According to a recent market study published by Growth Market Reports, titled, “Global Aerospace Casting Product Market by material, by casting type, and by Region: Size, Share, Trends and Opportunity Analysis, 2015-2030”, the market was valued at US$ 15,051.0 Million in 2021 and is anticipated to grow at a growth rate of 5.6% by the year 2030.

Metal casting or casting refers to the methodology of putting a liquid material (molten metal) into a mold that contains a hollow cavity of the desired shape. The casting is allowed to solidify before being removed from the mold to finish the casting procedure. Casting creates metal materials of various forms and sizes. Casting is one of the oldest manufacturing methods and is used to impart strength and rigidity to intricate components. The mold used in the casting procedure is typically made of heat-resistant material. Sand is an important component of this material. Aerospace manufacturing is a difficult field that involves the production of complicated high-performance components.

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Aerospace manufacturers are increasingly using casting methods to create high-performance components with intricate geometries and forms. Thus, casting methods are gaining popularity in the aerospace industry, as they enable manufacturers to create complex components with stringent performance requirements. Manufacturers are overcoming the challenges of complex designs by employing cutting-edge casting technologies and materials to create efficient components that are light, strong, and efficient.
Accurate dimensions and specific product manufacturing are always required in aerospace castings.  Aerospace castings are employed in the design of small and big aviation components. These castings are appropriate for both the commercial and military sectors, particularly for fighter planes. Superior castings are affordable and ensure maximum outcomes for the business. 

The Aerospace Casting Product Market has been fragmented based on by material, by casting type. By material, the Global Aerospace Casting Product Market is categorized as steel, aluminum, cobalt, nickel, titanium, magnesium, and others. In terms of Casting type, the market is divided into investment casting and sand casting. The market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.

Key factors that are anticipated to fuel the demand for the Aerospace Casting Product market during the forecast period are that the major participants in the aerospace sector are establishing production plants for manufacturing aircraft components and parts to meet the increasing demand for commercial and defense aircraft. Furthermore, the increasing adoption of technology in the production of high-performance alloy parts is anticipated to fuel the demand for aerospace casting products.

The Coronavirus disease 2019 (COVID-19) pandemic highlighted economic disparities, global interdependence, and governance challenges. Pandemics are isolated concerns for businesses and prospects for emerging patterns and vulnerabilities. COVID-19 has a moderate impact on the industry due to the simultaneous reduction of supply and demand. The COVID-19 pandemic caused a slight slowdown in market expansion. Once these sectors have recovered from the pandemic's effects, the market for other casting type industries is expected to restore its growth rate.

As per growth market reports industry analyst Partha Paul, “The increasing due to high production of commercial aircrafts caused by an increase in air passenger traffic. Rising per capita income and favorable government policies around the world have raised the demand for commercial aircraft, resulting to an increased demand for aerospace casting products. Furthermore, technological advancement such as additive manufacturing is increasingly being used in investment and sand casting. This is also affecting the market growth."

A supply chain is a network between a manufacturer and suppliers to produce and distribute a specific product to the final buyers. This network includes different people, regulatory bodies, entities, information, and resources. Raw materials used for manufacturing Aerospace Casting Product include steel, aluminum, cobalt, Nickel, Titanium, magnesium, and others which are shipped to manufacturers to be processed into final products. These products are procured from raw material suppliers and stored at raw material warehouses or directly at manufacturing sites. Raw materials are inspected to ensure their quality.

Key Takeaways from the Study

  • The players in the Aerospace Casting Product market include Aero Metals, American Casting Company, Atlantic Casting and Engineering Corporation, Barron Industries, Bescast, Inc, Cabiran, Consolidated Precision Products, Doncasters Group, Ferralloy Inc, GF Casting Solutions, Howmet Aerospace, Impro Precision Industries Limited, Integra-Cast, Inc, Magellan Aerospace Corporation, MetalTek, O'Fallon, Ohio Aluminum Industries, Inc, Precision Castparts Corp, Protocast JLC, Signicast, Tritech Group Ltd, and WDC Acquisition LLC held a small market share of the Aerospace Casting Product market in the year 2022.
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  • In terms of material, the market is segmented into, steel, aluminum, cobalt, nickel, titanium, magnesium, and others. The steel segment held a significant market share. Stainless steel is an advanced metal that is used in aircraft designs. It has excellent mechanical properties such as tensile strength, corrosion resistance, hardness, weldability, thermal expansion, ductility, and impact resistance. Its exceptional strength makes it suitable for various applications. It is welded and machined appropriately for various parts of the aircraft. The aluminum segment is expected to grow at a significant CAGR during the forecast period. Aluminum is ideal for manufacturing aircraft, as it is lightweight and strong. Furthermore, the high resistance of aluminum to corrosion ensures the safety of the aircraft. The cobalt segment held a significant market share in 2021. Cobalt is used in aircraft engines, as it reaches high temperatures. Engines often reach over 1,400 degrees Celsius, making cobalt a necessary material for use in engines. Its high melting point allows it to withstand extreme temperatures.
  • The nickel segment held a significant market share in 2021. Nickel alloys for use in aerospace are selected based on their ability to resist extremely high temperatures, corrosion, and constant wear, and for their magnetic properties. The titanium segment is expected to hold a significant market share in 2030. Titanium alloys are used in aircraft engines, as they are light in weight, strong (high specific strength) and resistant to heat.
  • The magnesium segment is expected to grow at a significant rate during the forecast period. This is attributed to the high performance and properties of magnesium alloys. These alloys are frequently used in aerospace, including reducing weight in fuselage structures, interior appliances, and aero-engine frames. This is increasing the demand for magnesium.
  • The other segment is expected to hold a significant share of the market in 2030.  The other segment includes copper and ductile iron. They are used for their properties such as effective conductor of electricity, fatigue resistance, and weight-to-strength ratio.
  • Based on Casting types, the Global Aerospace Casting Product Market is segmented into investment casting and sand casting. The investment casting segment is divided into vacuum melt casting and air melt casting. The investment casting segment held a significant market share in 2021. Expanding aerospace and military industries are driving the demand for investment castings, as investment casting is used to produce a wide variety of essential aircraft parts and components. Investment casting allows for the production of dimensionally accurate components and is a low-cost alternative to forging or machining, which is expected to fuel the market. Numerous developments have been undertaken in the investment casting process recently, including the need to meet the environmental standards laid down in the Environment Protection Act. These factors are driving the investment casting segment. The sand-casting segment is expected to hold a significant market share in 2030. Sand casting offers various advantages, such as low cost. This makes it ideal for mass production, as the cost per unit decreases as more units are produced. Additionally, these sand-casting molds are reusable, which further helps to reduce the cost. This is a significant factor that is fueling the market demand. Sand-casting foundries are engaged in energy-saving and material-saving activities. A large amount of energy is consumed in this process. Foundries are now adopting advanced sand molding and core-making technology and equipment in order to save energy. These factors are anticipated to drive the sand-casting segment.
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  • In terms of regions, the Global Potassium Borohydride markets are divided into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. The growth of the Aerospace Casting Product market in North America is attributed to due to the increasing manufacture of aircrafts. The US has one of the largest aerospace industries. Both light and heavy aircraft are manufactured in the country. Furthermore, the country spends a good amount of money on defense and spacecraft manufacturing. This is increasing the demand for investment and sand casted products, as these products are used in aircraft and spacecraft. The market in Asia Pacific is expected to develop at a rapid rate during the forecast period, due to the high growth of the aerospace industry in the region. Emerging economies such as India are focusing on manufacturing airplanes and spacecraft which is increasing the demand for investment and sand casted products.

Report Scope

Report Metric

Details

Market Value in 2021

US$ 15,051.0 Million

Market Growth Rate (from 2022 to 2030)

 5.6%

Historical Data

2015 & 2020

Base Year

2021

Forecast Period

2022 - 2030

Units Considered

Value (US$ Million)

Market Segments

By material, By casting type, and By Region

Key Companies Profiled

Aero Metals, American Casting Company, Atlantic Casting and Engineering Corporation, Barron Industries, Bescast, Inc, Cabiran, Consolidated Precision Products, Doncasters Group, Ferralloy Inc, GF Casting Solutions, Howmet Aerospace, Impro Precision Industries Limited, Integra-Cast, Inc, Magellan Aerospace Corporation, MetalTek, O'Fallon, Ohio Aluminum Industries, Inc, Precision Castparts Corp, Protocast JLC, Signicast, Tritech Group Ltd, and WDC Acquisition LLC

Customization Scope

Report customization available on request

Pricing and Purchase Options

Avail of tailor-made purchase options to meet your research requirements.

Target Audience

  • Supply-side: Manufacturer and distributors.
  • Demand Side: Aerospace Industry.
  • Regulatory Side: Concerned government authorities, and other approval regulatory bodies.