The metal injection molding market was projected to grow from USD 2.58 billion in 2017 to USD 3.77 billion by 2022, at a CAGR of 7.83% from 2017 to 2022. The growing demand for metal injection molded parts from end-use industries, such as consumer electronics, medical, automotive, industrial, and firearms & defense, is expected to drive the metal injection molding market. The metal injection molding market is also expected to grow as a result of significant advancements in technology. Metal injection molding companies are continuously developing new and improved products to meet the changing requirements of customers.
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Based on material type, the metal injection molding market has been segmented into stainless steel, low alloy steel, soft magnetic alloy, and others (tool steel, titanium, and tungsten). The stainless steel segment is projected to grow at the highest CAGR during the forecast period owing to its ability to provide high strength and hardness with moderate corrosion resistance. Stainless steel is consumed widely as a metal injection molding material, resulting in its relatively lower price as compared to that of other material types. This lowering of price is expected to further drive the demand for stainless steel during the forecast period.
Based on end-use industry, the metal injection molding market is segmented into electrical & electronics, automotive, medical & orthodontics, firearms & defense, industrial, and consumer products. The electrical & electronics segment is projected to grow at the highest CAGR during the forecast period due to the rising demand for miniaturization of electronic devices, which has resulted in the growth in demand for smaller parts with better performance at a relatively lower cost.
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Based on region, Asia Pacific is projected to be the fastest-growing metal injection molding market from 2017 to 2022. The rapidly growing end-use industries, competitive manufacturing costs, and high economic growth rate are the favorable factors fueling the growth of the metal injection molding market in this region. Growing demand from end-use industries, including automotive, electrical & electronics, medical & orthodontics, industrial, and firearms & defense is expected to drive the metal injection molding market in the region. Most of the key players operating in the metal injection molding market have their production capacity in this region since the production cost in this region is lower as compared to other regions.
Key players operating in the metal injection molding market include Indo-MIM (India), Dynacast International (US), ARC Group Worldwide (US), Phillips-Medisize (US), Smith Metal Products (US), NetShape Technologies (US), Dean Group International (US), and CMG Technologies (UK) and others.
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