NEW YORK, April 6, 2022 /PRNewswire/ -- The global metal injection molding market size is expected to reach USD 6.78 Billion in 2030 and register a revenue CAGR of 8.1% over the forecast period, according to latest report by Reports and Data. Rising demand for customized metal components is one of the crucial factors driving metal injection molding market revenue growth.
Metal injection molding is an advanced manufacturing process that aids in imparting desired shape to molten metals. Due to rising demand for high volume, complex metal parts for automotive and defense applications, metal injection molding process has supplanted other traditional molding technology. The prepared mixture, which usually consists of a binder and metal powder, is fed into an injection molding machine, which thereby injects feed into another equipment to achieve desired shape. Metal injection molding has become increasingly popular in manufacturing industry in recent years due to reduced waste generation, cost-effectiveness, and short production time.
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Increasing demand for small metallic components induced with various mechanical properties is driving demand for metal injection molding process. In addition, metal injection molding process is significantly utilized for manufacturing critical medical equipment that is used for various medical procedures. For instance, vascular therapies, intravenous therapies, invasive surgery, and advanced drug delivery equipment require instruments that have high precision and accuracy. Metal injection molding process aids in achieving these qualities due to its advanced manufacturing process.
Some Key Highlights from the Report
- On December 14, 2021, Argon Medical Devices, Inc., a leading manufacturer and provider of medical devices based in the U.S., announced acquisition of Matrex Mold and Tool, Inc., a U.S.-based manufacturer of high-quality precision injection molding products for automotive, residential, and medical device industries. This acquisition enhances Argon's efforts to vertically integrate new product development and manufacturing. In addition, it also enables Argon in maintaining control and product quality for mainstream manufacturing.
- Low-alloy steel segment accounted for a moderate revenue growth rate during the forecast period. Low-alloy steel is a metal mixture and possesses chemical properties that prevent metal components manufactured from getting corroded. Rising demand for this segment is mainly due to its high yield strength, good creep strength, hydrogen resistance, low-temperature flexibility, and many others. Higher yield and creep strength are desirable as low-alloy steels manufacture thin-walled pressure vessels. For instance, metal injection molded 4605 is low alloy steel with carbon, nickel, and molybdenum compositions. Heat treatment processes such as quenching, and tempering provide high strength and wear resistance properties to this material. After that, it is coated for corrosion resistance. Several industries use this for their exceptional properties and hardness including automotive, consumer products, and power hand tools.
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- Electrical & electronics segment revenue is expected to grow at a steady rate during the forecast period. Metal injection molded components are widely used in electronics industry. Connectors with complex geometries are typically made using metal injection molding process. Furthermore, as demand for small and highly durable electrical products has grown, it has become necessary to use even smaller components within. This is where the metal injection molding process shines, as it provides excellent durability and tight tolerances for such small components. Apple's lightning connector and other related components, for example, are manufactured using metal injection molding process as it provides excellent flexibility.
- Market in Europe is expected to grow at a steady revenue rate during the forecast period. Significant investments in highly sophisticated vehicles components by prominent automotive manufacturers such as Mercedes-Benz AG, Volkswagen, and others are one of the key factors driving demand for metal injection molding in this region. Furthermore, rising demand for passenger vehicles has prompted automotive manufacturers to develop high-quality lightweight metal components and vehicle parts, due to which demand for metal injection molding process is rising in this region.
- Major companies in the global market report include ARC Group Worldwide, INDO-MIM, Smith Metal Products, D&K ENGINEERING, Tanfel Metal, Husky Technologies, Connor Corporation, ASH Industries, Redstone Manufacturing, and Advanced Powder Products, Inc.
To identify the key trends in the industry, research study at https://www.reportsanddata.com/report-detail/metal-injection-molding-mim-market
For the purpose of this report, Reports and Data has segmented the metal injection molding market based on material, end-use, and region:
- Material Outlook (Revenue, USD Billion; 2019-2030)
- Stainless Steel
- Low-Alloy Steel
- Tool Steel
- Bioimplantable
- Titanium
- Copper
- Magnetic
- Tungsten
- Hardmetals
- End-use Outlook (Revenue, USD Billion; 2019-2030)
- Automotive
- Medical & Orthodontics
- Electrical & Electronics
- Aerospace & Defense
- Others
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- Regional Outlook (Revenue, USD Billion; 2019-2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Rest of MEA
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