New York, Aug. 08, 2023 (GLOBE NEWSWIRE) -- The global metal injection molding market size is predicted to expand at ~10.83% CAGR between 2023 and 2035. The market is projected to garner a revenue of USD 16 billion by the end of 2035, up from a revenue of ~USD 5 billion in the year 2022.The growth of the market is attributed to the increasing demand from various end-use industries. Moreover, it is estimated that technical advancements in this field will also contribute to the growth of the market during the forecast period. For example, in 2021, Metal Powder Products announced it had completed the acquisition of US-based Proform Powdered Metals. The company is a leading supplier of high quality sintered bronze bearings and spacers. The factors that are believed to drive the growth of the metal injection molding market also include increasing demand from the automotive sector.
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The worldwide introduction of electric vehicles offers injection molding service providers opportunities in the automotive industry. Components for brakes, clutch systems and powertrains are injection molded parts that include gears, seals and magnets. In addition, an increase in demand for the replacement of metal components with plastic parts in automobiles is expected during the forecast period. The electric vehicle industry is valued at over USD 250 billion and is expected to grow over the forecast period.
Metal Injection Molding Market: Key Takeaways
- Market in Asia Pacific to propel highest growth
- The stainless steel segment to garner the highest growth
- Market in North America to grow at a highest rate
Increasing Demand and Benefits of Wood Grain Powder Coating across the Globe to Boost Market Growth
This technology eliminates the need for expensive multi-step machining processes and shortens the product development cycle. In addition, metal parts are provided with detailed product designs. It is also possible to manufacture components with a wide variety of shapes and precision tolerances.
In addition, it is able to provide the customer with higher density, tolerance, surface treatment and higher brand factor. The wood grain powder coatings market is estimated to reach USD 9000 million by 2022.The MIM process enables the highest level of precision to be achieved in an end product, no matter how complex its design. In addition, precise tolerances can be maintained in the manufacture of components. There are virtually no limits to MIM design compared to traditional metalworking techniques. For example, improved mechanical properties of the biodegradable Fe-Mn alloy MIM with low C addition have recently been published. Increased mergers and collaborations among major players in the industry are expected to contribute to the growth of the injection molding market. Metal injection in the forecast period. In 2021, Metal Powder Products announced the completion of the acquisition of US-based Proform Powdered Metals. The company is a leading supplier of high quality sintered bronze bearings and spacers.
Metal Injection Molding Market: Regional Overview
The global market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Expanding interest in miniaturization to Drive the Market Growth in Asia Pacific Region
The metal injection molding market in Asia Pacific region is estimated to garner the largest revenue by the end of 2035. The market growth of the metal injection molding is primarily attributed to growing market growth in the region, increasing interest in miniaturization of consumer electronics and an expanding automotive industry across the world. Labor costs are lower in this region than elsewhere because major Asia-Pacific companies have established their manufacturing facilities there. For example, BASF built a new production facility for the manufacture of catamolds at its Kuanyin site in Taiwan.
In addition, a new technical service laboratory was installed at BASF's MIM raw materials business in Shanghai, China. A new Catamold technical service laboratory will be established in Pudong at BASF's Asia-Pacific innovation campus to provide customers with technical support and training. The sector is driven by rapid industrialization, technological advances, high GDP growth rates and increasing demand from the automotive, durable goods and machine tool industries. All these factors are likely to contribute to the growth of the market during the forecast period.
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Growing advancements in MIM technology to Propel the Growth in the North America Region
The North America metal injection molding market is estimated to garner the highest CAGR by the end of 2035. Ongoing advancements in MIM technology, such as improvements in material formulations, process efficiency, and equipment capabilities, have expanded the application scope of MIM. These advancements have enabled the production of more complex and high-quality metal components, driving the demand for MIM. The continuous development of new alloys suitable for MIM processes has also contributed to market growth.
The automotive sector is a major driver for the MIM market in North America. MIM is widely used in automotive applications, such as engine components, transmission parts, fuel system components, and sensors. According to a report, the North American automotive sales was valued at USD 58.1 million in the year 2020. MIM offers cost advantages compared to traditional manufacturing methods like machining, casting, or forging. It allows for the production of complex shapes and designs in a single step, eliminating the need for multiple machining operations. This leads to cost savings in terms of material usage, labor, and overall production time. The cost-effectiveness of MIM has attracted various industries, including electronics, medical devices, consumer goods, and firearms.
Metal Injection Molding, Segmentation by Material
- Stainless Steel
- Low Alloy Steel
- Soft Magnetic Material
Amongst these three segments, the stainless steel segment in metal injection molding market is anticipated to hold the largest share over the forecast period. The segment's growth is attributed to the increasing and widespread application of stainless steel in a variety of end-use industries.
Companies have adopted metal injection molding with a stainless steel material that combines high strength, hardness and wear resistance with moderate corrosion. Specifically, in 2019, Optimum launched a new line of products with good strength, hardness and wear resistance. The segment is expected to see significant growth as high transferability stainless steel molds are set to become a market for excellent thermal and conductivity aids expanding in the coming years. All these factors are estimated to contribute to the growth of the market growth over the forecast period.
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Metal Injection Molding, Segmentation by End User
- Electrical & Electronics
- Automotive
- Consumer
- Industrial
- Others
Amongst these segments, the automotive segment in metal injection molding market is anticipated to hold a significant share over the forecast period. The growing awareness of environmental concerns and government initiatives to reduce carbon emissions have accelerated the adoption of electric vehicles. According to the International Energy Agency (IEA), global electric car sales surpassed 3 million units in 2020, representing a growth of 41% compared to the previous year. The increasing demand for EVs has driven the development and production of electric drivetrain components and associated infrastructure.
The integration of advanced technologies into automobiles, such as ADAS, has significantly impacted the automotive segment. ADAS features like adaptive cruise control, lane-keeping assist, and automated emergency braking have gained popularity due to their potential to enhance safety and improve driving experience. Connected car technologies, including in-car connectivity, telematics, and infotainment systems, have become increasingly important to consumers. These features offer enhanced communication, entertainment, and safety functions.
Few of the well-known market leaders in the metal injection molding market that are profiled by Research Nester are Dynacast, GKN Plc, Britt Manufacturing, Dean Group International Ltd., Cypress Industries, Sintex, CMG Technologies, Indo-MIM Pvt. Ltd., Real Technik AG, ATW Companies, and other key market players.
Recent Development in the Market
- Cobra Golf has introduced its latest KING MIM Wedges, the ultimate in golf featuring a full metal injection molded (MIM) 304 stainless steel head construction. A major advance in the manufacture of wedges was the use of MIM. In every Cobra wedge maker, the most perfect shape is delivered for truly exceptional turf interaction and feel.
- Elnik Systems LLC., a leading global manufacturer of vacuum sintering furnaces for metal injection molding, has introduced a laboratory furnace to advance MIM processes and parts. The stove has a usable area of 16 liters and a footprint of 252 cm x 196 cm x 324 cm, including the afterburner.
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