Industry Forecast Prepared by Joseph Fritz, ICI, with Contributions from the World’s Trade Associations Preface T
his report represents a consolidation of materials provided by the China Foundry Association, DYNATECSALES,
the European Investment Casters’ Federation, the Japan Foundry Society and the Investment Casting Institute. Data presented in this report addressing South Korea, Taiwan and Other regions have been estimated based on the application of 2023 regional trends to data provided in 2022. As we have no data for Russian produced castings and have no basis for estimating that country’s production levels, Russian production is omitted from this report.
Global Sales and Segment Performance Global sales of investment castings in 2023 are estimated to be $16.9 billion, with the High Value-Added sector, which address Aerospace and IGT castings, demonstrating the highest level of growth. With a Year-on- Year (YoY) growth rate of 14.7%, High Value- Added component sales finished the year at $10.2 billion. Global Automotive casting sales grew by 3.2% to $1.7 billion, and sales of General Industry castings declined by 4.5% to $5.0 billion. Overall, the industry realized YoY growth of 7.2%
Regional Performance North America investment casting sales grew by 13.6% and comprises 42% of the global market with $7.1 billion in 2023 casting sales. Europe finished the year at $3.9 billion and accounts for 23% of industry sales. The rate of growth for this region was 10.7%. Finishing the year with sales totaling $3.9 billion, or 21% market share, Chinese investment casting sales declined by 4.3% to $3.5B.
Excluding China, 2023 Asian investment casting sales are
estimated to be $1.9 billion, accounting for 12% of the market and demonstrating 4.4% growth over 2022 figures. Breaking this down, reported sales of Japanese produced castings grew by 9.8% to $429 million and reported Indian sales increased by 14.6% to $550 million. Estimates for Taiwan
8 ❘ January 2024 ®
and South Korea put 2023 sales at $684 million and $300 million, respectively. These estimates put Taiwan sales at a 4% decline and South Korean sales at 2% growth. Other regions are estimated to have generated $519 million in investment casting sales, which represents a 2% decline and accounts for 3% of the total market.
World Report World Investment Casting Market Review 2023
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