According to the latest report by IMARC Group, titled “Metal Injection Molding Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, the global metal injection molding market size reached US$ 3.9 Billion in 2022. A metal injection molding (MIM) process combines the flexibility and strength of plastic injection molding with the durability and strength of metal. Using injection molding technology, metal powders are combined with a binder material to create a feedstock that is then molded into a desired shape. Sintered metal parts are formed by burning off the binder and fusing their metal particles together at high temperatures after they have been formed. MIM can produce complex shapes with fine features and higher tolerances by using various metals and alloys, including stainless steel, titanium, and copper. It allows for high volume production with minimal waste, and provides materials with superior mechanical properties, including high strength, wear resistance and hardness. Some of the advantages of MIM include cost-efficiency, better surface finishing, and eco-friendly manufacturing procedures.
Global Metal Injection Molding Market Trends:
The global market is majorly driven by the augmenting demand for small and complex parts across various end-use industries, such as medical devices, aerospace, and automotive. This can be attributed to the emerging trend of device miniaturization. In line with this, the rising popularity of MIM as the preferred manufacturing method due to its cost-effectiveness is resulting in a higher uptake of this technology across numerous manufacturing facilities. The widespread adoption of consumer electronics, such as smartphones, laptops, and tablets among the masses, is leading to a higher production of small parts and components. In addition to this, continual technological advancements in manufacturing materials, such as the usage of metal alloys and ceramics, are leading to the production of various components with improved mechanical and physical properties. The market is further fueled by the rising stringency of government regulations regarding environmentally friendly manufacturing procedures and waste recycling. Apart from this, the growing need for complex shapes with fine features and tight tolerances in numerous appliances is further creating lucrative opportunities in the market. Some of the other factors contributing to the market include rapid industrialization, inflating disposable income levels, and extensive research and development (R&D) activities. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 7.1 Billion by 2028, exhibiting a CAGR of 9.9% during 2023-2028.
- Based on the material type, the market has been segmented into stainless steel, low alloy steel, soft magnetic material, and others.
- On the basis of the end use industry, the market has been divided into electrical and electronics, automotive, medical and orthodontics, consumer products, firearms and defense, and others.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Amphenol Corporation, ARC Group Worldwide Inc., ATW Companies Inc., CMG Technologies, CN Innovations Ltd., Dean Group International Ltd, Ernst Reiner GmbH & Co. KG, Metal Powder Products LLC, Parmaco Metal Injection Molding AG, Sintex a/s, Smith Metal Products, and Tanfel Metal.
|Base Year of the Analysis
||Material Type, End Use Industry, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Amphenol Corporation, ARC Group Worldwide Inc., ATW Companies Inc., CMG Technologies, CN Innovations Ltd., Dean Group International Ltd, Ernst Reiner GmbH & Co. KG, Metal Powder Products LLC, Parmaco Metal Injection Molding AG, Sintex a/s, Smith Metal Products and Tanfel Metal
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