Metal Injection Molding Market worth 3.77 billion USD by 2022 | Key players Indo-MIM, Dynacast International, ARC Group Worldwide, Phillips-Medisize, Smith Metal Products

According to recent market research the "Metal Injection Molding Market by Material Type (Stainless Steel, Low Alloy Steel, Soft Magnetic Material) End-use Industry (Electrical & Electronics, Automotive, Consumer, Industrial, Medical & Orthodontics, Firearms & Defense) - Global Forecast to 2022", The metal injection molding market is projected to grow from USD 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 this market is attributed to the increasing demand for metal injection molded parts from electrical & electronics, automotive, medical & orthodontics, industrial, and firearms & defense end-use industries.

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Based on material type, the stainless steel segment of the metal injection molding market is projected to grow at the highest CAGR from 2017 to 2022. There is an increasing demand for stainless steel owing to its ability to provide high strength and hardness with moderate corrosion resistance. Stainless steel is widely consumed as a metal injection molding material, resulting in its relatively lower price as compared to other material types. This lowering of cost is expected to further drive the demand for stainless steel during the forecast period.

Based on end-use industry, the electrical & electronics segment accounted for the largest share of the metal injection molding market in 2016 due to the rising demand for small, precision, and high-volume components. The miniaturization of electronic devices has resulted in an increased demand for smaller parts with better performance at a relatively lower cost, which, in turn, is expected to drive the demand for metal injection molded parts in the electrical & electronics industry.

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The 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.

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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