Newark, NJ, Feb. 25, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global metal injection molding market is expected to grow from USD 2.72 billion in 2017 to USD 5.02 billion by 2025, at a CAGR of 7.96% during the forecast period from 2018-2025.
Over the past decade, metal injection molding (MIM) has established itself as a competitive manufacturing process for small precision components which would be costly to produce by alternative methods. Its unique product properties allows manufacturers to produce multiple parts, with high precision. Many manufacturers prefer metal injection moulding (MIM) process, owing to its low raw material cost, requirement of minimum workforce, and low inventory cost.
Metal injection molding is a metalworking process in which a metal in finely-powdered form is mixed with binder material to create a "feedstock" that is then solidified and shaped using injection molding. Metal injection molding process enables the production of complex shaped parts in a single step. Thus, this process delivers a distinct economic advantage in the molding of complex small sized parts.
The global metal injection molding market is expected to witness rapid growth over the forecast period, owing to technological advancements in the metal injection molding techniques. In addition to this, burgeoning demand for specialized metal injection molded parts from automotive, medical & orthodontics, industrial, and electrical & electronics industries are factors that are driving the market growth. However, lack of cost effectiveness for smaller quantities and equipment limitations, anticipated to hinder the market growth over the forecast period. On the flip side, increasing utilization in defense equipment manufacturing and rise of automobile manufacturing industry in Asia Pacific region, is likely to provide the potential opportunities in the metal injection molding market.
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Key players operating in the global metal injection molding market include are Phillips-Medisize, Smith Metal Products, NetShape Technologies (Metal Powder Products), Indo-MIM, Dynacast International, ARC Group Worldwide, Dean Group International, CMG Technologies, InjectMax, GKN Plc, Britt Manufacturing, Cypress Industries, Sintex, Real Technik AG, and ATW Companies among others. To enhance their market position in the global metal injection molding market, the key players are now focusing on adopting the strategies such as recent developments, product innovation, joint venture, mergers & acquisitions, collaborations, and partnership. Major firms are increasingly investing on research and development activities and the development of newer products.
- For instance, in April 2016, Phillips-Medisize Corporation, announced the expansion of their metal injection molding facility to enhance the production.
- In October 2017, Smith Metals Products announced the introduction of titanium metal injection molding (TiMIM) capabilities to its MIM portfolio of materials that includes stainless steels, alloys, and ceramics.
- In February 2018, Metal Powder Products LLC, a mill point capital portfolio company, announced the acquisition of NetShape Technologies Inc., to add capabilities into Metal Powder Products LLC such as metal injection molding capabilities and Chinese manufacturing footprints.
- In December 2017, Cypress Industries completed the acquisition of Concurrent Manufacturing Solutions, to add 100,000 square foot facility allows Cypress Industries to offer a greater range of manufacturing solutions to customers across the globe.
Stainless steel segment is anticipated to grow at the highest CAGR of 10.14% over the forecast period
Material type is segmented into stainless steel, low alloy steel, soft magnetic material, and others. Stainless steel segment is anticipated to grow at the highest CAGR of 10.14% over the forecast period. Stainless steel is increasingly being preferred as a molding material due to its high strength, corrosion resistance and relatively low price. In addition to this, wide availability of steel across all the region, is further boosting the growth of market.
Electrical and electronics held the largest market share of 48.20% in 2017
The end-user industry is divided into electrical & electronics, automotive, industrial, consumer products, medical & orthodontics, and firearms & defense. Electrical and electronics segment emerged as the largest segment with a 48.20% share of revenue in 2017. Industry wide trend for miniaturization of electronics devices is generating a huge demand for the smaller electronics parts with optimum performance at a cost effective price. For instance, metal injection molding is used to produce Apple’s Lightning connector, a component that has been produced in the tens of millions per week at peak production. Thus, increasing use of metal injection molding in the consumer electronics, further driving the growth of market.
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Regional Segment Analysis of the Metal Injection Molding Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
The regions analysed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. Asia Pacific region emerged as the largest market for the metal injection molding market with a 38.91% share of revenue in 2017. The rapid growth of end-user industries such as electrical and electronics, consumer products, medical and orthodontics are anticipated to propel the growth of the market in Asia Pacific region. Furthermore, most of the key vendors of metal injection molding market has established the facilities in the Asia Pacific region, since the production cost in this region is lower as compared to other regions, further driving the growth of the market. North America region is anticipated to attain a robust share of the global metal injection molding market, owing to its well-developed electronics, automotive, firearms, and defense industries.
About the report:
The global metal injection molding market is analysed on the basis of value (USD Billion), volume (Kilotons), imports (Kilotons) and exports (Kilotons). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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