The scope of our recent study on the “Metal Injection Molding Market Forecast t2027 – COVID-19 Impact and Global 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)” includes the factors fueling the market growth, revenue estimation and forecast, and market share analysis, along with the identification of significant market players and their key developments.
The metal injection molding market was valued at US$ 2,458.68 million in 2019 and is projected treach US$ 4,338.52 million by 2027; it is expected tgrow at a CAGR of 7.5% from 2020 t2027. Metal injection molding is a flexible, cost effective, and innovative process that provides versatility tthe product designers and production engineers while using metal alloys. Metal act as a good substitute for plastic and ceramics components that are incapable tperform as per the requirement. The metal injection molding focusses on quality and precision, and the process is closely monitored tmeet the requirements.
Based on material, the metal injection molding market is segmented intstainless steel, low alloy steel, soft magnetic material, and others. In 2019, the stainless steel segment held the largest share of the market.. Stainless steel has good stiffness, wear, and corrosion resistance properties. It is widely used injection molding material. Stainless steel components that are employed in metal injection molding possess high wear & corrosion stability. These materials are produced from elementally blended or pre-alloyed stainless steels, including ferritic, austenitic, and precipitation hardening grades. The utilization of metal injection molding for stainless steel is steadily increasing in the automotive and medical instruments sector. The initial use and overall success of the metal-injection-molded orthodontic brackets demonstrated the corrosion resistance and biocompatibility of injection-molded stainless steel applications.
The global metal injection molding market is segmented intfive main regions—North America, Europe, Asia Pacific (APAC), Middle East &Africa (MEA), and South America. In 2019, Europe contributed tthe largest share in the market. Attributed tthe Europe’s flourishing economic conditions, there has been a spur in the region's industrial activities. The exponential growth in the industrial sector—including electrical and electronics, automotive, consumer good, medical and orthodontics and other industries—is influencing the demand for metal injection molding.
Impact of COVID-19 Pandemic on Metal Injection Molding Market
The COVID-19 outbreak was first reported in Wuhan (China) during December 2019. As of December 2020, the US, Brazil, India, Russia, Spain, and the UK are among the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 is adversely affecting economies and industries in various countries due tlockdowns, travel bans, and business shutdowns. Chemical and materials is one the world’s major industries suffering serious disruptions such as supply chain breaks, technology events cancellations, and office shutdowns. For instance, China is the global manufacturing hub and largest raw material supplier for various industries and it is alsone of the worst affected countries. The lockdown of various plants and factories in China is disrupting the global supply chains and hindering manufacturing activities, delivery schedules, and various materials sales. Various companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition, the global travel bans imposed by countries in Europe, Asia, and North America is hampering the business collaborations and partnerships opportunities. All these factors are restraining the growth of various markets related tthis industry.
Metal Injection Molding Market, by Material
- Stainless Steel
- Low Alloy Steel
- Soft Magnetic Material
Metal Injection Molding Market, by Industry Vertical
- Electrical and Electronics
- Consumer Goods
- Firearms and Defense
- Medical and Orthodontics
Metal Injection Molding Market, by Geography
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- North America
- Rest of Europe
- Asia Pacific (APAC)
- South Korea
- Rest of Asia Pacific
- Middle East &Africa (MEA)
- South Africa
- Saudi Arabia
- Rest of Middle East &Africa
- South America
- Rest of South America