Automotive Investment Casting Market: Introduction
- Investment casting is a casting method in which a mold is created around a wax design that is burned away when molten material is poured into it. A ceramic slurry is applied around a disposable pattern to produce a mold in investment casting.
- This process is commonly used to manufacture machinery components, automotive components, turbine blades, dental fixtures, etc. It minimizes the wastage of energy, materials, and subsequent machining. It also helps create intricate designs with accurate and smooth finishing. Consequently, investment casting is extensive utilized across various industries such as automotive, aerospace, medical, and oil & gas.
Key Drivers of Automotive Investment Casting Market
- Investment casting processes are widely used in the manufacture of military aircraft, jets, launch vehicles, helicopters, and commercial transport vehicles. Accordingly, significant expansion of the aviation and aerospace industry in the last few years is one of the key factors boosting the market.
- Investment casting process is also gaining popularity in the automotive market for manufacturing engine components. Various technological breakthroughs, such as improvements in casting processes through simulations and the use of metal additive manufacturing procedures, all-in-one 3D printing, X-ray defect detection, and casting and forging techniques, are also driving the market.
- The wax used for investment casting is usually melted and reused for manufacturing components of different shapes and sizes. These procedures aid in the creation of products that are cost-effective, stable, and structurally sound. Other factors, such as growing industrialization and substantial research and development (R&D) efforts, are expected to further propel the market.
Challenges of Automotive Investment Casting Market
- The COVID-19 pandemic has drastically affected the economic growth and production output in the Middle East & Africa. The oil & gas sector represents the largest customer for investment casting producers in the region. The drastic decline in the oil & gas prices in the region owing to the COVID-19 crisis is expected to severely impact the market in the short term.
- The pandemic has affected the overall production of the global automobile industry, which made a huge impact on the transport sector too. Expansion of the EV market, which requires lighter weight parts for their vehicles, is reducing the demand for investment casting and consequently, hindering the market.
Opportunities of Automotive Investment Casting Market
- Currently, investment casting is being successfully adopted in automobile, defense, and aerospace industries. The benefits of investment casting is the wax used for the process is usually melted and reused for manufacturing components of different shapes and sizes.
- Significant demand for medical equipment is expected to lead to a significant rise in the manufacture of products by investment casting processes during the forecast period
Automotive Investment Casting Market Geography
- North America is the leading region and accounted for a prominent share of the global market. This is due to the widespread usage of investment casting method to manufacture high-value-added parts, particularly in the aerospace and defense industries. Aircraft manufacturing is expected to rise considerably in the next five years, as COVID-19 is unlikely to have an immediate or mid-term impact.
- On the other side Europe, is another leading region of the global investment casting market, following North America.
- The market in Asia Pacific is expanding at a rapid pace. According to per the World Bank, post the COVID-19 crisis, Asia is estimated to witness the rapid growth as compared to its counterparts, as the region has been witnessing significant growth in its industrial output for the last few years, especially in China and countries in Southeast Asia. The automotive, transportation, aerospace and defense sectors, along with mechanical engineering goods, such as industrial valves, pumps, and other machinery parts are likely to witness significant expansion in the next few years.
Key Players Operating in Global Automotive Investment Casting Market
- Arconic, Inc.
- Doncasters Group Ltd.
- Hitachi Metals, Ltd.
- MetalTek International
- Precision Castparts Corp (Berkshire Hathaway)
- Zollern GmbH and Co. KG
- Impro Precision Industries Limited
Automotive Investment Casting Market, by End-use Industry
- Aerospace & Defense
- Oil & Gas
- Automation & Energy Technology
Automotive Investment Casting Market, by Region
- North America
- United States
- Asia Pacific
- Central & South America
- Middle East & Africa
- Saudi Arabia
This intelligence report by TMR is the outcome of intense study and rigorous assessment of various dynamics shaping the growth of the market. TMR nurtures a close-knit team of analysts, strategists, and industry experts who offer clients tools, methodologies, and frameworks to make smarter decisions. Our objective, insights, and actionable analytics provide CXOs and executives to advance their mission-critical priorities with confidence.
The scrutiny of the various forces impacting the dynamics of the market, and key and associated industries, guides enterprises in understanding various consumer propositions. Our clients leverage these insights and perspectives to enhance customer experience in the fast-paced business environment.
All our insights and perspectives are broadly based on 4 Pillars or Stages: ASBC-S, which offer an elaborate and customizable framework for the success of an organization. The essence and the roles of these in organizational successes are highlighted below:
- Agenda for CXOs: TMR, through the study, sets the tone for agendas that are pertinent to CEOs, CFOs, CIOs, and other CXO executives of businesses operating in the market. The perspectives help our clients to bridge the gap between agenda and action plan. TMR strives to offer guidance to CXOs to undertake mission-critical activities empowered by various business analysis tools, and boost the performance of the organizations. The perspectives guide you to decide on your own marketing mix that align well with the policies, visions, and mission.
- Strategic Frameworks: The study offers how organizations are setting both short-term and long-term strategic plans. Our team of experts collaborate and communicate with you to understand these to make your organizations sustainable and resilient during tough times. The insights help them decide sustainable competitive advantage for each business units.
- Benchmarking for Deciding Target Markets and Brand Positioning: The assessments in the study provides a scrutiny of marketing channels and marketing mix. Our various teams work synergistically with you to help identify your actual and potential direct, indirect, and budget competition areas. Additionally, the study helps you decide most effective budgets for various processes and promotional activities. Furthermore, the study guides you to set benchmarks for integrating people and processes with the 4Ps of marketing. Eventually, this will empower you to find out unique propositioning strategies and niches.
- Business Composability for Sustainability (C-S): Constant strategy planning for sustainability characterizing our C-S framework in the report has become more relevant than before in the face of disruptions caused by pandemics, recessions, boom and bust cycles, and changing geopolitical scenario. The TMR study offers a high level of customization to help you achieve business composability. Composable enterprises are increasingly gaining the attention of CXOs in order to help them combat market volatility. Our analysts and industry experts help you wade through such uncertainties and guide you to become a smart sustainable business in entirety.
The study presents scrutiny of region-specific consumer and technology trends, including the most recent industry dynamics. These broadly cover but not limited to
- North America, South America, and the Americas
- Asia Pacific and Japan
- Latin America
- Middle East and Africa
The study offers data-driven insights and guidance of several aspects. Some of the more notable questions are:
- What are the major recent trends that can influence the product life cycle and the RoI?
- Which regulatory trends shape corporate-level, business-level, and functional-level strategies?
- Which micromarketing initiatives of leading players will bring in investments?
- What can be the best framework and tools for PESTLE analysis?
- Which regions will witness rise in new opportunities?
- Which are the game-changing technologies being used to capture new revenue streams in the near future?
- Which operational and tactical frameworks are being adopted by various players in gaining customer loyalty?
- What is the current and expected intensity of competition the market in the near future?
Disclaimer: This market research study is an ongoing effort and extreme care has been taken to maintain the highest levels of accuracy at all stages. However, in the light of the rapidly evolving business dynamics, some region-specific or other segment-specific changes may take time to be part of the study.