The global metal injection molding market was valued at US$ 2,458.68 million in 2019 and is projected to reach US$ 4,338.52 million by 2027; it is expected to grow at a CAGR of 7.5% from 2020 to 2027.
Metal injection molding is a flexible, cost effective, and innovative process that provides versatility to the product designers and production engineers while using metal alloys. Metal act as a good substitute for plastic and ceramics components that are incapable to perform as per requirement. Metal injection molding focusses on quality and precision, as well as the process is closely monitored to meet the requirements. When a metal alloy is chosen for a specific application, the geometry of the component gets limited by the cost of shaping operations. The metal injection molding helps in overcoming this issue with the formation of the net shape parts in the tool. The metal injection molding offer benefits such as resistance to wear & corrosion, thermal stability, high mechanical strength, and dimensional stability.
Based on material, the global metal injection molding market is segmented into stainless steel, low alloy steel, soft magnetic material, and others. In 2019, stainless steel segment led the market. Stainless steel has good stiffness, wear, and corrosion resistance properties. It is widely used injection molding material. Stainless steel components that are employed in metal injection molding possess high wear & corrosion stability. The metal injection molding help in enhancing the strength, achieving high densities, corrosion resistance, and flexibility of stainless steels. These materials are produced from elementally blended or pre-alloyed stainless steels, including ferritic, austenitic, and precipitation hardening grades. The utilization of metal injection molding for stainless steel is steadily increasing in the automotive and medical instruments sector. The initial use and overall success of the metal-injection-molded orthodontic brackets demonstrated the corrosion resistance and biocompatibility of injection-molded stainless steel applications.
Geographically, the global metal injection molding market is segmented into North America, Europe, Asia Pacific, South America, and Middle East and Africa. In 2019, Asia Pacific held the largest share of the global metal injection molding market. The rise in urbanization, increase in manufacturing industries, and upsurge in the demand for automobiles and electronics is expected to drive the market growth in Asia Pacific. Rising demand for smart vehicles, and medical and consumer goods in the region favors the growth of the metal injection molding market. Metal injection molding provide benefits such as fast production, high efficiency, design flexibility, and large material choice. The rise in awareness about the benefits offered by metal injection molding and the growing safety concerns in electronic vehicles supports the growth of the market. Asia Pacific is estimated to register the highest CAGR in the market over the forecast period.
The COVID-19 outbreak was first reported in Wuhan (China) during December 2019. As of December 2020, the US, India, Brazil, Russia, France, the UK, Italy, Spain, Germany, Colombia, Argentina, and Mexico are among the most affected countries in terms of confirmed cases and reported deaths. According to the latest WHO figures, there are ~106,008,943 confirmed cases and 2,316,389 total deaths globally. The crisis is hindering various industries across the globe due to lockdowns, travel bans, and business shutdowns. The global manufacturing industry is one of the major industries suffering serious disruptions such as supply chain breaks, technology events cancellations, office shutdowns. The lockdown of various plants and factories in leading regions such as North America, Europe, Asia Pacific, South America, and the Middle East and Africa is restricting the global supply chains and hindering manufacturing activities, delivery schedules, and various goods sales. In addition, global travel bans imposed by countries in Europe, Asia, and North America are adversely affecting business collaborations and partnership opportunities. All these factors are disrupting the manufacturing of automotive, medical, defense, and electronics goods, which is restraining the growth of the metal injection molding market.
Arc Group Worldwide; CMG Technologies; Dean Group International; Molex, LLC; INDO-MIM; MPP; Sintex A/S; Smith Metal Products; Shanghai Future Group; and Form Technologies are among the players operating in the global metal injection molding market.
Overall size of the global metal injection molding market has been derived using primary and secondary sources. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews were conducted with industry participants and commentators in order to validate and analyze the data. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the global metal injection molding market.