Report : North America Metal Injection Molding Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Material (Stainless Steel, Low Alloy Steel, Soft Magnetic Material, and Others) and Industry Vertical (Automotive, Electrical and Electronics, Consumer Goods, Firearms and Defense, Medical and Orthodontics, and Others)
According to our latest market study on “North America Metal Injection Molding Market to 2027 – COVID-19 Impact and Analysis – by Material (Stainless Steel, Low Alloy Steel, Soft Magnetic Material, and Others) and Industry Vertical (Automotive, Electrical and Electronics, Consumer Goods, Firearms and Defense, Medical and Orthodontics, and Others)” the North America metal injection molding market was valued at US$ 705.39 Million in 2019 and is projected to reach US$ 1,239.98 Million by 2027; it is expected to grow at a CAGR of 7.4% during 2020–2027. The report highlights key factors driving the market growth, and prominent players and their developments in the market.
Metal injection molding is a flexible, cost effective process and innovative process that provides versatility to the product designers and production engineers while using metal alloys. Metal act as a good substitute for plastic and ceramics components that are incapable of performing as per the requirement. The metal injection molding focusses on quality, precision and is a process which is closely monitored to meet the requirements. When a metal alloy is chosen for a specific application, the geometry of the component gets limited by the cost of shaping operations. The metal injection molding helps in overcoming this issue with the formation of the net shape parts in the tool. The metal injection molding offer benefits like resistance to wear & corrosion, thermal stability, high mechanical strength, and dimensional stability.
Metal injection molding is highly exploited by industries such as automotive, electrical, and electronics. It is highly utilized in the production of consumer electronics. Metal injection molding is gaining momentum in the electronics industry due to the rising demand for small and complex parts in the industry coupled with the increasing demand for the miniaturization of electronics devices. Metal injection molding is utilized to manufacture Apple’s Lightning Connector, a component that is produced in huge numbers. MIM is also used to produce fiber-optic parts, cold plates, heat sinks, and mobile phone parts. For the past few years, the production of portable computing devices, cellular phones, and other personal electronic devices has increased exponentially. The proliferating smartphone market offers immense possibilities for metal injection molding. Hence, the rise in the adoption of these products drives the metal injection molding industry's expansion. Rapid industrialization and urbanization resulted in increased disposable income, particularly in Mexico. This has further lead to the rise in the adoption of mobile phones, electronic items, and others in the country. The tremendous growth of the automobile industry is another factor that drives the market growth. Currently, the automotive sector is a significant consumer of metal injection molded parts. High complexity, high strength parts are used in engines, turbochargers, gearboxes, steering systems, locking mechanisms, and electronic systems. The demand for molded miniature products is escalating in the automotive sector, attributed to their high strength and complexity in their structures. The exponential growth of the automotive industry in the North American region is fueling market progression.
The metal injection molding market in North America is concentrated with a few very well-established players. A few of the key players in the North America metal injection molding market include Arc Group Worldwide, CMG Technologies, Molex, LLC, INDO-MIM, MPP, Smith Metal Products, Shanghai Future Group, Form Technologies.
The report segments the North America Metal Injection Molding market as follows:North America Metal Injection Molding Market – By Type
- Stainless Steel
- Low Alloy Steel
- Soft Magnetic Material
- Electrical and Electronics
- Consumer Goods
- Firearms and Defense
- Medical and Orthodontics
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