Publication Month: Feb 2021 | Report Code: TIPRE00007212 | No. of Pages: 153 | Category: Chemicals and Materials | Status: Published
Metal injection molding is a flexible, cost-effective, and innovative process that provides versatility to product designers and production engineers while using metal alloys. Metal acts as a good substitute for plastic and ceramic components that are incapable of performing as per requirement. Metal injection molding focuses on quality and precision, and the process is closely monitored to meet the requirements. When a metal alloy is chosen for a specific application, the component's geometry 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.
In 2019, Asia Pacific held the largest share of the global metal injection molding market. The rise in urbanization, increase in manufacturing industries, and upsurge in the demand for automobiles and electronics is expected to drive the market growth in Asia Pacific. Rising demand for smart vehicles, and medical and consumer goods in the region favors the growth of the metal injection molding market. Metal injection molding provide benefits such as fast production, high efficiency, design flexibility, and large material choice. The rise in awareness about the benefits offered by metal injection molding and the growing safety concerns in electronic vehicles supports the growth of the market. Asia Pacific is estimated to register the highest CAGR in the market over the forecast period.
The COVID-19 outbreak was first reported in Wuhan (China) during December 2019. As of December 2020, the US, India, Brazil, Russia, France, the UK, Italy, Spain, Germany, Colombia, Argentina, and Mexico are among the most affected countries in terms of confirmed cases and reported deaths. According to the latest WHO figures, there are ~106,008,943 confirmed cases and 2,316,389 total deaths globally. The crisis is hindering various industries across the globe due to lockdowns, travel bans, and business shutdowns. The global manufacturing industry is one of the major industries suffering serious disruptions such as supply chain breaks, technology events cancellations, office shutdowns. The lockdown of various plants and factories in leading regions such as North America, Europe, Asia Pacific, South America, and the Middle East and Africa is restricting the global supply chains and hindering manufacturing activities, delivery schedules, and various goods sales. In addition, global travel bans imposed by countries in Europe, Asia, and North America are adversely affecting business collaborations and partnership opportunities. All these factors are disrupting the manufacturing of automotive, medical, defense, and electronics goods, which is restraining the growth of the metal injection molding market.
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Metal injection molding 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 the miniaturization of electronics devices. Metal injection molding is utilized to manufacture Apple's Lightning Connector, a component that is produced in huge numbers. Metal injection molding 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 in the adoption of these products drives the metal injection molding industry's expansion. Currently, the automotive sector is a significant consumer of metal injection molded parts. High complexity, high strength parts are used in engines, turbochargers, gearboxes, steering systems, locking mechanisms, and electronic systems. The demand for molded miniature products is escalating in the automotive sector, attributed to their high strength and complexity in their structures. The exponential growth of the automotive industry, especially in emerging economies such as India and China, is fueling the growth of the global metal injection molding market.
Based on material, the global metal injection molding market is segmented into stainless steel, low alloy steel, soft magnetic material, and others. In 2019, the stainless steel segment led the market. Stainless steel has good stiffness, wear, and corrosion resistance properties. It is a widely used injection molding material. Stainless steel components that are employed in metal injection molding possess high wear & corrosion stability. The metal injection molding help in enhancing the strength, achieving high densities, corrosion resistance, and flexibility of stainless steels. These materials are produced from elementally blended or pre-alloyed stainless steels, including ferritic, austenitic, and precipitation hardening grades. The utilization of metal injection molding for stainless steel is steadily increasing in the automotive and medical instruments sector. 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.
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Based on industry vertical, the metal injection molding market is segmented into automotive, electrical and electronics, consumer goods, firearms and defense, medical and orthodontics, and others. The electrical and electronics segment accounted for the largest share in the market in 2019. Metal injection molding focuses on precision and quality, and the process is a closely monitored to meet the requirements. The low cost and complex designing capacities of metal injection molding technology reduce manufacturing time and offer high economies of scale. Metal injection molding has diversified electrical and electronics applications such as fiber-optic parts, lightning connector, cold plates and heatsinks, PCB terminal blocks, high-voltage power connectors, solenoids, and smartphone components, micro switches, heat sinks, filter, and switching components, and mobile phone parts. Furthermore, the low cost and complex designing capacities of metal injection molding are expected to boost the market growth in the near future.
|Market Size Value in||US$ 2,458.68 Million in 2019|
|Market Size Value by||US$ 4,338.52 Million by 2027|
|Growth rate||CAGR of 7.5% from 2019-2027|
|No. of Pages||153|
|No. of Tables||56|
|No. of Charts & Figures||76|
|Historical data available||Yes|
|Segments covered||Material and Industry Vertical|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America|
|Country scope||US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Free Sample Copy Available|
Players operating in the metal injection molding market are implementing the mergers and acquisitions and research & development strategies to enlarge their customer base and gain significant market share across the world, which also permits them to maintain their brand name globally.
The List of Companies - Global Metal Injection Molding Market