Metal Injection Molding Market

Global Metal Injection Molding Market Size (2024 to 2032)

The Global metal injection molding market is expected to grow from USD 5.52 billion in 2024 to USD 11.61 billion in 2032, with a CAGR of 9.74% between 2024 and 2032. 

Current Scenario of the Global Metal Injection Molding Market

Metal injection molding (MIM) is one of the developed molding procedures that assist in imparting the desired shape to molten metals. MIM has replaced the traditional molding technology owing to the call for high-volume metal parts for automotive and military applications. The already-made mixture, usually a binder and metal powder, is added to the injection molding machine that injects the feed into the mold to attain the desired shape. In the past years, manufacturing businesses have incorporated MIM owing to less waste of raw materials, cost-effectiveness, and low production time. Metal injection molding technology enhanced cost efficiency in those times and, therefore, was being continued as a very great practice to produce desired outputs. Such efficiency also resulted in high volume production of the parts made. 

Metal injection molding (MIM) is a procedure of metalworking where a metal that is powdered very finely is combined with a binder material to give an output of a "feedstock". This feedstock is then given a shape and solidified with the assistance of injection molding. The molding procedure lets high-volume, complicated parts be taken into shape in only one step. After the molding process, the needed part goes through conditioning operations to get rid of the binders. Finished products made by this procedure majorly are small components employed in several businesses and related applications. 

MARKET DRIVERS

The growing demand for metal injection molding products from the healthcare industry, rising technological developments and the increasing demand lightweight & smaller automotive parts are the key driving factors for the metal injection molding market expansion. 

The ability to manufacture large volumes of accurate components utilizing metal injection molding has seen its employment rise across the medical segment in past years. The Metal injection molding capacity tends to make the features for ongoing unique medical devices. The worldwide metal injection molding market is driven by less cost of raw materials, quick urbanization & industrialization, and a rise in investment in the manufacturing businesses. MIM technology is used in a broad range of segments like aerospace, automotive, telecommunications, optical, medical, and watch businesses. The metal injection molding market has been segmented into distinct applications, out of which, firearms have shown high expansion potential. The escalating call for lightweight & tiny automotive parts is also generating great opportunities for the MIM market.

Furthermore, the digitalization of manufacturing components worldwide is estimated to offer new opportunities in the market. An increasing call for miniaturized composite elements, which are employed as a high-performance material in many end-use businesses, is one of the major factors that is driving the expansion of the metal injection molding market during the estimated period. Furthermore, increasing calls for different medical equipment is also responsible for boosting the demand for metal injection molding. These metal injection moldings are employed in the manufacturing of medical micro-parts to be used in many medical techniques and processes.  Some vascular therapies and some other medical processes like intravenous therapy, invasive surgery, and advanced drug delivery need correct devices that are made by utilizing the method of position of the art. Specialized manufacturing methods are needed to give intricate shapes to medical equipment. Metal injection molding has the ability to give such shapes that allow the expansion of the metal injection molding industry.

MARKET RESTRAINTS

The rising costs and side effects of raw materials derail the growth trajectory of the metal injection molding market. Moreover, the lack of trained professionals and strict laws and regulations are further obstructing market growth. Apart from this, flow lines, sink marks, surface delamination, weld lines, short shots, wrapping and jetting are the other technical challenges decreasing the expansion of the industry. Flow lines are made by shots of molten plastic coming at various speeds over the injection mold. This eventually leads to the formation of resin at several rates. In addition, the uneven internal contraction during the cooling procedure causes unintended bends or twists. Also, this increases the rejection rate of products, leading to monetary, material, and company image loss. Hence, the market is restricted by all these factors.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Metal Injection Molding Market Analysis By Material

The stainless-steel segments account for the biggest portion of close to 40 per cent of the metal injection molding market. It is widely used in several industries and will only grow with time fuelling the segment’s market demand. Moreover, companies have introduced MIM for mixing stainless with the least corrosion and high resistance for medical tools and equipment, firearms and other defence products, industrial equipment, automotive, consumer electronics, etc.

Global Metal Injection Molding Market Analysis By End-user

The automotive segment is the dominant category because of the heightening demand and extensive use of lightweight parts. The metal injection molding (MIM) method has gained traction due to the rising demand for high-strength and heavy components for electronic systems, lock mechanisms, transmission gears, steering systems, and turbochargers. For instance, Germany’s Schunk GmbH manufactures the rocker arms for MIM which are part of BMW engines.  The electrical and electronics segment is also a major contributor to the metal injection molding market growth.

REGIONAL ANALYSIS

North America metal injection molding market is anticipated to expand at a faster rate in the coming years.

The growing demand across different industries, but it is particularly high in healthcare, electronics, automotive, and electricals, driving the regional industry. Moreover, the rising application of lightweight materials in automobiles and technological developments are fuelling the NA’s market share. Europe holds a significant share of the metal injection molding market. The regional trend of a robust manufacturing ecosystem of consumer goods, medical tools, and defense items is propelling the industry forward. However, high energy prices and logistics expenses are key challenges for European companies. Asia Pacific is the fastest growing region which is led by India, China and Vietnam. The rising sale of consumer electronics, conventional fuel-based cars, and electric vehicles, and ease of doing business are boosting the regional demand. On the other hand, the Chinese metal injection molding industry had a tough year in 2023.

KEY PLAYERS IN THE GLOBAL METAL INJECTION MOLDING MARKET

Companies playing a prominent role in the global metal injection molding market include Indo-MIM (India), Dynacast International (US), ARC Group Worldwide (US), Smith Metal Products (US), NetShape Technologies (US), Husky Injection Molding Systems Ltd, Injectamax International, LLC, Tanfel Metal, D&K ENGINEERING, Reaux Medical Molding, Mahler GmbH, BMI Fours Industriels, and Others.

RECENT HAPPENINGS IN THE MARKET 

• Cobra Golf introduced its latest KING MIM Wedges, the very latest in golf to feature a total Metal-Injection-Molded (MIM) 304 stainless steel head construction. The MIM procedure represents a major development in wedge manufacturing, delivering the most perfect shape possible for a truly exceptional feel and turf interaction in every wedge Cobra maker.

• Elnik Systems LLC., a worldwide business dominator in the vacuum sintering furnaces production for Metal Injection Moulding, has introduced a laboratory furnace for MIM part and procedure advancement. The furnace has a usable area of 16 liters and a footprint of 252 cm x 196 cm x 324 cm involving the afterburner.

DETAILED SEGMENTATION OF THE METAL INJECTION MOLDING MARKET INCLUDED IN THIS REPORT

This research report on the global metal injection molding market has been segmented and sub-segmented based on material, end-use, and region.

By Material

• Stainless steel
• Low alloy steel
• Soft magnetic materials
• Others

By End-use

• Electrical and electronics
• Automotive
• Consumer
• Industrial
• Medical and orthodontics
• Firearms and Defense

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa