Electroforming Molds Market Size, Share, Growth, and Industry Analysis by Type (Copper, Nickel, Iron, and Others) By Application (Automotive, Industrial, Consumer Goods, Aerospace & Defense, and Others), Regional Forecast To 2031

Updated On: 08 July 2024

Electroforming Molds Market REPORT OVERVIEW

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The global electroforming molds market size was USD 465.7 million in 2022. As per our research, the market is expected to reach USD 630.69 million in 2031, exhibiting a CAGR of 3.4% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with electroforming molds experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Electroforming has a very quick lead time and essentially no tooling cost, it offers excellent design freedom. However, nickel and copper are the primary materials used in electroforming. For example, nickel components can have a PdNi alloy coating applied to them for use in medical applications. Due to the ability to develop material on a micro-scale during electroforming, absolute precision and high aspect ratios are possible. Electroformed pieces have a standard deviation that is less than 1% of the thickness of the material. No exception applies to orifices that are only a few microns wide. Particularly when it comes to large volumes, electroforming molds have higher precision, shorter lead times, and superior cost-effectiveness.

Different material properties can be achieved with the same material thanks to the ability of electroforming to change the properties of the material. By adjusting the material's crystal structure, such a change can be made. Amorphous nickel deposits can be created by altering the deposition conditions; this nanocrystalline material is often highly smooth and rarely magnetic. Thus, by manipulating the material's structure, the component's magnetic qualities can be almost eliminated, enabling the creation of non-magnetic components from materials that ordinarily possess magnetic properties.

COVID-19 Impact: Halt on Manufacturing Operations to Slower Market Growth

The globally linked automobile industry has experienced a quick and severe impact as a result of the COVID-19 epidemic. Export delays, widespread manufacturing halts, and the shutdown of assembly factories in various nations are examples of symptoms. This is putting tremendous pressure on a sector already dealing with a shift in the level of global demand, and it's probably going to prompt more merger and acquisition activity. The car retail industry may undergo a substantial amount of restructuring as a result of dealers' inability to quickly adjust to shifting demand conditions. This has a significant negative impact on the electroforming molds market.       

LATEST TRENDS

"Numerous Applications of Electroforming Molds to Boost Market Growth"

The electroforming molds could be advantageous for a wide range of applications. The manufacturing of screens, grids, filters, and meshes represents the most varied range of electroforming mold uses. Among all other methods for producing metal, electroforming molds are unique in their capacity to produce incredibly minute features, such as holes as small as 2 microns in foils as thin as 5 microns. Numerous industries use perforated electroformed goods, such as foils for electric shavers, optical encoders, batteries, filtration, medical equipment, screen printing, and batteries. Plastic foam can even be metalized, nickel plated, and then pyrolyzed to generate nickel foam using electroforming molds.

Electroforming Molds Market Segmentation

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• By Type Analysis

As per the type, the market is classified as follows: Copper, Nickel, Iron, and Others. The copper material is the leading segment in the electroforming molds market share.

• By Application Analysis

Based on application, the market is segmented as follows: Automotive, Industrial, Consumer Goods, Aerospace & Defense, and Others. The automotive industry is the dominant segment in the electroforming molds market share.

DRIVING FACTORS

"Cost Benefits of Electroforming Molds to Facilitate Market Development"

 Along with magnetism, electroforming also allows for the adjustment of a material's hardness by modifying its crystal structure The material will get softer as the size of the crystals grows. When changing a material's qualities is insufficient, such as when great corrosive resistance is required for a particular application or when a substance must come into touch with human skin, coatings are used. For thin-walled objects where great accuracy and a smooth surface are desired, this method is highly helpful. The fabrication of a limited quantity of parts, for which alternative methods would be prohibitively expensive, is also greatly facilitated by this approach. The predicted reduction in cycle time is the focus of the cost-benefit analysis, presuming that the shape can be electroformed effectively. Electroforming molds can meet requirements that conventional mold forming methods cannot due to their special reproducibility feature.

"Low Time Consumption during Manufacturing to Promote Industry Progress"

Despite the possibility that the resulting forecast cooling times would not be completely precise, they should serve as a reliable indicator of the anticipated cooling time variation. The run time reduction for a given run can be calculated in reverse using this cycle time difference. The estimated cost savings for each run is determined by multiplying the hours saved by the press's hourly operating costs. However, by more effectively cooling the electroforming mold, this part may be molded five seconds more quickly and the 500,000 parts can be molded in less than 12 weeks. The mold cools more evenly, which reduces component deformation and may result in a lower trash rate.

RESTRAINING FACTORS

"Higher Cost of Tools to Hinder Market Growth"

The electroforming process has geometrical restrictions, thus not all applications are suitable. For instance, it is difficult to electroform a mandrel with large holes and recesses. Due to its greater cost, specialized applications, the higher total cost of tools, and higher costs of completed parts, electroforming only accounts for a relatively small portion of the electroforming molds market today.

Electroforming Molds Market REGIONAL INSIGHTS

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"Increase in Demand to Propel Market Progress in North America"

When it comes to both production and consumption, Asia is regarded as one of the key regions for the electroforming molds market. The electroforming molds market is expanding in Asia as a result of rapid urbanization, the expansion of the automotive, aerospace and defense, consumer goods, and other end-use industries, as well as other end-use industries, all supported by rising disposable income. Additionally, the region's need for electroforming molds across numerous industry verticals is increasing, along with the presence of well-known manufacturers, and this is considerably fueling the electroforming molds market growth.

KEY MARKET PLAYERS

"Market Players Focus on New Product Launches to Strengthen Market Position"

Leading players in the market are adopting various strategies to expand their presence in the market. These include R&D investments and the launch of new, technologically-advanced products in the market. Some companies are also adopting strategies such as partnerships, mergers, and acquisitions to strengthen their market position.   

List of Market Players Profiled

• Veco (Netherlands)
• Darwin Precisions (Taiwan)
• Mishima Kosan (Japan)
• TOWA (Japan)
• Galvanoform (Germany)
• Optiforms (U.S.)
• MELTEC (Columbia)
• Shenzhen GENZOO Mould (China)
• EMF (U.S.)
• FET Engineering (U.S)
• Corima Technologies (France)
• NiPro (Japan)

REPORT COVERAGE

The report covers overall market aspects, including the market segmentation based on its type and application. The report depicts a diverse group of participants, including the market and potential market leaders. Major factors that are expected to drive major growth in the market. The factors anticipated to expand the market share are also included in the report to offer market insights. The estimated growth of the market in the forecast period is also included in the report. The regional analysis is completed to explain the region's dominance in the global market. The factors hindering the growth of the market are discussed in detail. The SWOT analysis of the market is depicted in the report. It contains all-inclusive market details.