Investment casting 3 Market

The growth of the global investment casting market is primarily driven by the extensive use of the process in the manufacturing of aircraft components and precision parts of industrial machines. Likewise, the increasing use of investment casting process due to its good surface and close dimensional control is also projected to drive the growth of the global investment casting market. The use of the process in the medical industry is expected to create growth opportunities for market players during the assessment period.

{"content":"Investment casting is used to manufacture several industrial and commercial equipment. Investment casting has become a vital part of the industrial sector as it is capable of producing intricated parts and fine impressions with high accuracy and tight geometrical tolerance. The industries such as mining, dairy, chemical, pharmaceutical, packaging, food, and power need precise stainless-steel casting in different size and shapes. Such precision components are used in several machinery and equipment to maximize the performance of machineries and enhance production efficiency. It is an alternative technology to produce complex parts, which are difficult to machine. Some of the advantages of investment casted parts in the industrial machinery are reliability, design and casting versatility, superior surface finish, lower-cost tooling, near-net geometries, environmental safety, and fine detailing. These advantages have increased the application of investment casting in the industrial sector.

The manufacturing firms are highly dependent on the efficiency and functioning of the machinery and equipment. This has surged the need for investment casting in the manufacturing sector. According to the Organization for Economic Co-operation and Development (OECD), the US has been an attractive manufacturing location relative to other countries in recent years. In 2016, 45% of foreign direct investment in the US was in the manufacturing sector. Thus, the manufacturing sector is witnessing significant growth in the US as compared to France, Canada, and the UK, as the manufacturing share of total economic output in China has slightly declined from around 32.1% in 2010 to 27.0% in 2016, while the share of the manufacturing sector in the US remained relatively stable. The manufacturers contributed USD 2.17 trillion to the US economy in 2016. The increasing manufacturing activities in the chemical, pharmaceutical, food & beverage, and oil & gas industries in the US is projected to boost the demand for investment casting.

The use of robots and automation in the industrial sector have further fueled the demand for machines. Machines enhance operation efficiency. Investment casting is used in the manufacturing of complex components such as motion control and sensor & vision to ensure optimal performance. According to the German Electrical and Electronic Manufacturers' Association (ZVEI), the global automation sector was valued at USD 556.49 billion in 2016, which is expected to register a significant CAGR during the forecast period. Thus, the growth of the industrial sector is also projected to drive the growth of the global investment casting market during the forecast period

Moreover, economic development and increasing industrialization are driving the demand for investment casting products in the electrical & electronics industry. According to the German Electrical and Electronic Manufacturers' Association (ZVEI), the global electrical & electronics industry was valued at USD 4,499.22 billion in 2016 and is estimated to reach USD 5,180.00 billion by the end of 2019. Asia-Pacific is the leading producers of electronic products, which was valued at USD 3,312.39 billion, followed by Europe, which accounted for USD 622.45 billion in 2016. The increasing demand for electronics is also expected to boost the demand for investment casting and drive the growth of the global market.

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{"content":"Investment casting plays a vital role in the manufacturing of medical implants. Medical implants help to support the damaged biological structure and restore body functions. Investment casting helps to develop implants that fit perfectly with the patient structure; it is a fast and economical method. The process helps to develop chemically pure and highly accurate metal implants. Investment casting metals comprise biocompatible materials such as titanium, Inconel, steel, and cobalt.

Based on patient-specific imaging data, investment casting metals help to develop implants that fit perfectly with the patient’s anatomy, reduce the chance of migrating, and encourage the bone-implant fusion, which is vital for the success of the procedure. Besides, the recovery time is reduced as there is no need for bone grafts and it also reduces the risk of reoperation. Thus, the use of investment casting in the medical industry is increasing as researchers are benefitting from the technology’s flexibility.

It has opened new growth avenue for complex geometries and mass customization of parts, at a commercially viable cost. The growing number of patients suffering from chronic diseases and geriatric population across the globe has increased the expenditure in the healthcare industry. Technological advancements and favorable government policies are also positively impacting the growth of the healthcare industry. Thus, the growth of the healthcare industry is expected to increase the investment in research and development of biocompatible implants, due to the growing awareness regarding various treatment options, which is expected to create lucrative opportunities for the market players during the forecast period.

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{"content":"In the investment casting process, the molten metal is poured in a mold to get a replica of the desired part. It is extensively used for casting intricate and small-sized parts. Investment casting is not suitable for casting large-sized components. Although it is possible to manufacture large components, such as aircraft door panels, with the investment casting method, there is an upper limit and better process available such as sand casting for large components.

In addition, the high initial cost required for producing wax patterns and shell molds for casting particular parts as well as cost of installing customized equipment for desired components is restraining the growth of the global investment casting market. This process also involves time and effort to assure the quality as well as skilled labor for manufacturing complex and precision components. These factors are expected to restrain the growth of the global investment casting market during the forecast period.

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{"content":"Investment casting method comprises of several steps which complicate the manufacturing process, making it slightly expensive. Its limitation on casting deep or small hole as well as large and high-volume components are hindering the market growth. The requirement of specialized equipment, high labor cost for manufacturing complicated parts and costly refractory material increases the cost of investment casting process. In addition, need to manufacturing particular mold and die in investment casting process to make pattern for desired metal parts also elevate the cost of production.

Sand casting is an alternative of investment casting which is majorly used for manufacturing large parts and rugged pieces like car engine parts, further this process is economical and easy to process compared to investment casting. Thus, the presence of alternative processes such as sand casting, die casting, and shell molding at economical prices is expected to be the major challenge for the players operating in the investment casting market during the forecast period.

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