Aerospace Casting Product Market

Aerospace Casting Product Market Outlook

The global aerospace casting product market size was estimated at USD 15,051.0 Million in 2021 and is anticipated to reach USD 24,451.2 Million by 2030, expanding at a CAGR of 5.6% during the forecast period. 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. 

Get Free Sample Report

Aerospace Casting Product Market Macro-economic Factors

Gross Domestic Product

Aviation is essential for global trade and economic development. Air transport has the potential to play a significant part in economic development and long-term economic growth. It facilitates a country's integration into the global economy, while offering direct benefits and broad economic benefits to users through its positive effect on productivity and growth.

In 2022, the global GDP was USD 95 trillion and the aviation industry supported USD 3.8 Trillion (4.1%) of it. Investment in aviation generates substantial and positive benefits, especially in developing economies. Investment in aviation boosts the productivity and economic growth by increasing a country's connections to the global air transport network.

In 2020, several governments across the globe have provided about USD 160 billion of support to airlines, almost two-thirds of which consists of direct aid, such as subsidies, loans, equity and cash injections. Global aircraft orders have increased in October 2022 compared to the previous year.

The demand for aircraft components and equipment has surged, as global aircraft manufacturing production has increased. Government financial support and investment in the aviation industry has led to the rising demand for aircrafts and it’s components.

The aerospace industry is increasing its presence around the globe, especially in developing regions. Growing economy in developing countries maintains the large airline industry, which encourages even more connectivity that results in a second round of positive effects for productivity and GDP. Increasing airline links thus provide an immediate advantage and serve for further productivity of aircraft component and economic development. 

Inflation

Inflation is the rate of increase in prices over a given period of time decreasing the purchasing power for both consumers and businesses. Inflation plays an important role in almost every industry and has a significant role in the aerospace industry as well.

It affects the price of aircraft, debt, and overall operations of the airlines & other aviation participants. Aircraft components or its parts are one of the significant contributors of airline overall cost other than fuel.Thus, inflation affects the price and overall market for the aircraft component or parts. Global inflation rate was approximately 4.7% in 2021, 8.8% in 2022 and is forecast to decline to 6.5% in 2023.

According to the Bureau of Labor Statistics, the US Producer Price Index for Aerospace Product and Parts Manufacturing is at 230.40, a net increase of 1.10% from last year (2020). Rising price of aircraft parts and components as well as the number of deductions in airline effect the current global inflationary climate.

Standards Regarding Aerospace Parts

Rigid standards and regulations regarding aerospace parts and components is common throughout the aviation industry. The success of aircraft vehicles is predicated on the belief that individual components are quality-assured and capable of dependable performance.

A number of quality standards have been put in place to ensure that components are effective and verifiable throughout the supply chain. A component or material is identified as a standard part when it meets certain criteria within various stages, including design, manufacturing, test and acceptance, and uniform identification.

The Federal Aviation Administration (FAA) issued special orders for certain components to ensure that safety standards are being met. The FAA issues Technical Standard Orders (TSOs) to ensure that specialized fasteners, seals, and bearings meet minimum performance, marking, and installation approval requirements. These include TSO-C148 (aircraft fasteners), TSO-C149 (aircraft bearings), and TSO-C150 (aircraft seals).

Potential Government Role

Government involvement in research for metal casting products and markets has been identified for six areas. Developing design tools that allow concurrent engineering and design-for-manufacturing are primarily seen as near-term priorities where government participation is acceptable.

Another area where the industry requires government funding and expertise is in the development of advanced computer design tools that seamlessly link part design and casting design. Government has a critical role in coordinating current research and technologies aimed at reducing metal casting lead times for the aerospace industry.

Globally, there is a strong positive outlook in the development of aerospace clusters focusing on both manufacturing as well as maintenance, repair, and overhaul (MRO) activities. Some of the key success factors for aerospace clusters have been listed below:

• Offsets and partnership programs were effectively used by various countries to stimulate aerospace manufacturing and MRO growth in Asia
• The government of Tamil Nadu, India is all set to provide more business for the existing small and large aerospace parts manufacturing companies located in and around the western districts of the state. The recent wave of MoUs signed between the Tamil government and aerospace majors, including one with Rolls Royce, is expected to give a boost to these companies situated in Salem, Tirupur, and Coimbatore in the coming years.
• To support the recovery of air traffic, the Airport Authority Hong Kong (AA) is rolling out a series of measures, which include reducing or waiving airport charges, providing incentives to resume suspended flight services or launch new routes, organizing large-scale promotion activities, and others.

The above developments significantly boost passenger and cargo traffic globally that creates tremendous opportunities for activities, such as aircraft repair & maintenance, aircraft parts manufacturing, and relevant R&D.

Aerospace Casting Product Market Dynamics

Major Driver

Increasing Manufacture of Aircraft

Growing air travel has increased the demand for the manufacture of commercial and private aircraft. These aircraft use components that undergo investment or sand-casting process. These casted components withstand harsh conditions and ranging pressures.

For example, investment casting is used to manufacture complex components of intricate shapes and sizes. Various materials are used for the production of these components. Materials, including aluminum, stainless steel, carbon steel, and nickel-based alloys, are used in the production of aerospace components, such as engine rings, valves, engine blades, and interior components. Therefore, growing manufacture of aircraft is boosting the use of casted products.

Growing Demand for Casted Products

Aircraft components are mainly made from two casting processes, namely, sand and investment casting. Sand casting is a popular and simple method of metal casting. Sand casting allows for the design flexibility needed to create highly complex shapes in almost any size or weight from nearly every type of engineering alloy. Sand casting is preferred if there are less volume requirements, due to the relatively inexpensive cost of tooling.

The investment casting process reduces manufacturing costs and results in quick and efficient completion of work. It combines several details, frequently dozens of different parts of an assembly, into a single casting, and uses raw materials inputs more effectively than other methods. Manufacturing is streamlined and made affordable through consolidation. Therefore, the relatively low cost and high efficiency of casted products are driving the market.

Additive Manufacturing in Investment and Sand Casting

Additive manufacturing is increasingly being used in investment and sand casting. Additive manufacturing (AM) is a computer-controlled product that creates three-dimensional objects by depositing materials, usually in layers. AM is used to make a mold, which is used for investment and sand casting. AM assists the traditional sand casting process, making it fast, cost-efficient, and agile.

Using the traditional casting method, it is extremely difficult to manufacture metal casting with complicated geometries. As a result, the geometric freedom provided by AM technology is a valuable tool that is utilized in conjunction with traditional techniques. 3D printing is used to make complicated molds for sand casting. The process starts with a 3D-printed wax pattern. A slurry coats the wax pattern to form a sacrificial mold.

Over time, the slurry hardens into a shell, which enables users to burn the wax. The final mold is filled with molten metal. It results in the creation of a high-quality metal part with numerous benefits, including improved accuracy and reduced lead times. AM provides customized patterns at a lower cost as compared to traditional methods. Therefore, increasing additive manufacturing is raising the demand for casted products.

Restraints

Costs for investment and sand castings are fluctuating due to many factors. Presently, the cost to produce investment castings keeps fluctuating. Such fluctuations are caused by changing prices of raw material costs and labor costs. High amount of raw material is required during the investment and sand casting process, including steel, sand, wax, chemical agents, and welds.

Increasing price of raw materials is expected to raise the cost of investment and sand process, thereby, increasing the price of the casted product. Therefore, fluctuating prices of raw material are anticipated to restrain the market growth.  

Opportunity

Requirements For Low Fuel Consumption

Small and complex design components are used in aircraft. Components for engineering systems, such as gas turbines and jet engines operating at high temperatures, are usually produced in superalloys. The investment casting process is widely used for manufacturing these components, due to the ability of the process to produce parts with complex geometries to close dimensional tolerances. Other processing routes are less advantageous, due to high mechanical strength and hardness of these alloys, which make formability and machining difficult at high temperatures.

The global requirements for low fuel consumption and emissions are increasing the demand to lower the weight of cast components in jet engines. The ability to produce components with low wall thickness helps to reduce the cost of production and resource usage and improve the efficiency of engineering systems, resulting in low fuel consumption and reduced emissions of environmentally hazardous gases. This leads to increased manufacture of the casted products.

High Efficiency through Automation

Well-built and well-maintained foundries are hazardous. Automation and cutting-edge equipment are frequently used by metal casters and manufacturers to reduce the risk and maintain a high level of competitiveness. While maintaining a high level of accuracy and quality, automation solutions significantly increase output and productivity.

This allows producers to devote time to product designs, testing, and deployment. Automating metal casters helps with labour shortage planning and management. Automation is used in handling, pouring, finishing, inspecting, and other activities using moulds. The metal casting process is expected to be efficient as a result of the use of automation.

Scope of Aerospace Casting Product Market Report            

The report on the global Aerospace Casting Product Market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Aerospace Casting Product Market Segment Insights

Material Segment Analysis

On the basis of material, the market is. divided into steel, aluminum, cobalt, nickel, titanium, magnesium, and others. The steel segment held a market share of 21.6% in 2021 and is expected to expand at a significant CAGR. 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, 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 held a significant market share in 2021 and is expected to expand at a CAGR of XX%. 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 is expected to expand at a significant CAGR during the forecast period. 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 market share of XX% 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 held a market share of XX% in 2021. 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 hold a market share of XX% in 2030. 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 others segment is expected to hold a significant market share in 2030.  The others 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.

Get Free Sample Report

Casting Type Segment Analysis

On the basis of casting type, the market is divided 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 market share of 67.3% 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.

Aircraft manufacturing companies are still in the phase of improving accuracy in order to improve the quality of a component or product. Vacuum casting is used in industries to achieve high accuracy with complex and thin wall body parts. This is projected to fuel the market in the near future.

The sand casting segment is likely to expand at substantial CAGR during the forecast period. 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.

Get Free Sample Report

Regional Analysis

Based on regions, the market is separated into five regions, namely, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The market in Asia Pacific held a significant share of the market during the forecast period.

North America held 39.5% of the market share in 2021, due to the increasing manufacture of aircraft. 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. 

Europe accounted for around one-third the market share in 2021. This is attributed to the growing manufacturing of casted products in the region. The inclusion of additive manufacturing in investment and sand casting process is expected to reduce the time taken by traditional methods and provide complex designs. Furthermore, this region exports a large number of aircraft and aircraft components. Moreover, the industry in Europe is playing a key role to develop green technologies for civil aviation.

Asia Pacific accounted for a significant market share in 2021. 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.  

The market in Latin America is anticipated to expand at a CAGR of XX% during the forecast period. Rapid development of the aerospace industry in Latin America is expected to boost the market in the region. Presence of many aircraft manufacturers and growing manufacture of light aircraft in Brazil are boosting the market in the country. Therefore, demand for investment and sand casted products in the aerospace industry is increasing.

The market in the Middle East & Africa is expected to expand at a CAGR of XX% during the forecast period. Growing manufacture of aircraft parts, UAVs, and aircraft in South Africa is increasing the demand for investment casted and sand casted products in the country.

Get Free Sample Report

Key Benefits for Industry Participants & Stakeholders

• In-depth Analysis of the Global Aerospace Casting Product Market
• Historical, Current and Projected Market Size in terms of Value
• Potential & Niche Segments and Regions Exhibiting Promising Growth Covered
• Industry Drivers, Restraints, and Opportunities Covered in the Study
• Recent Industry Trends and Developments
• Competitive Landscape & Strategies of Key Players
• Neutral Perspective on Global Aerospace Casting Product Market Performance

Segments

Type

• Steel
• Aluminum
• Cobalt
• Nickel
• Titanium
• Magnesium
• Others

Casting Type

• Investment Casting
• Sand Casting

Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Key Market Players Profiled in the Report

• 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
• WDC Acquisition LLC

Competitive Landscape

Manufacturers operating in the global Aerospace Casting Product Market include Graphex Group, Superior Graphite, NovoCarbon, QINGDAO MINGHEDA GRAPHITE NEW MATERIAL CO., LTD, BariteWorld are among the few players that hold a small share of the global Aerospace Casting Product Market. Market Players are pursuing key strategies such as acquisitions, collaborations, and geographic expansion where a potential opportunity arises for the Aerospace Casting Product Market.