Industry Forecast Continued from pg 23
European countries were taken into account in the strategic planning process. This strategic reevaluation reflects a forward- looking approach aimed at positioning European IC companies for sustained growth and competitiveness in the evolving economic landscape.
Commercial Aerospace, commands
a significant market share at 56.5%, has been the primary driver of overall growth, experiencing a notable increase of 16.7% that surpasses pre- pandemic levels. This achievement is particularly noteworthy amid geopolitical instability and ongoing war conflicts. The transitioning from aircraft manufacturers to higher delivery rates imposes distinct demands on the supply chain, prompting various companies to enhance their capacities to meet the escalating requirements.
The IGT IC market segment, encompassing both new machines and spare parts, has consistently exhibited strength throughout 2023.
In contrast, the Automotive IC market segment reveals vulnerability due to the transition to Electric Powered Vehicles. However, the Other Applications IC market segment remains robust in 2023, benefitting within others from reshoring policies.
Despite challenges posed by
the post pandemic, the European IC industry has displayed resilience, maintaining its strength even in 2023 amidst an overall economic scenario teetering on the brink of recession. The measures implemented in response to these difficulties are shaping a more robust industry sector, with a strategic focus on Innovation and Sustainability.
The outlook for future business
development remains positive across most market segments, albeit with the
24 ❘ January 2024 ®
exception of the Automotive sector. The industry is adeptly acknowledging the shift and incorporating new capabilities to support diversification strategies.
Identifiable market opportunities
stretch into the forthcoming years, accompanied by a discernible positive business sentiment derived from thorough industry analysis.
Continued Research & Development
endeavors will play a pivotal role in advancing the European IC industry. Focused on materials and processes, these initiatives aim to ensure the competitiveness of precision investment casting solutions, positioning them as prevalent and pivotal in the considered market segments.
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