(Metal Injection Molding) MIM Parts Market Size By Material (Stainless Steel, Low Alloy Steel, Soft Magnetic Materials), By Industry (Automotive, Consumer Goods, Electronics, Medical, Firearms, Aerospace), Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2026

Published Date: Oct 2019  |  Report ID: GMI4392  |  Authors: Kiran Pulidindi, Hemant Pandey

Report Format: PDF   |   Pages: 224   |   Base Year: 2018




Summary Table of Contents Industry Coverage Methodology

Industry Trends

(Metal Injection Molding) MIM Parts Market Size was over USD 2.1 billion in 2018 and will witness a CAGR of approximately 12.2% between 2019 and 2026.
 

(Metal Injection Molding) MIM Parts Market

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Metal injection molding or MIM is a metal processing technique which includes mixing of powdered metals with binders to produce a particular feedstock, which is later solidified and shaped by injection molding. The process is generally used for complex parts to shape them in an easy and single step. It eliminates use of extensive machines and saves cost. Die casting and MIM, both are suitable for producing complex geometrical parts in large quantity. Although, MIM offers a wider material range compared to die casting which is only restricted to aluminum and zinc. As a result of having ability to manufacture metal materials, MIM parts offers better enhanced material performance, thermal conductivity and good hardness. Metal injection molded steel parts are gaining popularity as opposed to forged steel and cast steel, primarily in firearms manufacturing.
 

Automobile industry is one of the major end users of MIM parts. High complexity and high strength of these parts make them ideal to be used in gearboxes, engines, turbochargers, steering systems and in many other applications. Rocker arms made from low alloy steel, is one of the most used MIM part in automobile engines. The product is featured with a hollow type configuration which is difficult to be achieved by other technologies. Global automobile industry is expected to follow an upward trajectory in the coming years attributed to the technology transformations and evolving consumer demands and tastes. Europe’s automobile sector has been showing a healthy growth trend from the past few years achieving a sales growth in a range of 1-2%. The light vehicles sales dominated the overall vehicle sales in the region supported by improved economic growth from key players mainly in France, Germany, Russia and Italy. An uplifting trend in the global automobile industry can affect metal injection molding parts consumption in the projected time frame.
 

Despite of being utilized in ample number of industries, the product growth can be restricted by high volatility in metal prices. Stainless steel is the key material used as a feedstock in the process and has the maximum oscillation in prices. Although ease in manufacturing process and utilization of less machinery makes the overall process quite economic.
 

(Metal Injection Molding) MIM Parts Market Report Coverage
Report Coverage Details
Base Year: 2018 Market Size in 2018: USD 2.3 Billion
Historical Data for: 2016 to 2018 Forecast Period: 2019 to 2026
Forecast Period 2019 to 2026 CAGR: 12.2% 2026 Value Projection: USD 5.2 Billion
Pages: 224 Tables, Charts & Figures: 358
Geographies covered (20): U.S., Canada, Germany, UK, France, Spain, Italy, Russia, China, India, Japan, Malaysia, Taiwan, South Korea, Brazil, Mexico, South Africa, Saudi Arabia, UAE, Kuwait
Segments covered: Material, Industry, Region
Companies covered (21): Smith Metals, Advanced Materials Technologies Pte. Ltd, CMG Technologies., Form Technologies Company, CN Innovations Holdings Ltd., ARC Group Worldwide, Inc., Akron Porcelain & Plastics Co., Kinetics Climax Inc., PSM Industries, Nippon Piston Ring Co Ltd., Hoganas AB, ASH Industries, Indo-MIM, MPP, Rockleigh Industries, MICRO, Molex LLC, FineMIM Tech Co., Ltd, VDR Metals Inc., MDMetalline, Tamboli Engineers Private Limited
Growth Drivers:
  • Increasing product demand from the automotive industry
  • Government spending on arms & ammunition in the U.S.
  • Rapidly growing consumer electronics sector in Asia Pacific
  • Substantial production backlogs of commercial aircraft along with increasing air traffic
Pitfalls & Challenges:
  • Volatility in stainless steel price dynamics

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Stainless steel dominates the MIM parts material landscape

China (Metal Injection Molding) MIM Parts Market size by material, 2018 (USD Million)
China (Metal Injection Molding) MIM Parts Market size by material, 2018 (USD Million)

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MIM parts can be manufactured from various metal powders namely low alloy steel, stainless steel, soft magnetic materials, tungsten-based materials and many more. Stainless steel holds the maximum MIM parts market share of around 60% among all the other materials. MIM part achieves value added strength, high density along with corrosion resistance by using steel powders as feedstock in the manufacturing process. Moreover, low alloy steel also captures a comparatively significant chunk in the materials segment. The material is used largely in the industry as a result of providing enhanced mechanical and corrosion resistance properties as compared to other materials such as carbon steel. Low alloy steels are generally utilized in firearms industry for manufacturing several guns as well as archery components. The material is also used in automotive sector for producing transmission & engine components and in industrial goods industry for producing various power and hand tools.
 

Defense sector is the most lucrative contributor to the MIM parts market

Metal injection molding parts are used in various sectors such as automotive, electronics, firearms, consumer goods, aerospace etc. Firearms industry is one of the promising end user sector of MIM parts market. Almost all manufacturers of firearms use MIM technology to simplify the production process in a cost-effective way. Common parts in this industry includes trigger guards, bolt sleeves, floorplates, sight basis etc. The reason behind using MIM technology in firearms production is that the process is highly automated, which in turn saves labor cost as well as time. Stretching U.S. defense budget as well as combat activities in the Middle East countries has been increasing the demand for small arms and guns, which in turn is expected to positively influence product consumption in the coming years. Beginning of Trump era has resulted in the increasing defense budget in the U.S., as administration has increased its focus towards military and defense sector. Aerospace and defense is the largest exporting industry in the U.S. generating a net revenue of over USD 85 billion in 2018. A rising defense industry in US and in other NATO countries is the key reason behind rising demand for MIM parts in production process of firearms.
 

Booming Chinese electronics industry

Global MIM Parts market size by region, 2018 & 2026
Global MIM Parts market size by region, 2018 & 2026

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Asia pacific has emerged as the highest growth for MIM parts market owing to presence of various emerging economies in the region and growing demand from various end user industries. The region’s demand is highly dependent on China, India and other developing economies. China constitutes around 40% of the total MIM parts demand in the region, majorly led by its flourishing electronics industry. The country has the world’s largest production base for electronic products accounting to around 30% of global total ICT products exports worldwide. To be more specific, China is a hub for producing computers, mobile phones and other electronic gadgets. The country has been experiencing a double-digit growth in electronics industry. Apart from China, countries including Singapore, Taiwan and South Korea also make a large share in regional and global electronics industry, which triggers the demand for MIM parts in manufacturing these electronics products.
 

Innovation and technological advancements

Metal injection molding parts manufacturing companies are highly focused in adding value to their portfolio by bringing some innovation in the existing products. For instance, Smith Metals launched titanium metal injection molding to its existing MOM materials range. Addition of titanium to metal injection molding parts results in a great increase in product toughness and lightness, thus widening of application scope of these products, while also gaining a competitive edge over other players in the market.
 

Frequently Asked Questions (FAQ) :

According to Global Market Insights, MIM Parts market was valued at over USD 2.1 billion in 2018.
The report estimates the market is expected to expand at more than 12.2% CAGR in the forecast period (2019-2025).
Stainless steel holds the maximum share of around 60% among all the other MIM parts materials, says the latest research report.
According to GMI, Asia pacific has emerged as the highest market growth for MIM parts owing to presence of various emerging economies in the region and growing demand from various end user industries.

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