Metal Injection Molding Market Size, Trends and Growth Analysis by 2027

The global market for metal injection molding was valued at approximately US$ 2,458.68 million in 2019 and is anticipated to grow to US$ 4,338.52 million by 2027, reflecting a compound annual growth rate (CAGR) of 7.5% from 2020 to 2027.

Metal injection molding (MIM) is an adaptable, cost-efficient, and innovative manufacturing technique that offers significant flexibility to product designers and production engineers utilizing metal alloys. This method serves as an excellent alternative to plastic and ceramic components, which may not meet specific performance requirements. MIM emphasizes quality and precision, with stringent monitoring throughout the process to ensure compliance with specifications. When selecting a metal alloy for a particular application, the design of the component can be constrained by the costs associated with shaping operations. MIM addresses this limitation by enabling the production of net shape parts directly from the tool. The advantages of metal injection molding include exceptional wear and corrosion resistance, thermal stability, high mechanical strength, and dimensional accuracy.

The global metal injection molding market is categorized by material type into several segments: stainless steel, low alloy steel, soft magnetic materials, and others. In 2019, the stainless steel segment dominated the market due to its excellent stiffness, wear resistance, and corrosion resistance properties, making it a preferred material for injection molding. Components made from stainless steel in MIM applications exhibit high stability against wear and corrosion. The MIM process enhances the strength, density, corrosion resistance, and versatility of stainless steels, which are produced from either elementally blended or pre-alloyed stainless steel grades, including ferritic, austenitic, and precipitation hardening types. The adoption of metal injection molding for stainless steel is on the rise, particularly in the automotive and medical device sectors. The successful implementation of metal-injection-molded orthodontic brackets has showcased the corrosion resistance and biocompatibility of stainless steel in medical applications.

Regionally, the global metal injection molding market is divided into North America, Europe, Asia Pacific, South America, and the Middle East and Africa. In 2019, the Asia Pacific region held the largest market share, driven by rapid urbanization, a surge in manufacturing industries, and an increasing demand for automobiles and electronic products. The growing interest in smart vehicles, along with the rising need for medical and consumer goods, is expected to propel market growth in this region. The benefits of metal injection molding, such as rapid production, high efficiency, design flexibility, and a wide range of material options, are becoming more recognized. Additionally, the heightened awareness of the advantages of MIM and the growing safety concerns in electric vehicles are contributing to the market's expansion. Asia Pacific is projected to experience the highest CAGR during the forecast period.

The COVID-19 pandemic, which was first identified in Wuhan, China, in December 2019, has had a profound impact on various industries worldwide. By December 2020, countries such as the US, India, Brazil, Russia, France, the UK, Italy, Spain, Germany, Colombia, Argentina, and Mexico were among the most affected in terms of confirmed cases and fatalities. According to the World Health Organization, there were approximately 106,008,943 confirmed cases and 2,316,389 total deaths globally. The pandemic has severely disrupted numerous industries due to lockdowns, travel restrictions, and business closures. The manufacturing sector, in particular, has faced significant challenges, including supply chain disruptions, cancellations of technology events, and the shutdown of offices. The closure of manufacturing plants in key regions such as North America, Europe, Asia Pacific, South America, and the Middle East and Africa has restricted global supply chains, hampering manufacturing activities, delivery timelines, and sales of various goods. Furthermore, international travel bans have negatively impacted business collaborations and partnership opportunities, further disrupting the production of automotive, medical, defense, and electronic products, thereby hindering the growth of the metal injection molding market.

Key players in the global metal injection molding market include Arc Group Worldwide, CMG Technologies, Dean Group International, Molex, LLC, INDO-MIM, MPP, Sintex A/S, Smith Metal Products, Shanghai Future Group, and Form Technologies.

The overall size of the global metal injection molding market has been determined through a combination of primary and secondary research methods. The research process begins with comprehensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data related to the market. Additionally, multiple primary interviews are conducted with industry participants and experts to validate and analyze the collected data. Participants in this research include industry professionals such as VPs, business development managers, market intelligence managers, national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the global metal injection molding market.