DUBLIN--(BUSINESS WIRE )--The "Investment Casting Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.

The Investment Casting Market is valued at USD 13.47 billion in 2020 and is expected to reach USD 16.8 Billion by 2026. The market is poised to register a CAGR of 4.58% over the forecast period (2021-2026).

Sodium Silicate Process To Exhibit The Highest Growth Rate

Silica sol casting gives the investment castings better dimensional accuracy and surface finish with minimal defects. Hence the cost of the process is higher than that of water glass casting. Silica sol zircon sand is very expensive, and the preparation needed is also higher, which is also a prime reason for the higher costs.

The silica sol process has comparatively less adoption in foundries due to its higher costs. On average, the silica sol investment casting used in automotive or industrial components costs around 6.5 USD/kg.

Nevertheless, if the highest casting quality and the low repair rate is the main focus of the end-user, this process can be preferred. Compared to the water glass process, silica sol process can produce extra-large parts weighing 50-100kgs. Hence this process is used for producing larger and heavier parts, like water pumps, impellers, diversion shells, pump bodies, ball valve bodies, and valve plates.

The Sodium Silicate Process is slowly becoming more popular in regions such as Asia-Pacific as a result of the ongoing efforts to improve the quality and dimensional accuracy of the components produced.

North America Leads the Investment Casting Market

North America is leading the investment casting market and is likely to continue to hold the top position followed by Asia-Pacific and Europe, respectively. The factors attributable to North America's growth are expanding the manufacturing industry, primarily industrial gas, aerospace & defense applications and the presence of significant defense aircraft and component manufacturers in the region including Lockheed Martin, Raytheon, and Northrop Grumman.

Aerospace manufacturing is one of the major sectors in the United States, with production plants of major aircraft programs, like Boeing 737, Boeing 777, Boeing 787, and Airbus A220 located in the region. The manufacturing of military aircraft programs, like F-35, in the country is expected to generate demand for investment casting parts.

According to the American Automotive Policy Council, the automotive industry is the largest manufacturing sector in the United States, with vehicles and parts exported in the last five years amounting to USD 692 billion. In 2020, around 8.8 million motor vehicles were produced in the United States. About 1.4 million passenger cars and light vehicles were exported from the United States in 2020.

According to the Aerospace Industries Association of Canada, in 2018, the aerospace industry accounted to USD 14.2 billion in revenues in 2020. The sector declined in value from USD 24 billion in 2019. Airbus, Boeing, De Havilland Canada and Bombardier Inc. are some of the major aerospace manufacturers in the country. Currently, the production of aerospace companies slowed down, with 95% of companies running at partial capacity. De Havilland Canada plans to gradually restart the full production of aircraft in phases. As of July 2020, the Twin Otter production line is temporarily ceased.

Due to COVID-19, the companies decreased their overall manufacturing production capacities. In July 2020, Boeing announced the reduction of its Boeing 787 and Boeing 777 aircraft in the coming years. This might affect the revenues of investment casting parts suppliers in the region.

5.1.2 Tetraethyl Orthosilicate/ Silica Sol Process

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

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ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900