Low cost of raw materials and high investment into manufacturing industries are encouraging the growth of the metal injection molding market.
Market Size – USD 3.34 Billion in 2018, Market Growth – CAGR of 8.4%, Market Trends – Rapid urbanization and industrialization
NEW YORK, May 27, 2019 (GLOBE NEWSWIRE) — The Global Metal Injection Molding Market is forecast to reach USD 6.47 Billion by 2026, according to a new report by Reports and Data. Metal Injection Molding (MIM) is an advanced molding process that imparts desired shapes to the molten metals. Increasing demand for a high volume of metal parts in the automotive and military sector is fueling the demand for the market. Manufacturers prefer MIM as compared to other traditional ones as there is less wastage of raw materials, it is more cost-effective and uses less time for production.
The market is driven by rapid industrialization, swift urbanization, low cost of raw materials, and growing investment in manufacturing industries. Digitalization of manufacturing components across the globe is expected to provide new opportunities for the growth of the economy.
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Increasing demand of the market products from the end-user industries such as consumer goods, medical devices, and automotive and aerospace are fueling the market demand. Advancement in technology has paved the way for the manufacture of different metal components of different sizes and complexities.
Asia Pacific dominated the market for MIM in 2018. Expansion of automotive industries in the emerging nations is pushing the market of MIM in the region. Domination of electronics industries in countries such as China, Japan, and India are increasing the demand for metal part and thus of the market in the Asia Pacific region. As the production cost of the market product is low in the region, most of the key players are investing and building up their production facilities in these countries.
Further key findings from the report suggest
- Stainless Steel held the largest market share of 43% in the year 2018. The material has applications over a wide range of industries and is also cheaper than its counterparts.
- The material can be rolled into sheets, bars, plates, wires, and tubes. It is used in the production of large and small metal components. It is forecasted to have a growth rate of 9.0% during the forecast period.
- Soft magnetic materials are generally used for the temporary storage of energy in a magnetic field. It is observed that the material has a growth rate of 6.7% during the forecast period.
- Low alloy steels have carbon content less than 0.10-1.00%, and elements are added in the alloy to produce unique capabilities. It is commonly used in bearings and weathering steels.
- Expansion of automotive across the globe has increased the demand for MIM. The industry held the largest market share of 25% in the year 2018.
- The automotive sector has become a major consumer of the MIM parts. The high strength and high complexity of the parts find its application in gearboxes, locking mechanisms, engines, steering systems, turbochargers, and electronic systems.
- MIM is also used in the manufacture of defense parts such as sear, slide, firing pins, hammer, inserts front/rear, catches, extractor, trigger, slide stop, magazine catch, ejector, trigger bar, and rear or front sights.
- The aerospace and defense sector held a market share of 19% in the year 2018 and is forecasted to have a CAGR of 6.8%.
- Carbonyl method held a market share of 33% in the year 2018 and is expected to have a CAGR of 8.4% during the forecast period.
- North America held the second largest market share of 24% in the year 2018. The major contributor from the region is the US.
- The US MIM industry includes between twenty-five and thirty commercial parts makers, plus fifteen to eighteen captive operations making primarily medical, dental and firearms components for their own products.
- The US, stainless steels, and low-alloy steels dominate the MIM materials mix, representing an estimated 83% of powders consumed.
- Key participants include ARCMIM, Dynacast, Husky Injection Molding Systems Ltd., Tanfel Metal, Injectamax International, LLC. MIM India Company, Reaux Medical Molding, D&K ENGINEERING, Mahler GmbH, NetShape Technologies, and Smith Metal Products, among others.
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Segments covered in the report:
For the purpose of this report, Reports and Data have segmented into the global Metal Injection Molding Market on the basis of Product, Material Type, End Users, and Region:
Product Outlook (Revenue, USD Billion; 2016-2026)
- Carbonyl Method
- High-Pressure Gas Atomization
- Ultra-High Pressure Water Atomization
Material Type Outlook (Revenue, USD Billion; 2016-2026)
- Stainless Steel
- Low Alloy Steel
- Soft Magnetic Material
End Users Outlook (Revenue, USD Billion; 2016-2026)
- Medical and Orthodontics
- Electrical and Electronics
- Consumer Industrial
- Aerospace and Defense
Regional Outlook (Revenue, USD Million; 2016-2026)
- North America
- Asia Pacific
- Latin America
Browse more reports of Pharmaceutical category at: https://www.reportsanddata.com/report/category/micro-molding-and-micro-spheres
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