December 30, 2019
According to the new research report available at MarketStudyReport.com under the title ‘(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’, the global metal injection molding parts market is anticipated to surpass USD 5 billion by the year 2025.
Metal injection molding (MIM) parts market is witnessing tremendous growth across the globe owing to its rising demand in electronic devices such as smartphone parts, fiber optic parts, and lightning devise among others. Changing consumer preference for sophisticated and eye catching products will augment the demand of MIM parts in the coming years.
In terms of material, stainless steel segment accounted for 60% market share in 2018 and is presumed to continue this dominance over the analysis period. Desirable properties of stainless steel including great strength, corrosion resistance, and high density make it appropriate for metal injection molding process, hence, the segmental growth is attributed to surging demand from end-use industries such as firearms, automotive, and consumer goods.
Based on industry spectrum, metal injection molding parts market from electronics segment held over 33% share in 2018 and is presumed to grow with a CAGR of 13% over the forecast period. This lucrative growth can be credited to decreasing cost of technology and sustained development of new technologies.
The report claims that MIM parts market from consumer goods segment is expected to gain high traction due to increasing purchasing power of people, new feature-laden products, and robust distribution channels across the globe.
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Speaking of aerospace MIM parts market, the technique is used to manufacture several components such as bushings, compressor blades, fasteners, rotors, inlets, and brackets. The report states that stabilization of crude oil prices, recovery in GDP growth, and increasing passenger travel in regions of APAC, Latin America, and Middle east are proliferating the demand for defense and commercial aircraft, thereby stimulating the growth trends of metal injection molding parts market.
The prominent companies operating in metal injection molding parts market are Advanced Material Technologies, Smith Metals, Form Technologies Company, CMG Technologies, ARC Group, CN Innovations Holdings Ltd, Kinetics Climax, Inc., Akron Porcelain & Plastics Co., Nippon Piston Ring Co. Ltd., Hoganas AB, and PSM Industries.
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