Metal Injection Molding (MIM) is a manufacturing process combining metal powders and a binder to create complex metal parts. The mixture is injected into molds, heated to remove the binder, and then sintered to solidify the metal. This process enables the production of intricate and precise components that would be challenging to make using traditional methods. MIM is used in various industries due to its efficiency and cost-effectiveness. In the automotive industry, it produces gears, sensors, and engine components. The medical field uses MIM for surgical instruments and orthodontic brackets. In electronics, MIM creates connectors and housings. Aerospace applications include turbine blades and structural components. The consumer goods sector utilizes MIM for making high-quality tools, watches, and eyewear parts.
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Data Bridge Market Research analyzes the Global Metal Injection Molding (MIM) Market is expected to reach USD 8,240.36 million by 2031 from USD 4,277.50 million in 2023, growing with a substantial CAGR of 8.60% in the forecast period of 2024 to 2031.
Rising demand for lightweight materials will drive the market growth.
Key Findings of the Study
Surge in Consumer Electronics Sector
The consumer electronics industry is experiencing robust growth driven by technological advancements and the proliferation of devices like smartphones and wearables. Metal Injection Molding (MIM) technology is increasingly favored for producing small, intricate metal components crucial to these devices due to its precision, efficiency, and cost-effectiveness compared to traditional methods. MIM enables the creation of complex shapes with high dimensional accuracy, critical for ensuring optimal device performance. Its ability to deliver lightweight, durable, and high-performance components meets the industry's stringent requirements for smaller and more sophisticated designs. Moreover, MIM's capacity for high-volume production of consistent, high-quality parts addresses the sector's need for scalability and efficiency, supporting rapid market demand. The technology's flexibility in adapting to new designs and materials aligns with the industry's emphasis on innovation and quick product cycles. As consumer electronics continue evolving, the reliance on MIM is expected to grow, driven by its capability to produce complex components efficiently and sustainably, ensuring continued expansion in the MIM market.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2024-2031
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Base Year
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2023
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Historic Years
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2022 (Customizable to 2021-2016)
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Quantitative Units
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Revenue in USD Million
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Segments Covered
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Material (Ferrous Alloys, Tungsten Alloys, Hard Metals, Special Material, Others), Industry (Consumer Products, Electronics, Automotive, Medical and Dental, Defense and Firearms, Industrial, Aerospace, Power Tools, Sporting Goods, and Others)
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Countries Covered
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U.S., Canada, Mexico, China, Japan, India, South Korea, Taiwan, Singapore, Vietnam, Myanmar, Cambodia, Laos, Brunei, Australia & New Zealand, Thailand, Indonesia, Malaysia, Philippines, Hong Kong, Bangladesh, Nepal, Bhutan, Rest of Asia-Pacific, Germany, U.K., Italy, France, Spain, Switzerland, Russia, Turkey, Belgium, Netherlands, rest of Europe, Brazil, Argentina, rest of South America, South Africa, U.A.E., Saudi Arabia, Egypt, Israel, rest of Middle East and Africa
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Market Players Covered
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Molex (U.S), Proterial, Ltd. (India), GKN Powder Metallurgy (U.S), Seiko Epson Corporation (Japan), SZS Co., Ltd. (Taiwan), Jiangsu Gian MIM Parts (China), INDO-MIM (India), Reich MIM GmbH (Germany), Shenzhen Pacific Union Precision Manufacturing Company Ltd. (China), ARC Group Worldwide (U.S), CHENMING ELECTRONIC TECH. CORP (China), PSM Industries, Alpha Precision Group (U.S), MPP (U.S), Optimim (U.S), Parmaco Metal Injection Molding AG (Switzerland), Shanghai Future Group (China), Dou Yee Technologies Pte Ltd. (China), Advanced Powder Products, Inc. (U.S), Rockleigh Industries (U.S), VDR Metals Inc. (India), ABIS MOLD Technology Co.,Ltd (China), Smith Metal Products (U.S), ASH INDUSTRIES (U.S), Shilpan Steelcast Pvt. Ltd. (India), AMT Pte Ltd. (Singapore), and Taiwan Kodai Co., Ltd (Taiwan)
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework
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Segment Analysis:
The Metal Injection Molding (MIM) market is segmented into two notable segments based on material and industry
- On the basis of material, the market is segmented into ferrous alloys, tungsten alloys, hard metals, special material, and others
In 2024, the ferrous alloys segment is expected to dominate the market
In 2024, the ferrous alloys segment is expected to dominate the market with a market share of 38.12% due to their high strength, durability, and widespread use in automotive, aerospace, and industrial applications.
- On the basis of industry, the market is segmented into consumer products, electronics, automotive, medical and dental, defense and firearms, industrial, aerospace, power tools, sporting goods, and others
In 2024, the consumer products segment is expected to dominate the market
In 2024, the consumer products segment is expected to dominate the market with a market share of 23.73% due to high demand for precision, quality, and mass production of items like smartphones, watches, and eyeglass frames.
Major Players
Data Bridge Market Research recognizes the following companies as the major players in the global Metal Injection Molding (MIM) market that include are Molex (U.S), Proterial, Ltd. (India), GKN Powder Metallurgy (U.S), Seiko Epson Corporation (Japan), and SZS Co., Ltd. (Taiwan) among others.
Market Development
- In November 2023, Molex expanded its European manufacturing footprint with a new campus in Katowice, Poland, announced. The initial 23,000 square-meter facility supported advanced medical devices and electrification solutions, with future expansion plans up to 85,000 square meters. Molex invested USD 110 million in the site, which provided state-of-the-art capabilities and created approximately 350 skilled jobs. The campus was set to achieve LEED Gold and ISO 13485 certifications
- In June 2023, Alpha Precision Group parent company Nichols Portland, Inc. has acquired the assets of Neota Product Solutions LLC, a leading provider of Metal Injection Molding (MIM) solutions from prototyping to full-scale manufacturing. This acquisition, announced by Nichols' President and CEO Thomas K. Houck, strengthens Nichols' MIM capabilities. Jason Osborne, President of Neota, and his team will join Nichols, enhancing the company's product design and manufacturing expertise. Heidi Goldstein of Altus Capital Partners, which owns Nichols, highlighted the partnership's potential to bolster Nichols' comprehensive customer-focused services. Financial terms were not disclosed
- In October 2022, Seiko Epson Corporation won the 2022 Good Design Award for five designs, including compact injection molding machines, printers, a projector, and industrial robot software. These awards recognized designs that enhance lives and society. Specifically, the AE-M3, AE-M10, and AE-M3V injection molding machines received the Good Design Gold Award and were among the Good Design Best 100 for their innovative features and benefits. This boosted Seiko Epson Corporation's reputation for innovation and design excellence
- In July 2021, APP won the Award of Distinction in the Aerospace/Military/Firearms category at the 2021 Powder Metallurgy Design Excellence Awards. The award recognized a metal injection molded Bolt Handle for Savage Arms' hunting rifle. The component, made from MIM 4605 with a density of 7.5 g/cm³ and hardness of 31-41 HRC, showcased APP's innovative MIM technology. This process converted a two-piece machined design into a single MIM part, highlighting improvements in molding and sintering
- In October 2020, Epson Atmix Corporation, a subsidiary of Seiko Epson Corporation known for manufacturing superfine alloy powders, announced the launch of a new production line at its Kita-Inter Plant. This new line, constructed with an investment of approximately 1.5 billion yen, uses a water-atomization process to produce these powders. The expansion aimed to increase Epson Atmix's total production capacity to about 15,000 tons per year by 2025, up from its previous capacity, supporting their magnetic and sintered powders for Metal Injection Molding (MIM)
Regional Analysis
On the basis of geography, the market is segmented into North America, South America, Asia-Pacific, Europe, and Middle East and Africa. The North America is further segmented into U.S., Canada, and Mexico. Europe is further segmented into Germany, Spain, Austria, Netherlands, Russia, Turkey, France, Italy, Belgium, U.K., Poland, Hungary, Slovakia, Romania, Sweden, Switzerland, Denmark, Slovenia, Greece, Finland, Ireland, Bulgaria, Lithuania, Croatia, Portugal, Luxembourg, Malta, Cyprus, Estonia, Latvia, and rest of Europe. The Asia-Pacific is further segmented into China, Japan, India, South Korea, Australia, Thailand, Singapore, Philippines, Malaysia, Indonesia, and rest of Asia-Pacific. The South America is further segmented into Brazil, Argentina, and rest of South America. The Middle East and Africa is further segmented into South Africa, Saudi Arabia, U.A.E., Egypt, Israel, and rest of Middle East and Africa.
As per Data Bridge Market Research Analysis:
In 2024, Asia-Pacific is expected to dominate due to its large manufacturing base, cost-effective production, high demand for consumer electronics, and strong automotive and industrial sectors.
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