Investment Casting Market

Market Definition

Investment casting, also known as lost-wax casting, is a precision manufacturing process used to produce complex components. It involves creating a ceramic mold around a wax model, which is then replaced with molten metal. The market serves industries such as aerospace, automotive, defense, medical, and industrial machinery, fueled by the demand for high-precision parts. 

The report highlights primary market drivers, emerging trends, regulatory frameworks, and the competitive landscape influencing industry expansion in the coming years.

Investment Casting Market Overview

Global investment casting market size was valued at USD 17.09 billion in 2023, which is estimated to be valued at USD 17.88 billion in 2024 and reach USD 25.32 billion by 2031, growing at a CAGR of 5.10% from 2024 to 2031. Rising demand for next-generation components, particularly in aerospace and defense, is propelling market expansion. High-performance parts, such as engine components, require precision casting, contributing to increasing demand.

Major companies operating in the investment casting industry are Doncasters Group, Hitachi Power Solutions Co.,Ltd. , MetalTek, Form Technologies. , Precision Castparts Corp., ZOLLERN GmbH & Co. KG, Impro Precision Industries Limited, Alcoa Corporation, Winsert, Georg Fischer Ltd., CIREX, Marle, PBS Group, a. s., Aero Metals, Investacast, and others.

The market is expanding globally, fueled by opportunities for exposure and collaboration through international platforms such as the International Astronautical Congress (IAC). Such  events allow companies to enter new markets, particularly in high-precision sectors such as aerospace, automotive, and defense. 

Increasing demand for complex, high-performance components continues to support market progress, positioning investment casting as a critical technology for industries requiring detailed and precise manufacturing.

• In October 2024, Tamboli Castings, a subsidiary of BSE-listed Tamboli Industries Limited, was invited by ISRO to participate in the 75th International Astronautical Congress (IAC) in Milan, Italy. Representing India’s casting and machining sector, the company will showcase its high-precision, mission-critical components for aerospace and automotive industries.

Key Highlights:

1. The investment casting industry size was recorded at USD 17.09 billion in 2023.
2. The market is projected to grow at a CAGR of 5.10% from 2024 to 2031.
3. Asia Pacific held a share of 39.12% in 2023, valued at USD 6.69 billion.
4. The steel segment garnered USD 7.23 billion in revenue in 2023.
5. The silica sol process segment is expected to reach USD 12.76 billion by 2031.
6. The automotive segment is anticipated to witness the fastest CAGR of 6.61% over the forecast period
7. Europe is anticipated to grow at a CAGR of 4.95% through the projection period.

Market Driver

Rising Demand from Aerospace and Defense Sectors

A surge in demand for next-generation components in aerospace and defense sectors is boosting the growth of the market. These industries require highly precise, durable, and complex parts such as engine components, where traditional manufacturing methods may fall short. 

Investment casting, known for producing intricate designs using advanced materials like superalloys, is increasingly preferred. As technologies advance, the need for high-performance castings continues to grow, fostering market expansion and innovation in casting techniques.

• In January 2025, Wall Colmonoy Limited secured Defence Technology Exploitation Programme (DTEP) funding for Project EVaCC, aimed at advancing Vacuum Precision Investment Casting (VPIC) technology. In partnership with Rolls-Royce for the Ministry of Defence, the project seeks to strenghthen the UK’s aerospace capabilities by enabling the production of next-generation components with improved performance and efficiency.

Market Challenge

Complexity in Design

The complexity in design remains a significant challenge to the development of the investment casting market, particularly for intricate geometries. Mold creation for detailed designs is time-consuming and affects precision and production efficiency. 

To address this challenge, industry players are prioritizing advancements in 3D printing and digital modeling to streamline mold development, enhancing accuracy and reducing lead times. Additionally, ongoing innovation in materials and casting techniques further addresses these challenges, enhancing precision and quality in complex components.

Market Trend

Adoption of Additive Manufacturing

The adoption of additive manufacturing is emerging as a prominent trend in the market, with 3D printing increasingly used toproduce casting patterns. This shift enables enhanced design flexibility, complex geometries, and reduced tooling costs. Compared to traditional methods such as wax injection, 3D printing offers faster and more cost-effective production, particularly valuable in aerospace and defense, where precision and customization are critical.

• In September 2024, 3D Systems launched QuickCast Air, a tool designed to optimize investment casting by reducing material consumption, lowering pattern costs, and accelerating build times. This innovation enhances efficiency and supports the growing demand for high-precision components in aerospace, defense, and related industries.

Investment Casting Market Report Snapshot

Segmentation	Details
By Material Type	Steel (Stainless Steel, Carbon Steel, Alloy Steel), Aluminum, Carbon Steel, Superalloys, Others
By Process Type	Sodium Silicate Process, Silica Sol Process
By End Use Industry	Aerospace, Automotive, Industrial Machinery, Medical, Others
By Region	North America: U.S., Canada, Mexico
	Europe: France, UK, Spain, Germany, Italy, Russia, Rest of Europe
	Asia-Pacific: China, Japan, India, Australia, ASEAN, South Korea, Rest of Asia-Pacific
	Middle East & Africa: Turkey, UAE, Saudi Arabia, South Africa, Rest of Middle East & Africa
	South America: Brazil, Argentina, Rest of South America

Market Segmentation

• By Material Type (Stainless Steel, Aluminum, Carbon Steel, Superalloys, and Others): The steel segment earned USD 7.23 billion in 2023, mainly due to its widespread use in aerospace, automotive, and industrial machinery applications requiring high durability and strength.
• By Process Type (Sodium Silicate Process and Silica Sol Process): The sodium silicate process segment held a share of 54.09% in 2023, largely attributed to its cost-effectiveness and suitability for large, complex castings.
• By End Use Industry (Aerospace, Automotive, Industrial Machinery, Medical, and Others): The aerospace segment is projected to reach USD 8.12 billion by 2031, mainly propelled by increasing demand for lightweight, high-precision components in aircraft engines and structural parts.

Investment Casting Market Regional Analysis

Based on region, the global market has been classified into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.

Asia Pacific investment casting market share stood at around 39.12% in 2023, valued at USD 6.69 billion. This dominance is reinforced by rapid industrialization, growing manufacturing sectors, and rising demand for high-precision components in aerospace, automotive, and medical industries. 

Countries like China, India, and Japan lead production, benefiting from cost-effective labor and advanced manufacturing technologies. The region’s robust infrastructure, skilled workforce, and increasing investments in defense, automotive, and industrial machinery are positioning Asia Pacific as a key hub for investment casting.

Europe investment casting industry is estimated to grow at a CAGR of 4.95% over the forecast period. This rapid growth is propelled by strong demand from sectors such as aerospace, automotive, and industrial machinery. The region's focus on innovation and high-quality manufacturing processes, coupled with advancements in casting technologies, is further fueling growth. 

Countries such as Germany, the UK, and France are seeing increased investments in precision casting for high-performance parts. Additionally, the shift toward sustainable and efficient production methods is boosting the adoption of investment casting, supporting domestic market expansion.

• In December 2024, PTC Industries acquired Trac Precision Solutions, a UK-based leader in precision machining for the aerospace, defense, and power generation sectors. This acquisition enhances PTC’s capabilities in high-performance turbine components and reinforces its global market position.

Regulatory Frameworks

• In the U.S., Food and Drug Administration (FDA) enforces strict regulations on investment castings for medical devices to ensure safety, efficacy, and compliance with health requirements before market approval.
• In India, the Bureau of Indian Standards (BIS) oversees material quality, casting processes, and testing methods for industries such as aerospace and automotive, ensuring  compliance with national manufacturing and quality standards.
• In the EU, investment castings used in sectors such as medical and aerospace must bear the CE marking, ensuring compliance with safety, health, and environmental regulations.

Competitive Landscape

In the investment casting market, companies are focusing on improving casting precision, reducing material waste, and enhancing production speed. Additionally, they are adopting advanced technologies such as 3D printing to create complex patterns, which minimizes the need for traditional tooling and accelerates production timelines. 

Additionally, there is a growing emphasis on using high-performance materials such as superalloys, which are essential for industries such as aerospace, automotive, and energy, where durability and reliability are critical.

• In May 2024, GF Casting Solutions announced an investment of over USD 184 million to establish a new manufacturing facility in Augusta, Georgia. This facility will produce lightweight cast components, particularly aluminum, for industries such as automotive and energy, addressing the growing demand for high-quality investment castings.

List of Key Companies in Investment Casting Market:

• Doncasters Group
• Hitachi Power Solutions Co.,Ltd.
• MetalTek
• Form Technologies.
• Precision Castparts Corp.
• ZOLLERN GmbH & Co. KG
• Impro Precision Industries Limited
• Alcoa Corporation
• Winsert
• Georg Fischer Ltd.
• CIREX
• Marle
• PBS Group, a. s.
• Aero Metals
• Investacast

Recent Developments (M&A/Partnerships)

• In January 2025, Form Technologies was acquired by Ares Management, securing USD 304 million in equity capital to support its strategic growth. Specializing in precision-engineered components, including die casting, investment casting, and metal injection molding, the company serves industries such as automotive, aerospace, and healthcare. With over 32 global facilities, Form Technologies aims to enhance its operational efficiency, expand its market presence, and drive long-term growth through increased investments in engineering and manufacturing capabilities.
• In September 2024, Stratasys, in collaboration with Materialise, launched the Neo Build Processor to improve investment casting production. This solution accelerates the creation of high-quality master patterns, offering up to 50% faster processing and improved print speeds. It significantly reduces production time for industries such as aerospace and automotive while maintaining high precision, further integrating 3D printing into investment casting  workflows.