Various Advantages Offered by Metal Injection Molding to Escalate Metal Injection Molding Market Growth during 2020–2027
According to our latest market study on “Global Metal Injection Molding Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Material (Stainless Steel, Low Alloy Steel, Soft Magnetic Material, and Others) and Industry Vertical (Automotive, Electrical and Electronics, Consumer Goods, Firearms and Defense, Medical and Orthodontics, and Others),” the market was valued at US$ 2,458.68 million in 2019 and is projected to reach US$ 4,338.52 million by 2027; it is expected to grow at a CAGR of 7.5% from 2020 to 2027. The report highlights key factors driving the market growth and prominent players along with their developments in the market.
Metal injection molding is a flexible, cost effective, and innovative process that provides versatility to the product designers and production engineers while using metal alloys. Metal act as a good substitute for plastic and ceramics components that are incapable to perform as per requirement. Metal injection molding focusses on quality and precision, as well as the process is closely monitored to meet the requirements. When a metal alloy is chosen for a specific application, the geometry of the component gets limited by the cost of shaping operations. The metal injection molding helps in overcoming this issue with the formation of the net shape parts in the tool. The metal injection molding offer benefits such as resistance to wear & corrosion, thermal stability, high mechanical strength, and dimensional stability.
The metal injection molding process merges the design flexibility of plastic injection molding with the integrity and strength of wrought metals to provide cost-efficient solutions for highly complex part geometries. It is a proven and established manufacturing method for producing complex, small, tight-tolerance, and high-efficiency metal parts. Metal parts produced by using the metal injection molding process are exploited across various industries due to the elimination of secondary operations, faster processing time, and better tolerance levels of final products. Exponential rise in technological advancements has fostered the development of a wide array of components that can be manufactured easily with differing sizes and high complexities using the injection molding process. Metal injection molding is a cost-efficient alternative to traditional methods such as machining, investment casting, and powder metallurgy as it lowers raw material usage, workforce, and inventory costs. Metal Injection Molding (MIM) offers features that cannot be achieved by investment castings, such as thin walls, small holes, and fine surface detail. Metal injection molding is highly effective for applications that require shape complexity and material properties such as magnetic permeability, high strength, and corrosion resistance, which cannot be fulfilled by plastic and light metal alloys. MIM can easily overcome various design and economic constraints of traditional metalworking techniques. Metal injection molding offers production scalability that allows the manufacturing of thousands to millions of parts quickly and efficiently. Metal injection molding is considered a green technology as it produces less material waste, and its consistency and repeatability features further augments its demand among end users.
Arc Group Worldwide; CMG Technologies; Dean Group International; Molex, LLC; INDO-MIM; MPP; Sintex A/S; Smith Metal Products; Shanghai Future Group; and Form Technologies are among the well-established players in the global metal injection molding market.
Impact of COVID-19 Pandemic on Metal Injection Molding Market
The COVID-19 outbreak was first reported in Wuhan (China) during December 2019. As of December 2020, the US, Brazil, India, Russia, Spain, and the UK are among the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 is adversely affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Chemical and materials is one the world’s major industries suffering serious disruptions such as supply chain breaks, technology events cancellations, and office shutdowns. For instance, China is the global manufacturing hub and 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 disrupting the global supply chains and hindering manufacturing activities, delivery schedules, and various materials sales. Various companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition, the global travel bans imposed by countries in Europe, Asia, and North America is hampering the business collaborations and partnerships opportunities. All these factors are restraining the growth of various markets related to the chemicals and materials industry.
Report : Metal Injection Molding Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Material (Stainless Steel, Low Alloy Steel, Soft Magnetic Material, and Others) and Industry Vertical (Automotive, Electrical and Electronics, Consumer Goods, Firearms and Defense, Medical and Orthodontics, and Others)
The report includes the segmentation of the Global Metal Injection Molding market as follows:
Metal Injection Molding Market, by Material
Metal Injection Molding Market, by Industry Vertical
Metal injection molding Market, by Geography