Report Overview
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The global metal injection molding parts (MIM Parts) market size was 2494.3 million in 2022. As per our research, the market is expected to reach USD 3478.5 million in 2028, exhibiting a CAGR of 5.7% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with metal injection molding parts (MIM Parts) market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market growth and demand returning to pre-pandemic levels once the pandemic is over.
Metal injection molding (MIM) is a manufacturing process that uses metal powder and a binder to produce parts from a three-dimensional CAD model. The metal powder is combined with the binder in a hopper, and the mixture is then injected into a mold. The mold is heated until the binder cures, and the part is then ejected from the mold. This process is generally used for complex parts to shape them in an easy and single step. It eradicates the use of machines and save cost. MIM parts offer better improved materials, thermal conductivity and good hardness. Increasing adoption of environment-friendly and maintainable manufacturing techniques is also projected to motivate market income growth.
MIM technology is an environmentally responsible and sustainable manufacturing process that uses little waste and energy to produce complicated, highly precise parts. Exponential technological progress has adopted the development of an extensive collection of components that can be manufactured easily with divergent sizes and high difficulties using injection molding process. MIM is a huge time saver and cost-efficient metalworking process compared to traditional manufacturing methods. The technology reduces the product development cycle and does not require costly multistage machining operations for operational. Participating are fixing their efforts on encouraging R&D. Manufacturers need to stay updated with changing market trends and develop products that meet growing consumer needs. Technological development are supporting the regional market growth. Companies coming up with progressive technological solutions for firming their positions.
COVID-19 Impact: Pandemic hampered the market due to unexpected disruption in the sector
Covid 19 pandemic has extremely affected the whole world. It caused many unexpected disruption and affected the industry. Covid 19 had negative impact on the market due to economic slowdown, unpredictability in financial sector and high unstable market. The pandemic resulted in decreased demand due to a disrupted supply chain, drop in sales of products, delivery schedules. Travel bans imposed affected business collaboration and partnership. Demand had recently reduced due to travel bans and lockdown during the COVID-19 pandemic. The continuous loss in the business due to the lockdown measures is projected to directly influence the growth of the investments in the market.
Latest Trends
"Use of innovative products to boost the market growth "
Technological improvement and development will further enhance the presentation of the product, allowing it to obtain a varied range of requests in the market. Technological advancement will improve performance and propel the market growth. Technological advancement with high demand are increasingly setting a force to increase the productivity. Some players focus on product improvement to meet consumer requirements and likings. Constant innovation in manufacturing of products is anticipated to stimulate product demand.
Segmentation
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- By Type Analysis
According to type, the market can be segmented into stainless steel, steel, magnetic alloys, copper, others alloys.
Stainless steel will capture the maximum market share through forecast period.
- By Application Analysis
According to application, the market can be segmented into automotive, electronic, industrial components, medical & dental, firearms, consumer products, others.
Metal injection molding parts (MIM Parts) market players cover segment as industrial components will dominate the market share during forecast period.
Driving Factors
"Increase in trend for miniaturization to boost the market growth"
The growing trend of miniaturization in various products boosts the demand for small-sized metal components which can be proficiently produced through MIM. In numerous industries like automotive, aerospace, electronics, and medical, there is a growing need for small, complicated, and complex metal components. These components need to be lightweight, energy-efficient, and occupy minimal space. MIM offers an advantage in producing such parts with high precision and dimensional accurateness motivating its implementation.
"Technological advancement and development to upsurge the market."
Technological advancements and innovation activate unique revenue augmenting opportunity which will upsurge the metal injection molding parts (MIM Parts) market growth. Compared to traditional metalworking technologies, MIM design is flexible and almost unlimited. Growing investment in research and development activities and growing awareness about benefits expected to deliver profitable opportunities for the market. Constant development are one of the trends in the market in variety of practices.
Restraining Factors
"High cost to hamper the market growth"
High cost is hampering development of metal injection molding parts (MIM Parts) market. The initial setup costs for metal injection molding can be comparatively high, particularly for small and medium-sized enterprises which is depleting the market growth. Technical difficulties will reduce the industry revenue.
Regional Insights
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"Asia Pacific to dominate the region due to rising demand for consumer electronics"
Asia Pacific is further expected to witness growth in the metal injection molding parts (MIM Parts) market share. The region is dominating the market due to rising demand for consumer electronics and automobiles. The rising inhabitants and increasing income levels are also contributing to the development of the market. Upsurge in investments by key market players for the R&D undertakings and enlargement of their production abilities and product portfolios are projected to upsurge the growth. The expansion of regional market is being aided by technological developments.
Key Industry Players
"Key players focus on partnerships to gain competitive advantage"
The key players are dynamically contributing in strategic events that are aimed at maintaining strong market position and increasing market share by merger, partnerships and others. Key players are motivated to introduce new innovative products. They are spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market. The market changes are dynamic such as market expansion, partnership and merger.
List of Market Players Profiled
- Indo-MIM (U.S.)
- ARC Group (U.S.)
- NIPPON PISTON RING (Japan)
- Schunk (Germany)
- Praxis Powder Technology (U.S.)
Report Coverage
The report provides scrutiny and information according to market sectors. Business overview, financial overview, product portfolio, new project launch, recent development enquiry are the factors included in the profile. The report incorporates completely examined and appraised evidence of the noticeable players and their position in the market by methods for various descriptive tools. The report covers national and regional level market size and forecast. The report gives businesses the facility to research new prospect in many areas. The report shows to be an operational tool that players can use to gain a competitive superiority over their opponents and ensure lasting achievement in the market.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 2494.3 Million in 2021 |
Market Size Value By |
US$ 3478.5 Million by 2028 |
Growth Rate |
CAGR of 5.7% from 2021 to 2028 |
Forecast Period |
2022-2028 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the metal injection molding parts (MIM Parts) market expected to touch by 2028?
Metal injection molding parts (MIM Parts) market is expected to touch USD 3.47 billion by 2028.
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What CAGR is the metal injection molding parts (MIM Parts) market expected to exhibit during 2022-2028?
Metal injection molding parts (MIM Parts) market is expected to exhibit CAGR of 5.7% during 2022-2028.
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What are the driving factors of the Metal Injection Molding Parts (MIM Parts) Market?
Increase in trend for miniaturization and technological development & advancement are expected to deliver profitable opportunities for the Metal Injection Molding Parts (MIM Parts) market.
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Which are the key players or most dominating companies functioning in the Metal Injection Molding Parts (MIM Parts) market?
The dominating companies in the Metal Injection Molding Parts (MIM Parts) market are Indo-MIM, ARC Group, Schunk, Sintex, and Praxis Powder Technology.
