Precision Casting Market Size, Share, Growth, Trends, and Global Industry Analysis: By Process Type (Silica Sol Process, Sodium Silicate Process), By Application (Automobile, Aerospace & Defense, Medical, Construction Machinery, Oil and Gas, Industrial Machinery and Others) and Region Forecast 2019-2030

Precision Casting Market size was valued at US$ 16,278.3 million in 2023 and is poised to grow at a CAGR of 4.6% during 2024-2030. Precision casting, also widely referred to as investment casting or lost-wax casting, is a manufacturing process by which complex metal parts are produced with much accuracy and smooth surfaces. The method consists of the preparation of a wax model of the part desired; the coating of this model, by some special means, with a layer of ceramic material; and finally, the melting out of the wax leaving the cavity of the shape of the part. This is followed by the pouring of molten metal into this mold to get the final product. Precision casting, for this reason, sees extensive application in space, automotive, defense, and medical devices. Precision casting has significant applications in aerospace and defense industries due to the demand for lightweight, high-strength components with a conglomeration of geometrically complex shapes. In addition, growing demands related to commercial and military aircraft have facilitated an increased utilization of precision casting techniques for the manufacture of turbine blades, engine components, and structural parts.

According to the Aerospace Industries Association, the worldwide total in aerospace production in the year 2021 accounted for $838 billion, proof of how great this sector is. However, the precision casting process involves significant initial investment in tooling and equipment. The cost of producing the ceramic molds and the complexity of the process can be a barrier for smaller manufacturers, limiting the adoption of precision casting in certain regions. Furthermore, the integration of 3D printing with precision casting opens huge avenues for growth, as 3D printing can be used to make more intricate and complex wax patterns or even molds directly, thus reducing time and cost associated with the conventional mold-making process.

Key Developments:

• In 2022, the U.S. Federal Aviation Administration (FAA) approved the use of precision-cast titanium components for commercial aircraft engines. This approval has opened new opportunities for precision casting in the aerospace industry, particularly in the production of critical engine parts.
• In 2021, General Electric (GE) introduced a new technique combining 3D printing with precision casting to produce turbine blades for its gas turbines. This method allows for the creation of more intricate blade designs, improving the efficiency and performance of the turbines.