Market Overview
Metal Injection Molding (MIM) is an advanced metalworking technique used for the production of complex metal structures. The process is based on traditional powder injection molding technology, in that it uses fine-powdered metal along with binder to shape high strength metal parts. MIM evolved as the preferred choice of technology in manufacturing small precision components owing to the cost, time and accuracy benefits offered by this process. The growth of the market can be majorly attributable to growing use of metal components in industries such as automotive, medical and aerospace. MIM has higher throughput in production of complex parts and offers superior product quality, reduced wastage and is capable of working on a wide range of metal alloys and sizes. These factors led to the adoption of MIM in wide range of industries. Firearms, Aerospace & Defense held the highest market share by revenue of 44.38% in 2019. The industry used wide range of MIM parts made stainless steel, high strength alloys and other materials.
By geography, Asia-Pacific contributed for the largest market share in the global metal injection molding market, owing to increasing use of MIM parts in smartphones, aerospace, firearms and consumer electronics. The market in the region valued USD 2,21million in 2019
Market Dynamics
Drivers
- Growing demand for small medical devices
- Rising demand for light-weight automotive parts
Restraints
- High cost of production and disability to produce larger components
Growing demand for small medical devices
Medical and healthcare sector evolved as the most lucrative industry for metal injection molding processes with a rapidly widening range of applications in the industry. MIM is used in the production of orthodontic brackets, staplers, scalpel holders and medical implants and surgical tools among others. It is considered as the most cost-effective manufacturing process for these complex medical parts. It helps the manufacturers in production of microsize components with added features such as undercuts or threads. The technology evolved as the most suitable among practical options for surgical instruments and medical implants manufacturers owing to high precision offered, high volume and capability of molding wide variety of materials. Most medical equipment manufacturers, orthopedic devices in particular, are focusing towards building in-house MIM production facilities to gain from the potential benefits of the technology. The technological advancements in binding and molding processes and increasing number of biocompatible metals available for injection molding led to the growth of MIM in medical device manufacturing.
Market Segmentation
Medical & orthodontics segment is likely to reach USD 2,123.91 million in 2027, from its recorded value of USD 731.94 million in 2019, growing with a CAGR of 16.2% during the forecast period. High-volume production of complex three-dimensional shapes is a major growth driver for this segment. In addition, the growing orthodontics industry is expected to drive the metal injection molding market. While orthodontic devices were traditionally created using investment casting, manufacturers have realized the cost savings and high-quality products that MIM provides. The dental industry produces orthodontics used in the tooth positioning system. These extremely small precision parts are usually made from 316L stainless steel, however metal injection molding is increasingly being used to make translucent brackets that have a much more discreet appearance, Moreover, there has been much progress towards the development of implantable MIM products for applications such as drug delivery devices and joint replacements.
OptiMIM is one of the key players who work with leading medical and dental manufacturers to deliver components across a range of applications including precision surgical devices, telemedical equipment, diagnostic equipment, dental equipment, and even veterinary implants.
For medical equipment and devices, MIM 17-4 strikes a good balance between corrosion resistance and strength. For devices that require high strength, OptiMIM had success with both 316 and 420 stainless steels. They have also manufactured implantable devices with F75 cobalt chrome alloys. Knee brace component is made from MIM-17-4 stainless steel.
Geographical Analysis
In China, with the increase in the disposable income of the middle-class population and the rising demand for electronic products countries importing electronic products from China, the production of electronics is projected to grow. With the growing electronics industry, the demand for the adhesive metal injection molding in electronic applications is expected to increase. On the other hand, India and Japan held significant market revenue share of 22% and 12% respectively in the year 2019.
The Japanese automotive industry is one of the world’s largest and renowned industries. This is primarily due to the initiatives and investments made in the sector, which enabled the growth. Japan’s automobile industry produces the third-largest number of vehicles in the world. It produced about 9,684,298 vehicles in 2019, witnessing 0.5% decline over 2018 production levels. The country is home to some of the major automotive producers, including Kawasaki, Yamaha, Toyota, Honda, Nissan, Suzuki, and others.
The growing automotive industry is expected to have a positive impact in the Japan metal injection molding market. Moreover, electrical and electronics manufacturing is one of the most prominent sectors in the ASEAN region. The sector accounts for nearly 30-35% of the total exports of the region. Majority of the global consumer electronic products, such as television, radio, computers, and cellular phones, are manufactured and assembled in ASEAN countries. Thailand, Malaysia, and Vietnam are the key manufacturing hubs for electrical and electronics products, which further drives the metal injection molding market.
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