Rapid production & bulk production advantage, low labor cost and less material wastage benefit, and newer technological advancements are expected to propel the global ceramic injection molding industry
PORTLAND, Oregon, Oct. 23, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Ceramic Injection Molding Market Forecast by Material (Alumina, Zirconia, and Others), and Industry Vertical (Industrial Machinery, Automotive, Healthcare, Electrical & Electronics, Consumer Goods, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026". According to the report, the global ceramic injection molding industry was pegged at $375.0 million in 2018 and is projected to reach $746.2 million by 2026, registering a CAGR of 8.8% from 2019 to 2026.
Chief reasons for market fluctuations
Rapid production & bulk production advantage, high demand for injection-molded ceramic products, low labor cost and less material wastage benefit are the major drivers of the global ceramic injection molding market. However, the threat of substitutes and longer production time coupled with high initial investment hamper the market growth. On the contrary, newer technological advancements are expected to create lucrative opportunities in the near future.
Alumina segment dominated the market
By material type, the alumina segment held the largest share in 2018, contributing more than two-fifths of the global ceramic injection molding market, owing to its high strength and high-performance characteristics that are beneficial to several end-use industries including electronics and automotive. However, the zirconia segment is projected to register the fastest CAGR of 9.8% during the forecast period, owing to increase in the adoption of ZrO2 due to its reliability and ease of material process.
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Healthcare segment to manifest fastest CAGR by 2026
The healthcare segment is anticipated to portray the fastest CAGR of 10.5% during the forecast period, owing to an increase in the demand for ceramic injection molding parts in the medical sector owing to its capabilities such as biocompatibility, fracture toughness, sterilizable, and chemical resistance. However, the automotive segment dominated the global ceramic injection molding market in 2018, contributing nearly one-fourth of the market, owing to rise in adoption of CIM parts in automotive sector due to various features including wear resistance, toughness, and chemical resistance.
Asia-Pacific region to hold lion's share
The market across Asia-Pacific held the largest share in 2018, contributing more than half of the global ceramic injection molding market, owing to the presence of many emerging economies and end-use industries such as automotive, consumer goods, electronics, and healthcare. The market across North America is projected to register a CAGR of 8.2% during the study period. However, the market across LAMEA region is anticipated to register the fastest CAGR of 11.1% during the forecast period, owing to increased demand for injection-molded ceramics due to its features such as mass production, identical products, high strength, and corrosion resistance.
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Major market players
- ARBURG GmbH + Co KG
- Kläger Spritzguss GmbH & Co. KG
- CoorsTek, Inc.
- Ortech Advanced Ceramics
- Morgan Advanced Materials plc
- Nishimura Advanced Ceramics
- OECHSLER AG
- Paul Rauschert GmbH & Co. KG
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SOURCE Allied Market Research