Is Rapid Prototyping Emerging as a ‘New Technology’ in the Global Investment Casting Market?

27 August 2020

The need for automation and efficient industrial processes is propelling the growth and development of the global investment casting market. The OEMs of different industries such as aerospace, automotive, medical, turbines, and etc. are the major buyers of the casting products. The ferrous castings held over 70% share in the global castings market in 2019. The recent COVID-19 outbreak has caused unprecedented changes in the industrial processes and norms. The entire value chain of the metal casting industry has undergone a change in market dynamics right from the supply chain, pricing, and contract realignment. Also, the fiscal stimulus packages are yet to make a positive impact on the market and are expected to have some bearing only by the end of 2020. The growth rates, which were hovering around 5% to 6%, have declined significantly post COVID-19.

Read:Investment Casting Market Global Outlook and Forecast 2020-2025

Key Insights Included in the Global Investment Casting Market Report:

  1. The growth estimates for automotive, aerospace & defense, and power generation are the most impacted. As of 2020, on the demand side, volumes are declining while prices of the casting products have not been allowed to fluctuate drastically due to high competition.
  2. Globally, the sales of automobiles, such as passenger cars and medium and large trucks, have fallen. China, the world’s largest automaker, is struggling to revamp this drop. Automakers in China faced an average decline of around 9.5% in the sales volume in 2019.
  3. APAC although highly impacted in the initial period of 2020, has managed to restart its industrial activities. The industrys production and demand for the same as reached some level of normalcy.

The Use of Rapid Prototype Process

Rapid prototyping is a new technology that is gaining immense momentum in the global investment casting market over the past couple of years. The investment casting carried out through the rapid prototyping method is mostly used when only limited parts are needed by the customer and also when there exists a possibility of design modifications. The final output of this method includes fully functional components, matching in strength, features, and quality to that of conventionally cast products. The method is a low-cost alternative and benefits many customers with small requirements. The cost-saving method and time-saving method of rapid prototyping are expected to have higher traction going forward, especially in the post-COVID-19 scenario.

Vendor Landscape in the Investment Casting Market

The investment casting market is highly fragmented, with no clear global leader providing a full portfolio of products and services across all countries. This is mainly due to different regional demands and also the need for proximity to client locations. The industry is characterized by the presence of diverse companies at the local and regional levels. The regular up-gradation of processes, materials, and technologies at the foundry location is important in the industry as the intensity of competition is high. With COVID-19 having impacted the end-users, the subsequent impact on the investment casting industry has also been severe, with many of the small and medium enterprises facing a liquidity crunch. The lack of demand on account of COVID-19 is expected to increase the consolidation, and at the same time, smaller vendors are looking at exiting the high capital-intensive market.FAQs About the Global Investment Casting Market:

Q. What is the market size of the investment casting

A. The global investment casting market is expected to reach revenues of over $18 billion by 2025.

Q. What is the market growth of investment casting?

A. The global investment casting market is likely to grow at a CAGR of over 3% during the forecast period.

Q. What is the global market segmentation of investment casting?

A. The global investment casting market is segmented by end-users and geography.

Q. What is the market insight of the investment casting?

A. Over the last few years, growth in the investment casting market has been steady on account of the large number of end-use sectors, which offset the demand slowdown in one or more sectors and provide a steady growth momentum.

Q. What are the major regions in the global investment casting market?

A. The leading regions in the global investment casting market include North America, APAC, Europe, Latin America, and the Middle East & Africa.

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