The ceramic injection molding market is projected to reach US$ 603.17 million by 2028 from US$ 349.84 million in 2021. It is expected to register a CAGR of 8.3% from 2022 to 2028.
Rising awareness regarding the design flexibility and low-cost delivered by ceramic injection molding are estimated to provide potential market opportunities in the coming years. Various key players such as Indo-MIM and Coorstek, Inc., and many others are providing awareness regarding the cost-efficiency of the technology. Besides cost efficiency, complex designing capabilities of ceramic injection molding technology offer a higher economy of scale by eliminating the production steps such as machining and finishing. Ceramic injection molding is an innovative technology that provides economical solutions to produce complicated, repeatable ceramic parts and components. Also, the ceramic injection molding process is a highly flexible process to manufacture products that are considered difficult and expensive to produce using other conventional manufacturing techniques. Ceramic injection molding technology is most advantageous when traditional machining methods are highly expensive or incapable of performing. The technology is ideal for parts with an intricate shape and where high volumes and consistent quality are critical. Using sub-micron ceramic powder, ceramic injection molded products have a high surface finish and ultrafine grain structures?close to theoretical densities. Also, injection molding eradicates the necessity for secondary operations normally required to produce complex geometrical shapes. Thus, the increasing awareness related to the reduced cost of ceramic injection molding is considered to create lucrative opportunities for the market in the coming years.
Based on industrial verticals, the ceramic injection molding market is segmented industrial machinery, automotive, healthcare, electricals and electronics, consumer goods, and others. The healthcare segment accounted for the largest share of the ceramic injection molding market in 2020. The healthcare industry is one of the prominent end users of ceramic injection molding process. The consumer goods segment is expected to register the highest CAGR during the forecast period.
Ceramic injection molding is used to manufacture various medical components such as prosthetic replacements, dental implants, endoscopic tools, tweezers, and scissors. Rising dental implant applications in several therapeutic areas, coupled with the escalating demand for prosthetics, are considered to create market opportunities. The increasing number of dental injuries due to sports injuries and road accidents are also regarded as some of the significant factors favoring the demand for dental implants. According to the American Academy of Implant Dentistry, 3 million people in the US have implants, and it is growing by 500,000 annually. Moreover, the expansion of the geriatric population with oral problems propels the demand. According to the Centers for Disease Control and Prevention (CDC), more than one-quarter of Americans aged 65 and older have lost their teeth. One-third of the US population has untreated tooth decay, even though poor dental health is associated with heart problems and other health concerns. Such instances aid the dental implant demands, further contributing to the market growth. Furthermore, the high demand for minimally invasive cosmetic surgery across developed and developing regions is projected to propel the market growth. Changing lifestyles and increased beauty consciousness stimulate the demand for cosmetic procedures, which is anticipated to augment cosmetic surgeries’ growth. As per the American Society of Plastic Surgeons, nearly 17.7 million cosmetic procedures were conducted in 2018, which was approximately 2.0% more than the data registered in 2017. Thus, it is projected that the rapidly expanding healthcare and medical sectors will provide several growth opportunities for the ceramic injection molding market in the coming years.
Based on region, the ceramic injection molding market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. In 2020, Europe held the largest share of the ceramic injection molding market, and Asia Pacific is estimated to register the fastest CAGR over the forecast period. The benefits such as increase in hardness, promoted adhesion, and the ability to prevent tarnishing are among other factors propelling the demand for ceramic injection molding in Asia Pacific. The use of ceramic injection molding in the automotive industry also supports the fruitful development of the ceramic injection molding market in the region.
Asia Pacific is also estimated to register the fastest CAGR in the market over the forecast period. The rise in awareness about the benefits offered by ceramic injection molding and the growing safety concerns in electronic vehicles support the growth of the market.
The rise in foreign direct investment provides lucrative opportunities for the ceramic injection molding market in Asia Pacific. Rising expenditure in research and development activities associated with ceramic injection molding and its application in various industries drive the growth of the market. An upsurge in the application base of electroplating favors the demand for ceramic injection molding in the region. In addition, rising application of ceramic injection molding in automotive parts and in medical instruments is expected to boost the growth of the ceramic injection molding in Asia Pacific in the years to come.
The key players operating in the ceramic injection molding market include AMT Pte. Ltd.; Arburg GmbH + Ko. KG.; Ceramco, Inc.; CoorsTek, Inc.; Indo MIM; KLAGER; Micro; Morgan Advanced Materials; Nishimura; Advanced Ceramics, Co. Ltd.; and OECHSLER AG. These companies are focusing on new product launches and geographical expansions to meet the growing consumer demand worldwide.
The overall ceramic injection molding market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, national sales managers, and external consultants, such as valuation experts, research analysts, and key opinion leaders, specializing in the ceramic injection molding market.