What is Global Precision Casting Market?
The Global Precision Casting Market is a vast and dynamic sector that plays a crucial role in various industries worldwide. Precision casting, also known as investment casting, is a manufacturing process in which a wax pattern is coated with a refractory ceramic material. Once the ceramic material hardens, it forms a mold for casting. This process allows for the production of components with accuracy, complexity, and integrity. The global market for precision casting is significant and continues to grow due to its wide range of applications. It is used in various sectors such as the automobile industry, aerospace, medical field, construction machinery, and others. The versatility and efficiency of precision casting make it a preferred choice for many industries.
Silica Sol Investment Casting, Water Glass Investment Casting, Others in the Global Precision Casting Market:
The Global Precision Casting Market is segmented into Silica Sol Investment Casting, Water Glass Investment Casting, and others. Silica Sol Investment Casting is a type of precision casting process that uses silica sol as the main raw material. This process is known for its high dimensional accuracy and surface finish. On the other hand, Water Glass Investment Casting uses water glass as the main raw material. It is less expensive than silica sol investment casting and is commonly used for large parts. The "others" category includes various other types of precision casting processes. Each of these segments has its unique features and applications, contributing to the diversity and growth of the Global Precision Casting Market.
Automobile, Aerospace, Medical, Construction Machinery, Otherss in the Global Precision Casting Market:
The Global Precision Casting Market finds its usage in various areas such as Automobile, Aerospace, Medical, Construction Machinery, and others. In the automobile industry, precision casting is used to manufacture complex parts with high precision and excellent surface finish. In the aerospace industry, it is used to produce components that can withstand extreme conditions. The medical field uses precision casting for the production of intricate parts used in medical devices. Construction machinery also benefits from precision casting as it allows for the production of durable and high-quality components. The "others" category includes various other industries where precision casting is used. The wide range of applications of precision casting in different industries is a testament to its versatility and efficiency.
Global Precision Casting Market Outlook:
The Global Precision Casting Market has shown promising growth in recent years. In 2022, the market was valued at US$ 15520 million and is expected to reach US$ 20490 million by 2029, growing at a CAGR of 4.0% during the forecast period 2023-2029. North America leads the global market in terms of volume, accounting for about 40% of global Precision Casting consumption. The market growth is primarily driven by the increasing demand from the aerospace industry, which accounts for over 40% of the total downstream consumption value of Precision Casting globally. In 2019, Water Glass Investment Casting accounted for a share of 75%. These figures indicate the significant growth and potential of the Global Precision Casting Market.
| Report Metric | Details |
| Report Name | Precision Casting Market |
| Accounted market size in 2022 | US$ 15520 in million |
| Forecasted market size in 2029 | US$ 20490 million |
| CAGR | 4.0% |
| Base Year | 2022 |
| Forecasted years | 2023 - 2029 |
| Segment by Type |
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| Segment by Application |
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| Production by Region |
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| Consumption by Region |
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| By Company | Arconic, PCC (Precision Castparts), CPP (Selmet), Zollern, Impro Precision Industries, Hitchiner, Shanxi Huaxiang Group Co, Ltd, Dongfeng Investment Casting, Gaona Aero Material, Liancheng Precision, Anhui Yingliu, Dongying Giayoung, Ginho Precision Manufacturing, Dalian Hayashi Lost-Wax Industries Co..Ltd, Libo Auto Parts Precision Casting, Ningbo Jiwei Melt Mould Castings, Taizhou Xinyu, Suvast, Henan Wanlong Precision Casting Corp. |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
