Rapid Prototyping Emerging as 'New Technology' in the Global Investment Casting Market?|Arizton

CHICAGO - Oct. 5, 2020 - PRLog -- The need for automation and efficient industrial processes is propelling the growth and development of the global investment casting market (https://www.arizton.com/market-reports/investment-casting-market-size-analysis). The OEMs of different industries such as aerospace, automotive, medical, turbines, and etc. are the major buyers of the casting products. The ferrous castings held over 70% share in the global castings market in 2019. The recent COVID-19 outbreak has caused unprecedented changes in the industrial processes and norms. The entire value chain of the metal casting industry has undergone a change in market dynamics right from the supply chain, pricing, and contract realignment. Also, the fiscal stimulus packages are yet to make a positive impact on the market and are expected to have some bearing only by the end of 2020. The growth rates, which were hovering around 5% to 6%, have declined significantly post COVID-19.

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Key Insights Included in the Global Investment Casting Market Report:

• The growth estimates for automotive, aerospace & defense, and power generation are the most impacted. As of 2020, on the demand side, volumes are declining while prices of the casting products have not been allowed to fluctuate drastically due to high competition.
• Globally, the sales of automobiles, such as passenger cars and medium and large trucks, have fallen. China, the world's largest automaker, is struggling to revamp this drop. Automakers in China faced an average decline of around 9.5% in the sales volume in 2019.
• APAC although highly impacted in the initial period of 2020, has managed to restart its industrial activities. The industrys production and demand for the same as reached some level of normalcy.

The Use of Rapid Prototype Process

Rapid prototyping is a new technology that is gaining immense momentum in the global investment casting market over the past couple of years. The investment casting carried out through the rapid prototyping method is mostly used when only limited parts are needed by the customer and also when there exists a possibility of design modifications. The final output of this method includes fully functional components, matching in strength, features, and quality to that of conventionally cast products. The method is a low-cost alternative and benefits many customers with small requirements. The cost-saving method and time-saving method of rapid prototyping are expected to have higher traction going forward, especially in the post-COVID-19 scenario.