Metal Injection Molding Market size was valued at USD 4.4 Billion in 2023 and is expected to reach USD 11.8 Billion by the end of 2036, registering around 8.1% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of metal injection molding is assessed at USD 5 Billion. The growth of the market can be attributed to the increasing demand from various end-user industries. Further, technical advancements in the field are also estimated to contribute to the growth of the market in the forecast period. For instance, In 2021, metal powder products announced that it had completed the acquisition of Proform Powdered Metals, based in the U.S. It is a leading provider of high-quality sintered bronze bearings and spacers.
In addition to these, factors that are believed to fuel the metal injection molding market growth of metal injection molding include the rise in demand from the automobile sector. Injection molding service providers are offered opportunities in the automotive industry as a result of the introduction of electric vehicles around the world. The components used for brakes, clutch systems, and driving trains are parts made using injection molding which includes gears, seals, and magnets. In addition, during the forecast period, it is expected that demand for replacing metal components with plastic parts in cars will increase. It is estimated that the EV industry is worth more than $250 billion and this is predicted to grow in the forecast period.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
8.1% |
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Base Year Market Size (2023) |
USD 4.4 Billion |
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Forecast Year Market Size (2036) |
USD 11.8 Billion |
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Regional Scope |
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Material (Stainless Steel, Low Alloy Steel, Soft Magnetic Material)
The global metal injection molding market is segmented and analyzed for demand and supply by material into stainless steel, low alloy steel, and soft magnetic materials. Out of the three types of metal injection molding, the stainless steel segment is estimated to gain the largest market share of about 38% in the year 2036. The growth of the segment can be attributed to the increasing and widespread application of stainless steel in a variety of end-use industries. Metal injection molding with a material of stainless steel combining high strength, hardness, and wear resistance in moderate corrosion has been launched by companies. In particular, Optimum launched a new range of products with good strength, hardness, and wear resistance on the market in 2019. The segment is expected to experience significant growth, as stainless steel molds with high heat transfer capability and excellent conductivity are foreseen to aid market expansion over the coming years. All these factors are estimated to contribute to the growth of the market growth in the forecast period.
End-user (Electrical & Electronics, Automotive, Consumer, Industrial)
The global metal injection molding market is also segmented and analyzed for demand and supply by end-user into electrical & electronics, automotive, consumer, industrial, and others. Amongst these five segments, the automotive segment is expected to garner a significant share in the year 2036. The demand for injection molded metal parts has also increased in the automobile sector. Engines, transmission gears, turbochargers, lock mechanisms, steering systems, and electronic systems are equipped with high-strength and heavy-complexity parts. For example, metal injection molded rocker arms are produced by Schunk GmbH in Germany. These are BMW engines using these weapons. A hollow configuration, reducing the weight which is difficult to achieve by other processes, was used. This, as a result, is anticipated to create numerous opportunities for the growth of the segment in the coming years.
Our in-depth analysis of the global market includes the following segments:
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By Material |
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By End User |
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APAC Market Statistics
The market share of metal injection molding in Asia Pacific, amongst the market in all the other regions, is projected to be the largest with a share of about 38% by the end of 2036. The growth of the metal injection molding market can be attributed majorly to the increasing growth of the region's market is growing interest in miniaturizing consumer electronics and an expanding automotive industry around the world. In this region, as a consequence of the fact that major players from the Asia Pacific have set up their manufacturing facilities there, labor costs are lower than elsewhere. For instance, BASF has set up a new manufacturing facility at the Kuanyin site in Taiwan with the purpose of producing Catamolds. Furthermore, a new Technical Service Laboratory has been set up at the BASF MIM feedstocks business in Shanghai, China. In Pudong, a new Technical Service Laboratory for Catamold is established at the BASF Innovation Campus in Asia Pacific to provide technical support and customer training. The sector is driven by rapid industrialization, technological progress, high GDP growth rates and a growing demand from the automotive, consumer durables and machine tools sectors. All these factors are expected to contribute to the growth of the market in the forecast period.
North American Market Forecast
The North American metal injection molding market is estimated to be the second largest, registering a share of about 25% by the end of 2036. The growth of the market can be attributed majorly to the increasing collaboration, joint ventures and strategies by market players which will benefit organizations in terms of improving their product offering on Metal Injection Molding. Tozmetal Ticaret Ve Sanayi AS became the property of GKN Sinter Metal Engineering GmbH on June 2017. This is estimated to contribute to the growth of the market in the forecast period.
Europe Market Forecast
Further, the market in the Europe, amongst the metal injection molding market in all the other regions, is projected to hold a majority of the share by the end of 2036. The growth of the market can be attributed majorly to the increasing demand from the healthcare industry. The healthcare and medical industry have robust demand for metal injection molding (MIM) injection for the technology. This technology is being applied for the improvement of medical devices including implants, tubes, sensors, catheter tips and microoptics. Furthermore, the increasing demand for miniature constituents in manufacturing medical micro parts across the healthcare industry is again expected to drive the demand for micro injection molding.
Author Credits: Rajrani Baghel
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