Global Metal Injection Molding Parts Market: Overview
Many objects that we come across in our day to day life such as medical devices, smartphones, domestic appliances, watches, and cars. These objects have metal injection molded parts in them. Metal injection molding refers to a process of metalworking, which mixes finely powdered metal with binder material to produce feedstock. This feedstock is then solidified and shaped by utilizing injection molding.
Finished products that are obtained from this process find use in many applications across many industries. The global metal injection molding parts market is anticipated to gather momentum from its broad range of applications. These products find use in dental, firearms, automotive, industrial, medical, aerospace, and commercial applications.
Material, end use and region are the three parameters based on which the global metal injection molding parts market has been segmented for better understanding of the market.
Global Metal Injection Molding Parts Market: Notable Developments
One of the developments that characterize the changing course of the global metal injection Molding Parts market is as mentioned below:
Some well-known organizations in the global metal injection molding parts market comprise the below-mentioned:
Global Metal Injection Molding Parts Market: Key Trends
Global metal injection molding parts market is characterized by the following drivers, opportunities, and restraints over the forecast period, from 2019 to 2027.
Rising Demand from the Automobile Industry is Likely Bolster its Demand
The global metal injection molding parts market is likely to be majorly influenced by the automobile industry. High strength and complexity of metal injection molding parts make them suitable for use in automobile parts like steering systems, gearboxes, turbochargers, and engines. Low alloy steel is used in the making of rocker arms, which is one of the extensively used metal injection molding parts in vehicle engines. Automobile industry across the globe is likely to tread the path of upward trajectory in years to come due to evolving consumer demands and technology transformations. Such growth in the automobile industry will add impetus to the expansion of the global metal injection molding parts market over the assessment period.
Metal injection molding technology has gained traction across the globe due to numerous factors like capacity to provide countless shapes as compared to other existing processes. In addition, metal injection molding process helps in elimination of secondary operations, reduction of waste, and less production time. This process is widely used in the making of various consumer goods like mobile connectors, charging cables, camera components, laptop hinges, and phone casings.
On the other hand, fluctuations in price of metal are likely to impede the growth of the global metal injection molding parts market. Stainless steel finds its use in most of the applications but it is the price of this material that fluctuates the most.
Global Metal Injection Molding Parts Market: Geographical Analysis
To offer comprehensive view of the global metal injection molding parts market, TMR experts have segmented the market based on region. The market is divided into the major regions of Latin America, Europe, Asia Pacific, the Middle East and Africa, and North America.
From the geographical perspective, Asia pacific is estimated to emerge as one of the leading regions in the global metal injection molding parts market. Much of the dominance is ascribed to the increasing demand from many various end use sectors. India and China are likely to drive the regional market in years to come.