Metal Injection Molding (MIM) Parts Market Size

Metal Injection Molding Parts Market Size

Metal Injection Molding Parts Market Size was over USD 2.1 billion in 2018 and will witness a CAGR of approximately 12.2% between 2019 and 2026. In terms of the industry, firearms segment was the largest  in 2018 and is expected to maintain its dominance throughout the forecast period.

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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 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 sector is one of the major end users of metal injection molding parts industry. 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 sector 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 being utilized in ample number of industries, the metal injection molding parts market 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.