June 25, 2021 13:11 ET | Source: Insight Partners Insight Partners
Pune, India, June 25, 2021 (GLOBE NEWSWIRE) - Metal injection molding market: key insights According to the new research, the metal injection molding market size in 2019 was US$2.45868 billion, and it is expected to grow at a compound annual growth rate of 7.5% during 2020-2027, reaching US$4.3385.2 billion by 2027. The various advantages provided by metal injection molding are driving the growth of the metal injection market. However, the high cost of raw materials for metal injection molding is expected to hinder market growth.
Metal injection molding market: competitive landscape and key development Arc Group Worldwide; Molex Co., Ltd.; India-MIM; Shanghai Future Group; and Form Technologies are one of the major players in the global metal injection molding market. These companies provide a broad product portfolio for the metal injection molding market. These companies operate in developing regions and provide lucrative opportunities for the metal injection molding market. These market participants are highly focused on developing high-quality and innovative products to meet customer needs. These companies have realized the huge potential associated with antifreeze and have been observed to be highly involved in mergers and acquisitions, product news, and market plans. For example, in 2018, Metal Powder Products LLC acquired NetShape Technologies Inc., a leading manufacturer and solution provider of engineered metal parts using powder metal and metal injection molding technology.
Get an exclusive sample page of the metal injection molding market at https://www.theinsightpartners.com/sample/TIPRE00007212/-COVID-19 impact and global analysis with strategic insight
In 2019, Europe has the largest share of the global metal injection molding market. Due to the prosperous economic conditions in Europe, industrial activity in the region has been stimulated. Exponential growth in the industrial sector, including electrical and electronics, automobiles, consumer products, medical and orthodontics, has affected the demand for metal injection molding.
Metal injection molding (MIM) is highly developed by the automotive, electrical and electronic industries. It is highly utilized in the production of consumer electronic products. Due to the increasing demand for small and complex parts in the industry, coupled with the increasing demand for miniaturization of electronic equipment, metal injection molding has gained momentum in the electronics industry. Metal injection molding is used to make Apple's Lightning connector, which is a mass-produced component. MIM is also used to produce fiber optic parts, cold plates, radiators and mobile phone parts. In the past few years, the production of portable computing devices, cellular phones, and other personal electronic devices has grown exponentially. The growing international smartphone market offers huge possibilities for metal injection molding. Therefore, the rising adoption rate of these products has promoted the expansion of the metal injection molding industry. Rapid industrialization and urbanization have led to an increase in disposable income, especially in developing regions. This has further led to an increase in the adoption rate of mobile phones and electronic products. The major players in the market have benefited greatly from the exponential growth of the electronics industry, and they are highly focused on innovation to attract more customers. For example, Smith Metal Products specializes in metal injection molding of soft metal alloys and other metals for small electronic and electrical components. The company's MIM process utilizes technology built around automated production processes and is considered well-suited to the changing needs of the telecommunications and electronics markets.
Download the sample PDF brochure of the metal injection molding market growth research report at https://www.theinsightpartners.com/sample/TIPRE00007212/
Metal injection molding market: Overview of segmentation Based on materials, the metal injection molding market is subdivided into stainless steel, low alloy steel, and soft magnetic materials. In 2019, the stainless steel plate accounted for the largest share of the global metal injection molding market. Metal injection molding uses metal powders such as stainless steel. Stainless steel has good rigidity, wear resistance and corrosion resistance. Stainless steel is widely used in injection molding materials. Stainless steel parts used for metal injection molding have high wear and corrosion stability. The metal injection molding (MIM) process using stainless steel enhances the strength of steel and realizes the high density, corrosion resistance and flexibility of stainless steel. These materials are made of element-mixed or pre-alloyed stainless steel, including ferrite, austenite and precipitation hardening grades. In the automotive and medical equipment sectors, the use of stainless steel in MIM is steadily increasing. The initial use and overall success of metal injection molded orthodontic brackets proved the corrosion resistance and biocompatibility of injection molded stainless steel applications.
The impact of the COVID-19 pandemic on the metal injection molding market: COVID-19 first started in Wuhan (China) in December 2019, and it has since spread all over the world. As of December 2020, the United States, Brazil, India, Russia, Spain, and the United Kingdom are some of the most affected countries in terms of confirmed cases and reported deaths. Due to lockdowns, travel bans and business shutdowns, the COVID-19 epidemic has been affecting the economies and industries of various countries. Chemicals and materials are one of the major industries in the world. Due to the outbreak, the supply chain was disrupted, technical activities were cancelled, and offices were closed. For example, China is the global manufacturing center and the largest supplier of raw materials in various industries, and it is also one of the most severely affected countries. The shutdown of factories and factories in China is affecting the global supply chain and negatively affecting the manufacturing, delivery schedule and sales of various materials. Many companies have announced that they may delay product delivery and future sales decline.
Buy directly a copy of the metal injection molding market research https://www.theinsightpartners.com/buy/TIPRE00007212/
In addition, the global travel bans imposed by countries in Europe, Asia and North America are affecting business cooperation and partnership opportunities. It is expected that all these factors will have a negative impact on the industry, which will become a constraint on the growth of various markets related to the industry in the coming months.
Browse related reports: Bulk Molding Compounds (BMC) Market Forecast to 2027-COVID-19 Impact and Globally by Resin Type (Polyester, Vinyl, etc.), Fiber Type (Glass Fiber and Carbon Fiber) and Application (Electrical Industry) Analysis, automotive industry and others) and geography-https://www.theinsightpartners.com/reports/bulk-molding-compound-bmc-market
Molding Compounds Market Forecast to 2028-Global Analysis of COVID-19 Impact and Resin Type (Phenolic, Polyester, Epoxy, Other); Application (Automotive, Aerospace, Electrical, Other) and Geography-https:// www.theinsightpartners.com/reports/molding-compound-market
About us: Insight Partners is a one-stop industry research provider of actionable intelligence. We help our clients obtain solutions that meet their research needs through our joint and consulting research services. We focus on industries such as semiconductors and electronics, aerospace and defense, automotive and transportation, biotechnology, healthcare IT, manufacturing and construction, medical equipment, technology, media and telecommunications, chemicals and materials.
Contact us: If you have any questions about this report or want more information, please contact us:
Contact: Sameer Joshi Email: sales@theinsightpartners.com Phone: 1-646-491-9876
Press release-https://www.theinsightpartners.com/pr/metal-injection-molding-market