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Metal Injection Molding Global Market Size, Share, Emerging Trends, Key Growth, Challenges and Forecast By 2033
Metal Injection Molding Global Market
According to The Business Research Company's, 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..
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Market Drivers and Trends:
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.
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.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
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Major Key Players of the Market:
Molex LLC; Indo-Mim Private Limited; CMG Technologies Ltd.; GKN Ltd.; Smith Metal Products; ASH Industries Inc.; Rockleigh Industries Inc.; Schunk Sintermetalltechnik GmbH; Sandvik AB; Tekna Manufacturing Private Limited; PSM Industries Inc.; Advanced Powder Products Inc.; Alpha Precision Group; Epson Atmix Corporation; Hitachi Metals Ltd.; 3A Composites; Shanghai FUTURE HIGH-TECH Co. Ltd.; Advanced Forming Technology; Ametek Specialty Metal Products; Parmatech Corporation; WTM SOLUTIONS; MOKO Technology; Kinetics Clim*ax Inc.; Phillips-Medisize LLC; FloMet LLC; Advanced Technology & Materials Co. Ltd.; Nbtm New Materials Group; Jiangsu Gian Technology Co. Ltd.; Shenzhen Zhucheng Science & Technology Co. Ltd.; MDM Metal Industrial Co.Ltd.
Metal Injection Molding Market 2024 Key Insights:
• The metal injection molding market will grow to $6.32 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%.
• Surging Automotive Industry Demand Drives Growth In Metal Injection Molding Market
• Innovative Product Offerings Drive Metal Injection Molding Market Trends
• Asia-Pacific was the largest region in the metal injection molding market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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