Metal injection molding (MIM) is a process for producing metal parts of intricate shapes and sizes. It is a combination of two manufacturing processes – plastic injection molding and metal powder metallurgy. The process involves mixing metal powder with a thermoplastic binder to form a feedstock, which is then injected into a mold cavity and heated until the material liquefies and is forced into the shape of the cavity. After cooling and solidifying, the part is removed from the mold and finished by deburring, tumbling, vibratory finishing, or other processes. MIM produces parts with complex shapes and tight tolerances that are otherwise difficult or impossible to produce with traditional machining methods.
According to the MarketsandMarkets, the global "Metal Injection Molding Market by Material (Stainless Steel, Superalloys, Ordinary Alloy/Low Alloy Steel), End-use Industry (Automotive, Medical, Electrical & Electronics, Consumer Goods), and Region - Global Forecast to 2022", the metal injection molding market is estimated to be USD 2.58 Billion in 2017 and is projected to reach USD 3.77 Billion by 2022, at a CAGR of 7.83% between 2017 and 2022. The market is driven by factors such as the increasing demand for complex and intricate parts, growing automotive industry, and increasing demand for lightweight components in the automotive industry.
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The stainless-steel segment is projected to grow at the highest CAGR during the forecast period
The stainless-steel segment is expected to witness the highest growth during the forecast period, owing to its superior properties such as corrosion resistance, durability, and high strength-to-weight ratio. Moreover, it is extensively used in the automotive industry, owing to its high strength and aesthetic appeal. In addition, its excellent recyclability and sustainability make it an ideal choice for various applications and industries. Furthermore, the rising demand for stainless steel in various end-use industries, such as construction, transportation, and infrastructure, is expected to propel the growth of the global stainless steel market.
The electrical & electronics segment accounted for the largest share of the metal injection molding market
The electrical & electronics segment accounted for the largest share of the metal injection molding market in 2019 and is projected to grow at the highest CAGR during the forecast period. The growth of this segment can be attributed to the increasing demand for electronic components such as connectors, switches, and other components. Metal injection molding has become popular in the electronics industry due to its ability to produce complex and intricate components with a high degree of precision and repeatability. It also offers cost-effective solutions for producing small and intricate parts with superior surface finish. As a result, the demand for metal injection molded components in the electronics industry is expected to increase during the forecast period.
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Asia Pacific is projected to be the fastest-growing market for metal injection molding
The Asia Pacific region is expected to be the fastest-growing market for metal injection molding during the forecast period. This is due to the increasing demand for metal injection molding from the automotive, medical, electronics & semiconductor, defense, and aerospace industries. Additionally, the presence of a large number of manufacturers, especially in China, and the increasing demand for lightweight components in the automotive industry in the Asia Pacific region are expected to drive the growth of the metal injection molding market. Furthermore, the development of new technologies and materials, such as stainless steel, cobalt chrome, and titanium, is expected to create opportunities for the metal injection molding market in the region.
ARC Group Worldwide, Phillips-Medisize, Indo-MIM (India), Dynacast International, Smith Metal Products, NetShape Technologies, Dean Group International, and CMG Technologies (UK) are some of the major companies involved in the metal injection moulding market.
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