Industry Forecast
2023 European Investment Casting Outlook Forecast & Prospects
by Carlos Olabe, Executive Director, European Investment Casters’ Federation Introduction
uneven. EU real GDP barely grew a modest 0.7% growth for the entire year, whilst the whole of Europe reached a 1 % GDP growth. Clearly the unresolved elements from 2022, such as the fight against inflation, Russia´s war in Ukraine, energy prices and debt status and the new conflict in the Middle East plus an overall growing geopolitical fragmentation are hampering this growth, particularly in Europe.
Y Manufacturing production in the
Euro area decreased 7.10 percent in October of 2023 over the same month in the previous year. The HCOB Eurozone Manufacturing PMI increased slightly to 44.4 in December, surpassing preliminary estimates of 44.2. However, the sector remained in contraction, with output and job losses continuing for the seventh consecutive month.
In comparison with the overall
scenario as described above, the Investment Casting market has behaved relatively well with strong and sustained growths in certain segments such as Aerospace, IGTs and Other Applications.
Investment Casting related
industries have been continuing implementing measures during the year 2023 to readapt their operations to the business scenario of the post pandemic economy shift and mentioned geopolitical situation. From energy saving measures, improving internal
18 ❘ January 2024 ®
In addition, a stronger adoption of sustainability strategies is becoming more and more commonplace within the European Investment Casting Industry reinforcing the commitment of this industry to the UN SDG´s.
efficiency to investing in new technical solutions, with the aim of maintaining a sustained competitive position.
1. Overall Market Evolution
In overall terms all market segments have presented growth data vs 2022, however the Automotive segment is still behind pre pandemic figures. Market segments like Commercial Aerospace have experimented a significant increase following a true recovery in travelling, whilst Other Applications remain strong in the different sub segments.
ear 2023 has been in many ways a continuation of the year 2022 with global growth slow and
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