- The stainless steel segment is projected to grow at the highest CAGR
- Electrical & electronics segment accounted for the largest share of the metal injection molding market
- Asia Pacific is projected to be the fastest-growing market for metal injection molding
The metal injection molding market is projected to grow from $2.58 Billion in 2017 to $3.77 Billion by 2022, at a CAGR of 7.83% from 2017 to 2022. The stainless steel segment is projected to grow at the highest CAGR during the forecast period.
The growth of this market is attributed to the increasing demand for metal injection molded parts from electrical & electronics, automotive, medical & orthodontics, industrial, and firearms & defense end-use industries.
There is an increasing demand for stainless steel owing to its ability to provide high strength and hardness with moderate corrosion resistance. Stainless steel is widely consumed as a metal injection molding material, resulting in its relatively lower price as compared to other material types. This lowering of cost is expected to further drive the demand for stainless steel during the forecast period.
Based on end-use industry, the electrical & electronics segment accounted for the largest share of the metal injection molding market in 2016 due to the rising demand for small, precision, and high-volume components. The miniaturization of electronic devices has resulted in an increased demand for smaller parts with better performance at a relatively lower cost, which, in turn, is expected to drive the demand for metal injection molded parts in the electrical & electronics industry.
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Based on region, the metal injection molding market has been segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa. Asia Pacific is estimated to be the fastest-growing market for metal injection molding during the forecast period. The growth of the Asia Pacific metal injection molding market is primarily driven by the increased demand from end-use industries, such as electrical & electronics, automotive, medical & orthodontics, firearms & defense, industrial, and consumer products.
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).