The Metal Injection Molding Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Metal Injection Molding Global Market Report 2024, The metal injection molding market size has grown rapidly in recent years. It will grow from $3.97 billion in 2023 to $4.39 billion in 2024 at a compound annual growth rate (CAGR) of 10.4%. The growth in the historic period can be attributed to powder metallurgy advancements, automotive industry demand, energy sector requirements, additive manufacturing growth, consumer goods manufacturing..
The metal injection molding market size is expected to see strong growth in the next few years. It will grow to $6.32 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%. The growth in the forecast period can be attributed to advancements in alloy development, sustainable practices, investments in research and development, rising demand for lightweight materials, global infrastructure development.. Major trends in the forecast period include additive manufacturing, powder metallurgy techniques, wider range of metal powder alloys, metal injection molding, digitalization and industry 4.0 integration..
Rising demand from the automotive industry is expected to propel the growth of the metal injection molding market going forward. An automotive industry refers to an industry that comprises businesses involved in the manufacture, distribution, retail, and upkeep of automobiles. Metal injection molded parts are now largely used by the automotive industry for engines, gearboxes, turbochargers, locking mechanisms, steering systems, and electrical systems. These are employed to produce high-strength, high-complexity parts. For instance, in March 2022, according to a report published by the European Automobile Manufacturers' Association (ACEA), sales of passenger cars in the US increased by 5.5% from 2020 to 11.9 million units in 2021. Over 6.3 million passenger cars were produced in US auto facilities in 2021, an increase of 3.1% from 2020. Therefore, rising demand from the automotive industry is driving the growth of the metal injection molding market.
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The metal injection molding market covered in this report is segmented –
1) By Material: Stainless Steel, Low Alloy Steel, Soft Magnetic Material, Other Materials
2) By Machine Type: Hydraulic, Electric, Hybrid
3) By End-user: Electrical And Electronics, Automotive, Consumer, Industrial, Other End-Users
Product innovations are the key trends gaining popularity in the metal injection molding market. Major companies operating in the metal injection molding market are adopting new technologies to sustain their position in the market. For instance, in September 2021, The ExOne Company, a US-based provider of 3D printing machines, launched X1 Tooling, the world’s broadest portfolio of industrial-grade 3D-printed tooling solutions. To address supply chain issues, this portfolio was developed for producers searching for quick, inexpensive, and local tooling solutions. For metal production, the company has launched X1 SandCast, X1 MetalTool, and X1 DieMold. Additionally, end-of-arm tooling and tough perishable or consumable cutting tools in a variety of metals, including tool steels, can be 3D printed using the X1 MetalTool.
The metal injection molding market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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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.
