According to the Market Statsville Group (MSG), the global lost wax casting market size is expected to grow from USD 20,632.6 million in 2021 to USD 33,406.1 million by 2030, at a CAGR of 5.5% from 2022 to 2030. Lost wax casting is also known as cire-perdue or investment/precision casting. In this process, the wax pattern is used to create the initial mold, which can have intricate and complex designs. This casting is a metal-working process that uses a ceramic shell built over a wax pattern to produce parts with extraordinarily uniform and smooth surfaces.
Factors such as growing use in various end-use verticals such as aerospace, healthcare, and others, drive the market’s growth. The integration of 3D printing will create lucrative opportunities for the market’s growth. However, cracking in molds, dearth of professionals will restrain the market’s growth.
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The pandemic has significantly impacted the market’s growth, as major end-user industries such as aerospace, automotive, and others witnessed a steep downslope in operations during the pandemic. Hence, the demand for the market reduced amid the pandemic. Further, the halted production activities, global lockdowns, and disrupted supply chains hampered the market’s growth during the COVID-19. However, the use of lost wax casting in the healthcare and pharmaceutical industry has positively influenced the market’s growth amid COVID-19.
The study categorizes the lost wax casting market based on process type, metals, and end-user industries at the regional and global levels.
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Based on end-use industries, the global lost wax casting market is divided into aerospace, automotive, oil and gas, chemical industry, food industry, medical, power, dentistry, tools, pharmaceutical, and hoisting. Among these segments, the aerospace industry accounts for the major market share in 2021. As the lost wax casting is essential in the construction of airplanes and spacecraft. Parts produced by lost wax casting are found in every portion of space and commercial flight vehicles, from the bearings that open the doors to essential parts of engines. Such factors fuel the segmental growth of the market.
Asia Pacific accounts for the highest CAGR during the forecast period
On the regional basis, the global lost wax casting market has been segmented across North America, Asia– Pacific, Europe, South America, and the Middle East & Africa. Globally, Asia Pacific is estimated to hold the highest market share and is estimated to hold a major market share over the forecasting period. The growth is attributed to the emerging end-user industries across the region , such as automotive, aerospace, healthcare, and others. Further, it is also used in electric vehicle part manufacturing. Such factors are paving the way for the market’s growth.
The lost wax casting market is mildly concentrated in nature, with few numbers of global players operating in the market, such as: