Metal Injection Molding Global Market Report 2023

(MENAFN- GlobeNewsWire - Nasdaq) New York, Aug. 02, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Metal Injection Molding Global Market Report 2023" -
, Advanced Powder Products Inc., Alpha Precision Group, Epson Atmix Corporation, Hitachi Metals Ltd., and Parmaco Metal Injection Molding AG.
The global metal injection molding market is expected to grow from $3.59 billion in 2022 to $3.97 billion in 2023 at a compound annual growth rate (CAGR) of 10.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The metal injection molding market is expected to reach $5.75 billion in 2027 at a CAGR of 9.7%.
The metal injection molding market includes revenues earned by entities by providing mixing, de-binding, sintering, injection molding, and part finishing services.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Metal injection molding (MIM) refers to a metal fabrication process that is used to produce small, complex, tailored metal parts with high precision and consistency. It combines the benefits of plastic injection molding with the strength and durability of metal materials.
Asia-Pacific was the largest region in the metal injection molding market in 2022. The regions covered in the metal injection molding market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of materials in metal injection molding are stainless steel, low-alloy steel, soft magnetic materials and others.Stainless steel is an alloy of iron that is resistant to corrosion and rust.
Stainless steel is a commonly used material in metal injection molding (MIM) due to its high strength, corrosion resistance, and aesthetic appeal.The metal injection molding uses various machines such as hydraulic, electric and hybrid.
These are used by several end-users, such as electrical and electronics, automotive, consumer, industrial, and others.
Rising demand from the automotive industry is expected to propel the growth of the metal injection molding market going forward.An automotive industry refers to an industry that comprises businesses involved in the manufacture, distribution, retail, and upkeep of automobiles.
Metal injection molded parts are now largely used by the automotive industry for engines, gearboxes, turbochargers, locking mechanisms, steering systems, and electrical systems.These are employed to produce high-strength, high-complexity parts.
For instance, in March 2022, according to a report published by the European Automobile Manufacturers' Association (ACEA), sales of passenger cars in the US increased by 5.5% from 2020 to 11.9 million units in 2021. Over 6.3 million passenger cars were produced in US auto facilities in 2021, an increase of 3.1% from 2020. Therefore, rising demand from the automotive industry is driving the growth of the metal injection molding market.
Product innovations are the key trends gaining popularity in the metal injection molding market.Major companies operating in the metal injection molding market are adopting new technologies to sustain their position in the market.
For instance, in September 2021, The ExOne Company, a US-based provider of 3D printing machines, launched X1 Tooling, the world's broadest portfolio of industrial-grade 3D-printed tooling solutions.To address supply chain issues, this portfolio was developed for producers searching for quick, inexpensive, and local tooling solutions.
For metal production, the company has launched X1 SandCast, X1 MetalTool, and X1 DieMold. Additionally, end-of-arm tooling and tough perishable or consumable cutting tools in a variety of metals, including tool steels, can be 3D printed using the X1 MetalTool.
In January 2022, Nichols Portland, a US-based designer, and manufacturer of powder metallurgy components, acquired Alpha Precision Group for an undisclosed amount.This transaction was an ideal fit for Nichols Portland's value proposition, which focuses on offering its clients solutions.
With this acquisition, the business will be able to more quickly develop its skills and meet the always-changing needs of its clients. Alpha Precision Group is a US-based metal-forming technology company providing conventional powder metallurgy and metal injection molding to a global customer base.
The countries covered in the metal injection molding market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resale along the supply chain, either further along the supply chain or as part of other products.
The metal injection molding market research report is one of a series of new reports that provides metal injection molding market statistics, including metal injection molding industry global market size, regional shares, competitors with a metal injection molding market share, detailed metal injection molding market segments, market trends and opportunities, and any further data you may need to thrive in the metal injection molding industry. This metal injection molding market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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