The global metal injection molding market is projected to grow from 2.58 billion in 2017 to USD 3.77 billion by 2022, at a CAGR of 7.83% from 2017 to 2022. The growth of the market can be attributed to the increasing use of metal injection molded parts in various end-use industries, such as electrical & electronics, medical & orthodontics, automotive, firearms & defense, industrial, and consumer products. The metal injection molding market has been segmented on the basis of material type, end-use industry, and region.
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Key players operating in the metal injection molding market include Indo-MIM (India), ARC Group Worldwide (US), Dynacast International (US), Phillips-Medisize (US), Smith Metal Products (US), and NetShape Technologies (US). These players have adopted various strategies to expand their global presence and increase their market shares. New product launches, expansions, and acquisitions are some of the major strategies adopted by these players to enhance their business prospects in the metal injection molding market.
Companies such as ARC Group Worldwide (US), Dynacast International (US), and Indo-MIM (India) adopted expansions and new product launches to expand their regional presence and product offerings.
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In March 2016, ARC Group developed a new proprietary thixomolding process. The new process utilizes the company’s expertise in magnesium injection molding and its metallurgical knowledge. This new product launch helped the company attain a competitive advantage by offering cost advantages to its customers. The company also launched online quoting and increased its capacity for proprietary rapid metal injection molding technology (RapidMIM) in June 2014. This launch helped the company streamline and accelerate the quoting process.
Indo-MIM, a leading manufacturer of metal injection molded parts, adopted the new product launch strategy to expand its product portfolio and business globally. In March 2016, it manufactured modern sensors for one of the world’s leading sensor manufacturers. The metal injection molded parts produced help enhance the fuel economy of cars. This new product launch helped the company gain higher competitiveness in the market. In February 2016, the company created an assembly of five different metal injection molded parts and machined components on a mechanical assembly line. This helped the company cater to the specific needs of its end customers.
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Global Metal Injection Molding (MIM) Market is expected to reach USD 6.52 billion by 2025.
Metal Injection Molding (MIM) combines two recognized technologies; “powdered metallurgy” and “plastic injection molding” to offer cost-efficient solutions for complex geometries.
The MIM process is executed in four main steps like mixing, injection molding, debinding, and sintering.
The Metal Injection Molding Market is estimated to grow at a significant CAGR of 11.9% over the forecast period as the scope and its applications are rising enormously across the globe.The factors that are playing a major role in the growth of Metal Injection Molding (MIM) market are growing demand for small and complex components from manufacturers, reduction in wastage of raw materials, cost-efficient raw materials, and growing investment in the defense and medical sector.
However, strict government policy may restrain overall market growth in the years to come.
Metal Injection Molding Market is segmented based on material type, end user, and region.Download Free Sample Report @ https://www.millioninsights.com/industry-reports/metal-injection-molding-mim-market/request-sampleThe soft magnetic material, stainless steel, low alloy steel, and the other material types could be explored in Metal Injection Molding (MIM) in the forecast period.
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Market Analysis and Insights: Global Metal Injection Molding (MIM) MarketThe global Metal Injection Molding (MIM) market size is projected to reach US$ 3491.1 million by 2027, from US$ 2499.5 million in 2020, at a CAGR of 4.4% during 2021-2027.
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