The Global “Metal Injection Molding Market” is projected to grow at a CAGR of 12.22% during the forecast period (2021-2028).
Metal injection molding is a metalworking process in which finely powdered metal is mixed with binder material to create a feedstock that is then shaped and solidified using injection molding. The molding process allows high volume, complex parts to be shaped in a single step. After molding, the part undergoes conditioning operations to remove the binder and densify the powders.
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Rising demand in the healthcare industry, increasing technological advancements, and rising demand for lightweight & smaller automotive parts are the major driving factors for the market growth. The ability to produce high volumes of precision components using MIM has seen its use grow across the medical sector in recent years. Metal injection molding (MIM) capabilities lend to creating the features for today’s unique medical device products.
Companies have experience in assisting its customers in the design for manufacturability of their MIM components for many types of medical devices. Surgical Instruments – ablation electrodes, endoscopic graspers & scissors, forceps, instrument bodies, scalpel handles, orthopedic surgery tools, screws, spine implants & external fixation, trauma plates, and hearing devices are the various kind of devices using MIM components.
By End-Use Industry
Firearms, Aerospace & Defense
Electrical & Electronics
Medical & Orthodontics
By Material Type
Soft Magnetic Material
Low Alloy Steel
The Asia Pacific dominated the global metal injection molding market in 2019 and is estimated to hold the largest market size over the forecast period (2021-2028). The growing interest for miniaturization of consumer electronics and increasing automotive industry worldwide are the major impacting factor for the growth of the market Asia Pacific.
The production cost in this region is lower as compared to the other regions because the prominent players from the Asia Pacific are operating their production facilities in the region. For instance, BASF set up a new Catamold production facility at its Kuanyin site in Taiwan. In addition, BASF opened a new technical service lab for the company’s MIM feedstock business in Shanghai, China. The new technical service lab for Catamold is located within BASF’s Innovation Campus Asia Pacific in Pudong, providing technical support as well as customer training.
The metal injection molding market is competitive with existing players in the market. Some of the major players include Indo-MIM, Tanfel Metal, Husky Injection Molding Systems Ltd., Reaux Medical Molding., Injectamax International, LLC., Fours Industriels B.M.I., Parmaco Metal Injection Molding AG, Optimum, ARC Group Worldwide Inc., Smith Metal Products, and Netshape Technologies Inc.
The key players are adopting various key strategies such as product launches, collaborations, mergers & acquisitions which are contributing to the growth of the Metal Injection Molding Market. The companies are entering into collaborations, mergers, strategic partnerships, and acquisitions to increase the demand for metal injection molding and their expansion across the globe. For example, in March 2018, Platinum Equity completed the acquisition of Husky Injection Molding Systems International Ltd. In April 2018, Hoganas AB, developed a new product venture focused on the areas of additive manufacturing and metal injection molding (MIM).
Sai Kiran Sales Manager at DataM Intelligence Email: firstname.lastname@example.org Tel: +1 877 441 4866 Website: www.datamintelligence.com