NAICS 331512 Quarterly Industry Report
Steel Investment Foundries
Comprehensive industry research for valuation professionals, business owners, buyers, and lenders
NAICS Code: 331512Sector: 33Updated: Q1 2026
About This Report
This industry profile for Steel Investment Foundries (NAICS 331512) draws on data from the U.S. Census Bureau[5], Bureau of Labor Statistics[9], and SBA size standards database[6]. Published by Fair Market Value and updated quarterly, it provides valuation professionals, precision casting analysts, and aerospace supply chain investors with current market data. All quantitative claims are sourced to publicly verifiable databases.
Industry Definition & Overview
Steel Investment Foundries (NAICS 331512) encompasses establishments primarily engaged in manufacturing steel investment castings per the U.S. Census Bureau[4]. Activities include lost-wax pattern injection, ceramic shell mold building through refractory slurry dipping, autoclave dewaxing, steel alloy melting and vacuum pouring, investment casting heat treatment, and precision machining of finished castings to final dimensions. Investment casting produces near-net-shape steel components with tight tolerances and surface finishes that minimize secondary machining, making the process cost-effective for complex geometries in moderate production volumes. Additionally, investment foundries create wax patterns by injecting molten wax into metal dies, then coat these patterns with layers of ceramic refractory slurry. After the shell hardens, the wax melts out, leaving a precision cavity that receives molten steel poured under gravity or vacuum conditions. Aerospace turbine components, medical implant devices, industrial valve bodies, firearms components, and military hardware represent primary end markets requiring the dimensional accuracy and metallurgical quality that investment casting delivers. Per Census Bureau[5] data, roughly 60 establishments employ over 13,800 workers in this specialized precision casting sector. Stainless steel, tool steel, and high-temperature alloy grades dominate production, with vacuum melting and pouring technology enabling the cleanest metallurgy for critical rotating components. Per the SBA Table of Size Standards[6], the size standard is 1,000 employees. The EPA[7] regulates air emissions from shell building, dewaxing, and melting operations. OSHA[8] enforces safety standards for chemical exposure during shell building, molten metal handling, and heat treatment operations in investment foundry environments.
What's Included in This Industry
- Lost-wax pattern injection and assembly
- Ceramic shell mold building
- Autoclave and flash fire dewaxing
- Vacuum and air-melt steel pouring
- Investment casting heat treatment
- Precision grinding and machining
- Non-destructive testing and inspection
- Stainless and tool steel casting
- High-temperature alloy investment casting
- Rapid prototyping and 3D-printed pattern production
NAICS Classification Hierarchy
| Level | Description | Code |
|---|---|---|
| Subsector | Primary Metal Manufacturing | 331 |
| Industry Group | Foundries | 3315 |
| NAICS Industry | Ferrous Metal Foundries | 33151 |
| National Industry | Steel Investment Foundries | 331512 |
Related NAICS Codes
| Code | Description | Relationship |
|---|---|---|
| 331511 | Iron Foundries | Iron Foundries produces ferrous castings through sand mold methods that handle higher-volume production at lower unit cost compared to investment casting precision for complex geometries and tight-tolerance applications |
| 331513 | Steel Foundries (except Investment) | Steel Foundries produces conventional steel castings through sand and shell mold processes that complement investment casting when components require larger sizes or lower per-unit costs than lost-wax methods provide |
| 331524 | Aluminum Foundries (except Die-Casting) | Aluminum Foundries operates investment and die casting processes for aluminum components that compete with steel investment castings in applications where weight reduction offsets lower material strength |
| 336412 | Aircraft Engine and Engine Parts Manufacturing | Aircraft Engine and Engine Parts Manufacturing purchases investment-cast turbine blades, vanes, and structural components requiring vacuum metallurgy and precision tolerances for jet engine hot-section applications |
| 339113 | Surgical Appliance and Supplies Manufacturing | Surgical and Medical Instrument Manufacturing uses investment-cast stainless steel and cobalt-chrome components for orthopedic implants, dental devices, and surgical instruments requiring biocompatible alloys and smooth surface finishes |
| 332919 | Other Metal Valve and Pipe Fitting Manufacturing | Other Metal Valve and Pipe Fitting Manufacturing purchases investment-cast valve bodies and trim components in stainless and alloy steels for chemical processing, oil and gas, and power generation valve applications |
Geographic Concentration
Top states by share of national establishments.
| # | State | % Est. | Total Est. |
|---|---|---|---|
| 1 | Texas | 12.5% | 12 |
| 2 | Wisconsin | 10.4% | 10 |
| 3 | Ohio | 9.4% | 9 |
| 4 | California | 8.3% | 8 |
| 5 | Michigan | 8.3% | 8 |
| 6 | Pennsylvania | 8.3% | 8 |
| 7 | New Jersey | 4.2% | 4 |
| 8 | Oregon | 4.2% | 4 |
| 9 | Oklahoma | 4.2% | 4 |
| 10 | Indiana | 4.2% | 4 |
% Of Establishments
0%
13%
Source: County Business Patterns, U.S. Census Bureau[3]
Frequently Asked Questions
Common questions about this industry.
What is the NAICS code for investment casting?
NAICS 331512 covers steel investment foundries that manufacture precision castings through the lost-wax investment process for aerospace, medical, and industrial applications per the U.S. Census Bureau[4].
What is the SBA size standard?
Per the SBA size standard[6], the threshold is 1,000 employees for federal small business contracting eligibility and SBA lending products for steel investment foundry operations.
How large is the investment casting industry?
Per Census Bureau[5] data, roughly 60 establishments employ over 13,800 workers in this specialized precision casting sector serving aerospace, medical, industrial, and defense end markets.
What is the investment casting process?
Investment casting creates wax patterns coated with ceramic refractory shells per Bureau of Labor Statistics[9] process data. After shell hardening, wax melts out leaving a precision mold cavity for molten steel pouring under gravity or vacuum conditions.
What are the primary end markets?
Aerospace turbine components, medical implant devices, industrial valve bodies, firearms parts, and military hardware per Census Bureau[5] shipment data represent primary markets requiring investment casting precision and metallurgical quality.
What metals are investment cast?
Stainless steel, tool steel, carbon steel, cobalt-chrome alloys, and nickel superalloys are commonly cast through the investment process per Census Bureau[5] product classification, with vacuum melting enabling the cleanest metallurgy for critical applications.
What environmental regulations apply?
The EPA[7] regulates air emissions from ceramic shell building, dewaxing operations, and melting furnaces at investment foundries, with NESHAP standards addressing particulate and organic hazardous air pollutant releases from casting processes.
What safety standards apply?
OSHA[8] enforces workplace safety standards for chemical exposure during refractory slurry handling, molten metal pouring operations, heat treatment furnace procedures, and abrasive finishing operations in investment casting environments.
Sources & References
Government datasets and editorial sources used in this report.
- [1]U.S. Bureau of Labor Statistics, Quarterly Census of Employment and Wages bls.gov
- [2]U.S. Census Bureau, Economic Census census.gov
- [3]U.S. Census Bureau, County Business Patterns census.gov
- [4]U.S. Census Bureau census.gov
- [5]Census Bureau data.census.gov
- [6]SBA Table of Size Standards sba.gov
- [7]EPA epa.gov
- [8]OSHA osha.gov
- [9]Bureau of Labor Statistics bls.gov
- [10]SBA lending programs sba.gov
- [11]SBA 7(a) loans sba.gov
- [12]504 loans sba.gov
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