Metal Injection Molding Market to Reach $4,338.52 Million by 2027

Metal Injection Molding Market: Key Insights
According to our new research study on "Metal Injection Molding Market to 2027 - Global Analysis and Forecast - by Material and Industry Vertical," the Metal Injection Molding Market Size was valued at US$ 2,458.68 million in 2019, and it is expected to grow at a CAGR of 7.5% during 2020-2027 to reach US$ 4,338.52 million by 2027. Various advantages offered by metal injection molding are propelling the metal injection molding market growth to a great extent. However, high cost of raw materials for metal injection molding is expected to hamper the market growth.

Metal Injection Molding Market: Competition Landscape and Key Developments

Arc Group Worldwide; Molex, LLC; Indo-MIM; Shanghai Future Group; and Form Technologies are among the major players operating in global metal injection molding market. These companies provide a wide range of product portfolio for the metal injection molding market. These companies have their presence in the developing regions which provides a lucrative opportunity for metal injection molding market. These market players are highly focused on the development of high quality and innovative products to fulfil the customer's requirements. The companies have realized the immense potential pertaining to antifreeze and were observed highly involved in merger and acquisition, product news rand market initiatives. For example, in 2018, Metal Powder Products LLC acquired NetShape Technologies Inc., which is a leading manufacturer and solutions provider of engineered metal components using powdered metal and metal injection molding technologies.

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In 2019, Europe contributed to the largest share in the global metal injection molding market. Owing to Europe's flourishing economic conditions, there has been a spur in the region's industrial activities. The exponential growth in the industrial sector, including electrical and electronics, automotive, consumer goods, and medical and orthodontics, has influenced the demand for metal injection molding.

Metal injection molding (MIM) is highly exploited by industries such as automotive, electrical, and electronics. It is highly utilized in the production of consumer electronics. Metal injection molding is gaining momentum in the electronics industry due to the rising demand for small and complex parts in the industry, coupled with the increasing demand for miniaturization of electronics devices. Metal injection molding is utilized in manufacturing Apple's Lightning Connector, a component that is produced in large numbers. MIM is also used to produce fiber-optic parts, cold plates, heat sinks, and mobile phone parts. For the past few years, the production of portable computing devices, cellular phones, and other personal electronic devices has increased exponentially. The proliferating international smartphone market offers immense possibilities for metal injection molding. Hence, the rise the adoption of these products drives the metal injection molding industry's expansion.

Rapid industrialization and urbanization resulted in increased disposable income, particularly in the developing regions. This has further led to the rise in adoption of mobile phones, and electronic items, among others. The key players in the market are highly benefitting from the exponential growth of the electronics industry, and they are highly concentrating on innovation to attract more customers. For instance, Smith Metal Products specialize in metal injection molding of soft metal alloys and other metals for small electronic and electrical components. The company's MIM processes utilize technology built around an automated production process and are considered well-suited to the evolving requirements of the telecom and electronics markets.

Metal Injection Molding Market: Segmental Overview

Based on material, the metal injection molding market is segmented into stainless steel, low alloy steel, soft magnetic material, and others. In 2019, the stainless-steel segment held the largest share of the global metal injection molding market. Metal injection molding makes use of metal powders like stainless steel. Stainless steel has good stiffness and wear and corrosion resistance. Stainless steel is widely used in injection molding materials. Stainless steel components employed in metal injection molding possess high wear and corrosion stability. The metal injection molding (MIM) process using stainless steel enhances the strength of steel and achieves high densities, corrosion resistance, and flexibility of stainless steel. These materials are produced from elementally blended or pre-alloyed stainless steels, including ferritic, austenitic, and precipitation hardening grades. The utilization of stainless steel in MIM is steadily increasing in automotive and medical instruments sectors. The initial use and overall success of the metal injection molded orthodontic brackets demonstrated the corrosion resistance and biocompatibility of injection molded stainless steel applications.

Impact of COVID-19 Pandemic on Metal Injection Molding Market:

COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread across the globe. As of December 2020, US, Brazil, India, Russia, Spain, and the UK are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 outbreak has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Chemicals & materials is one the world's major industries suffering serious disruptions such as supply chain breaks, technology events cancellations, and office shutdowns as a result of this outbreak. For instance, China is the global hub of manufacturing and the largest raw material supplier for various industries, and it is also one of the worst affected countries. The lockdown of various plants and factories in China is affecting the global supply chains and negatively impacting the manufacturing, delivery schedules, and sales of various materials. Various companies have already announced possible delays in product deliveries and slump in future sales of their products.

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In addition to this, the global travel bans imposed by countries in Europe, Asia, and North America are affecting the business collaborations and partnerships opportunities. All these factors are anticipated to affect the industries in a negative manner, thereby acting as restraining factor for the growth of various markets related to this industry in the coming months.

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