Metal injection molding market growth stable at 7.5% CAGR



Pune, India, June 25, 2021 (GLOBE NEWSWIRE) – Metal Injection Molding Market: Key Findings
According to our new research study on “Metal Injection Molding Market to 2027-Global Analysis and Forecast-by Material and Industry,” the Metal Injection Molding Market Size was valued at $ 2,458.68 million in 2019 and is expected to grow at a CAGR of 7.5% to $ 4,338.52 million by 2027 between 2020 and 2027. Various advantages of metal injection molding are largely driving the growth of the metal injection molding market. However, high raw material costs for metal injection molding are expected to inhibit market growth.

Metal Injection Molding Market: Competitive Landscape and Key Developments
Arc Group worldwide; Molex, LLC; Indo-MIM; Shanghai Future Group; and Form Technologies are among the major players in the global metal injection molding market. These companies offer a wide range of products for the metal injection molding market. These companies are present in the developing regions, which offers a lucrative opportunity for the metal injection molding market. These market participants are heavily focused on developing high quality and innovative products to meet customer requirements. The companies have recognized the immense potential of antifreeze and have been heavily involved in mergers and acquisitions, new products and market initiatives. For example, in 2018 Metal Powder Products LLC acquired NetShape Technologies Inc., a leading manufacturer and solution provider of engineering metal components utilizing metal powder and metal injection molding technologies.

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In 2019, Europe contributed the largest share of the global metal injection molding market. Due to the flourishing economic conditions in Europe, industrial activity in the region has experienced a boom. The exponential growth in industrial sectors, including electrical & electronics, automotive, consumer goods, and medicine and orthodontics, has influenced the demand for metal injection molding.

Metal injection molding (MIM) is widely used by industries such as the automotive, electrical and electronics industries. It is widely used in consumer electronics production. Metal injection molding is gaining importance in the electronics industry due to the increasing demand for small and complex parts in the industry coupled with the increasing demand for miniaturization of electronic devices. Metal injection molding is used in the manufacture of Apple’s Lightning Connector, a component that is produced in large numbers. MIM is also used to make fiber optic parts, cold plates, heat sinks, and cell phone parts. In recent years, the production of portable computing devices, cell phones, and other personal electronic devices has grown exponentially. The growing international smartphone market offers immense opportunities for metal injection molding. Therefore, the increasing acceptance of these products is driving the expansion of the metal injection molding industry. Rapid industrialization and urbanization led to increased disposable income, especially in developing regions. Among other things, this has led to an increasing acceptance of cell phones and electronic items. The major players in the market are benefiting greatly from the exponential growth of the electronics industry and have a strong focus on innovation to attract more customers. For example, Smith Metal Products specializes in metal injection molding of soft metal alloys and other metals for small electronic and electrical components. The company’s MIM processes use technology based on an automated production process and are considered well suited to the evolving needs of the telecommunications and electronics markets.

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Metal Injection Molding Market: Segment Overview
Based on the material, the Metal Injection Molding market is segmented into Stainless Steel, Low Alloy Steel, Soft Magnetic Material, and others. In 2019, the stainless steel segment had the largest share of the global metal injection molding market. Metal powder such as stainless steel is used in metal injection molding. Stainless steel has good rigidity and resistance to wear and corrosion. Stainless steel is widely used in injection molding materials. Stainless steel components that are used in metal injection molding have a high level of wear and corrosion resistance. The metal injection molding (MIM) process using stainless steel increases the strength of steel and achieves high densities, corrosion resistance and flexibility of stainless steel. These materials are made from elemental mixed or pre-alloyed stainless steels, including ferritic, austenitic and precipitation hardening steels. The use of stainless steel in MIM is steadily increasing in the automotive and medical instruments sectors. The initial use and overall success of the injection molded metal orthodontic brackets demonstrated the corrosion resistance and biocompatibility of injection molded stainless steel applications.

Effects of the COVID-19 Pandemic on the Metal Injection Molding Market:
COVID-19 first started in Wuhan, China in December 2019 and has since spread around the world. As of December 2020, the US, Brazil, India, Russia, Spain and the UK are among the hardest hit countries in terms of confirmed cases and reported deaths. The COVID-19 outbreak has impacted economies and industries in various countries due to lockdowns, travel bans and business closings. Chemicals and Materials is one of the world’s major industries, suffering from serious disruptions such as supply chain disruptions, technology event cancellations and office closures as a result of this outbreak. China, for example, is the global center of manufacturing and the largest supplier of raw materials to various industries, and it is also one of the hardest hit countries. The lockdown of various plants and factories in China affects the global supply chains and negatively affects the manufacturing, delivery schedules and sales of various materials. Various companies have already announced possible delays in product delivery and slumps in future sales of their products.

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In addition, the worldwide travel bans of countries in Europe, Asia and North America affect business cooperation and partnerships. All of these factors are expected to have a negative impact on the industries and thus act as a drag on the growth of various markets associated with this industry in the coming months.

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