The Global "Metal Injection Molding Market" is projected to grow at a CAGR of 8.0% during the forecast period (2022-2029).
Metal injection molding is a metalworking process in which finely powdered metal is mixed with binder material to create a feedstock that is then shaped and solidified using injection molding. The molding process allows high-volume, complex parts to be shaped in a single step. After molding, the part undergoes conditioning operations to remove the binder and densify the powders.
Rising demand in the healthcare industry, increasing technological advancements, and rising demand for lightweight & smaller automotive parts are the major driving factors for the market growth. The ability to produce high volumes of precision components using MIM has seen its use grow across the medical sector in recent years. Metal injection molding (MIM) capabilities lend to creating the features for today's unique medical device products.
Companies have experience in assisting their customers in the design for manufacturability of their MIM components for many types of medical devices. Surgical Instruments - ablation electrodes, endoscopic graspers & scissors, forceps, instrument bodies, scalpel handles, orthopedic surgery tools, screws, spine implants & external fixation, trauma plates, and hearing devices are the various kind of devices using MIM components.
The COVID-19 pandemic has disrupted the global economy and halted the key processes of almost all companies. Therefore, even the global metal injection molding market suffered due to it. The disturbances in supply chain management and transportation of goods and services hurt the growth of the market. Many manufacturing and production units were disrupted due to the government-enforced lockdowns and curfews across the world which led to losses and wastage of many metal injection molding products. The pandemic also significantly changed consumer demand and behavior. Consumers refrained from purchasing non-essential products amid the pandemic. The uncertain and unexpected situation caused by the pandemic significantly impacted the market hence, slowing its growth. However, the post-pandemic scene has improved and the metal injection molding market has recovered. The market is set to grow at a high rate.
By end-use industry, the metal injection molding market is segmented into automotive, industrial, firearms, aerospace & defense, electrical & electronics, consumer goods, and medical & orthodontics
The consumer goods market segment is expected to grow at the highest CAGR rate in the forecast period. The metal injection molding process is broadly used in the manufacturing of components of consumer goods such as phone casings, camera components, charging cables, laptop hinges, mobile connectors, and among others.
The automotive sector has also become a major consumer of metal injection molded parts. High strength and high complexity parts are used in engines, gearboxes, turbochargers, locking mechanisms, steering systems, and electronic systems. Companies are manufacturing MIM rocker arms for the automotive industry. For instance, metal injection molded rocker arms are produced by Schunk GmbH, Germany. These arms are used in BMW engines. It featured a hollow configuration, saving weight, which is difficult to achieve by other processes.
By material type, the metal injection molding market is segmented into soft magnetic material, stainless steel, low alloy steel, and others
Stainless steel is projected to grow at the highest CAGR during the forecast period due to its lower price as compared to other material types. The extensive application of stainless steel in various end-use industries is the major impacting reason for market growth worldwide. These materials are manufactured from pre-alloyed or elementally blended stainless steel and include austenitic, ferritic, and precipitation hardening grades.
Companies are launching metal injection molding with material type stainless steel, with a combination of high strength, hardness, and wear resistance with moderate corrosion. For instance, in 2019, Optimum launched new products in the market with excellent strength, hardness, and wear resistance.
The Asia Pacific dominated the global metal injection molding market in 2019 and is estimated to hold the largest market size over the forecast period (2021-2028). The growing interest in the miniaturization of consumer electronics and the increasing automotive industry worldwide is the major impacting factor on the growth of the market in the Asia Pacific.
The production cost in this region is lower as compared to the other regions because the prominent players from the Asia Pacific are operating their production facilities in the region. For instance, BASF set up a new Catamold production facility at its Kuanyin site in Taiwan. In addition, BASF opened a new technical service lab for the company’s MIM feedstock business in Shanghai, China. The new technical service lab for Catamold is located within BASF’s Innovation Campus Asia Pacific in Pudong, providing technical support as well as customer training.
The metal injection molding market is competitive with existing players in the market. Some of the major players include Indo-MIM, Tanfel Metal, Husky Injection Molding Systems Ltd., Reaux Medical Molding., Injectamax International, LLC., Fours Industriels B.M.I., Parmaco Metal Injection Molding AG, Optimum, ARC Group Worldwide Inc., Smith Metal Products and Netshape Technologies Inc.
The key players are adopting various key strategies such as product launches, collaborations, mergers & acquisitions which are contributing to the growth of the Metal Injection Molding Market. The companies are entering into collaborations, mergers, strategic partnerships, and acquisitions to increase the demand for metal injection molding and their expansion across the globe. For example, in March 2018, Platinum Equity completed the acquisition of Husky Injection Molding Systems International Ltd. In April 2018, Hoganas AB developed a new product venture focused on the areas of additive manufacturing and metal injection molding (MIM).
Overview: Indo-MIM is a manufacturer of Metal Injection Molding (MIM) parts for medical, aerospace, automotive, consumer, and industrial sectors. Indo-MIM is the world’s largest installed capacity for MIM Located in India and USA.
Product Portfolio: Its products and services include metal injection molding, ceramic injection molding, precision investment casting, precision machining, binder-jet 3d printing, and special process.
Key Developments: In May 2019, Indo-MIM announced a strategic partnership with Desktop Metal to offer innovative solutions to enable companies around the world to design and produce metal manufactured parts.
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