Mercedes-Benz, Porsche, Audi, Ford, Renault, Fiat, and Nissan.

• INVESTMENT & PRECISION CASTINGS LTD. - Investment & Precision Castings Ltd. (IPCL) was established in 1975 through a technical collaboration with Arwood International. The company's headquarters are situated in Bhavnagar, India. In 1983, IPCL entered into a technical collaboration agreement with M/s. Furstlich Hohenzollernsche Huttenverwaltung. IPCL signed another agreement with Associated Foundries Engineering Co., Ltd. in 1987 to manufacture heavy-weight investment castings. The company specializes in producing investment castings using the lost-wax process, utilizing various materials, including non-ferrous, ferrous, cobalt-based alloys, and nickel-based alloys. IPCL serves multiple industries such as power generation, automobiles, electrical & electronics, valves & pumps, earthmoving machinery, food processing, machine tools, cutting tools, hand tools, compressors, printing textile machinery, aerospace & space shuttles, locomotives, atomic energy, medical implants, and sewing machines. IPCL offers a comprehensive range of facilities, including a tool room, 3D printing machine, shelling, wax shop, melting, machining, heat treatment, CNC machine shop, and control room. Additionally, the company provides value-added processes such as electropolishing, electroplating, buffing, hard chrome plating, powder coating, geomet coating, and in-house picking & passivation. As of December 2015, IPCL employed over 680 individuals.

• Doncasters Group Ltd. - Doncasters Group Ltd., established in 1778, has its headquarters in Burton upon Trent, UK. The company specializes in manufacturing high-precision alloy components and serves various industries, including industrial gas turbines, petrochemicals, aerospace, and specialty sectors. By December 2018, Doncasters Group Ltd. had established a strong presence in the United States and Europe. The company is involved in various operations, such as forging, precision casting, new product development, machining, fabrication, and superalloy production. It operates through several subsidiaries, including Paralloy, Gear & Broach, Inc., Ross & Catherall Limited, Ogre Holding, Inc., Liberty Machine, Inc., Certified Alloy Products, Inc., Doncasters GCE Industries, Inc., and Dundee Holdco 2 Ltd.

• Hitachi Metals, Ltd. -Hitachi Metals, Ltd., established in 1956 and headquartered in Tokyo, Japan, operates in two primary business segments: the production and marketing of advanced components & materials and advanced metal products. By December 2019, the company had a significant global presence and employed 30,390 individuals. The advanced metal segment offers a range of products, such as piping components, automotive castings, tool steel & rolls, electronic materials, and industrial, energy, and aerospace materials. The advanced components & materials segment also provides electric wires & cables, power electronic materials, automotive components, and magnetic materials. Hitachi Metals caters to various industries, including infrastructure, electronics, and automobiles. Through its subsidiary, Waupaca Foundry, located in Waupaca, U.S., the company manufactures and supplies cast iron transportation equipment. Furthermore, Waupaca Foundry operates seven different foundries in the U.S., producing ductile, gray, compacted graphite, and austempered ductile iron castings. Hitachi Metals has other subsidiaries, such as Hitachi Cable, Hitachi Metals America, Ltd., Hitachi Metals Precision Ltd., Hitachi Trading Ltd., HMW Ltd., and Namyang Metals Co., Ltd.

• Impro Precision Industries Limited - Established in 1998 and headquartered in Wanchai, Hong Kong, Impro Precision Industries Limited is a renowned company specializing in providing diverse products. These products include high-complexity, mission-critical, and high-precision components for various industries. With a strong global presence and a workforce of over 7,000 employees worldwide as of December 2017, the company is engaged in precision machining, investment casting, surface treatment, and sand casting. Its clientele base consists of major companies such as Bosch, Parker Hannifin, Benteler, Cummins, and Caterpillar. The company caters to the aerospace, automotive, medical, agricultural, energy, construction, and hydraulic industries. Moreover, it offers a wide range of products made from different grades of materials, including aluminum alloy, low alloy steel, stainless steel, carbon steel, superalloy, cast iron, and copper alloy. Some of the investment castings provided by the company include high-pressure common rail, nozzle ring, rocker arm, turbine scroll, ERG housing, injection clamp, manifold, lock parts, and lower support.

• MetalTek International - MetalTek International, founded in 1999 and headquartered in Waukesha, U.S., specializes in the production of critical components. It is a leading supplier of alloy-based components for industries that require high compliance, severe wear, high temperature, and corrosion resistance. With a global presence, MetalTek serves over 1,000 customers in approximately 35 countries. The company's diverse product range includes finish machined components, static and fabricated assemblies, continuous and centrifugal castings, and investment castings. MetalTek operates through its seven divisions: Wisconsin Investcast Division, Wisconsin Centrifugal Division, Oil Systems Division, Carondelet Division, Sandusky International Division, Bearium Metals, and Sandusky Limited Division. In addition to casting processes like sand casting, investment casting, and centrifugal casting, MetalTek offers various services such as metallurgical collaboration, value engineering, conversion assistance, optimal process selection, source management, market expertise, compliance, and performance data and applications. MetalTek caters to various industries, including defense, nuclear, turbine engines, and petrochemicals.

• Precision Castparts Corp.- Precision Castparts Corp., a subsidiary of Berkshire Hathaway, Inc., was established in 1949 and is headquartered in Portland, U.S. It specializes in the production of intricate metal products and components for various industries, including power, aerospace, and general sectors. As of December 2019, the company possessed 162 manufacturing facilities and employed approximately 30,500 individuals. Operating through three distinct business units, namely investment cast, forged, and airframe products, Precision Castparts Corp. caters to a wide range of industrial needs. The investment cast products segment focuses on manufacturing investment castings for airframes, engines, industrial gas turbines, medical implants, and other industrial applications. Additionally, it offers an extensive array of products for critical applications in aerospace, power generation, jet aircraft, military, and other sectors. The forged products segment produces fan discs, seals, spacers, cases, and related items. Notably, the company is a prominent producer of airfoil castings for gas turbines. Lastly, the airframe product segment provides engineered fasteners, fastening systems, metal components, and assemblies for aerospace, power generation, transportation, and general industrial markets.

Value chain-based sizing & forecasting

Supply Side Estimates

• Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

• Segment revenue determination via variable analysis and penetration modeling.

• Competitive benchmarking to identify market leaders and their collective revenue shares.

• Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

• Identifying parent markets and ancillary markets

• Segment penetration analysis to obtain pertinent

• revenue/volume

• Heuristic forecasting with the help of subject matter experts

• Forecasting via variable analysis

Investment Casting Market Report Objectives:

• Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

• Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

• Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Investment Casting Market Report Assumptions:

• The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

• The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

• We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

• All market estimates and forecasts have been validated through primary interviews with the key industry participants.

• Inflation has not been accounted for to estimate and forecast the market.

• Numbers may not add up due to rounding off.

• Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

• Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

• Latin America includes Central American countries and the South American continent

• Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

• Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

• Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.