High Value-Added Investment Casting Market Growth & Forecast

Market Highlights

The high value-added investment casting market was estimated to grow from USD 8.66 billion in 2022 to USD 14.2 billion by 2028 at a CAGR of 7.1% during the forecast period.

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In 2020, the pandemic's severe impact was seen throughout the supply chain, which resulted in a major decline of -32.4% in the demand for high value-added investment casting products. However, in 2021 the market began to recover and grew by 13.5%, as a result of a rebounding economy, increasing air passenger traffic post-pandemic, and new aircraft programs.

What is high value-added investment casting?

High-value-added investment casting refers to the use of investment casting to produce components that have a high degree of complexity, require tight tolerances, and have high-performance requirements. This includes components used in aerospace, defense, and industrial, among others. Manufacturers use advanced materials and alloys to produce components that meet the high-performance requirements of their intended applications.

Greater product detail, better tolerances, lower machining cost, and more design freedom are a few of the key advantages of high value-added investment casting. High value-added investment casting has been playing an important role for the past few decades and it will probably continue to do so in the future too.

Market Drivers

The high value-added investment casting market is driven by a host of factors, some of which are noted 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.

Key Players

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.

The following are the key players in the market:

• 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

Recent Market JVs and Acquisition

The market for high value-added investment casting remains in the limelight and has been recording some M&As over the decade. For instance, in 2022, Doncasters Group acquired Jiangyin Uni-Pol. This acquisition elevates Doncasters to the status of one of the world's leading suppliers of high-precision alloy components. Earlier, the acquisition of PCC by Berkshire remained the most talked about the acquisition in the history of investing casting. 

Segment Analysis

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.

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.

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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.   

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.

Regional Analysis

North America remains the largest market with a share of more than 55% in 2022 & it is expected to hold the top spot in coming years too, followed by Europe and Asia-Pacific. Major aircraft manufacturers like Boeing and Airbus have their presence in the United States.

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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.

Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s market realities and future market possibilities for the forecast period.

The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.

We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market. 

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