MIM parts market growth
In 2018, electronics segment was the second-largest end-user industry with a market share of more than 33%. The segment is further estimated to grow at CAGR of more than 13% during the forecast timeframe.
Meanwhile, in terms of regional growth, China would mark a significant growth rate in a forthcoming timeframe owing to its rapidly expanding electronics industry. Additionally, rising automotive sales in emerging economies such as China, India, and Japan would create a dual-channel that would drive momentous growth in the industry.
With regards to industry, the MIM Parts market would likely witness significant growth in the future on account of the projected growth of the aerospace industry. Stabilizing crude oil prices, increasing passenger travel in Latin America, Asia Pacific, and the Middle East, and recovering in GDP growth are some of the key factors that are driving the commercial aircraft sector growth.
Metal injection molding technology is used to manufacture numerous components in the aerospace sector, including compressor blades, fasteners, bushings, inlets, brackets, and rotors among others.
Increasing defense spending from nations like the U.S, India, China, Japan, and Saudi Arabia is anticipated to further fuel defense aircraft demand during the forecast timespan. This opens up another facet of the aerospace sector for the MIM parts market.
Based on material, stainless steel is the most used metal for metal injection molding. In fact, it accounted for more than 60% of the total market share in 2018. This segment is projected to retain its dominance by the end of the forecast timeframe.
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Properties like high strength, high density, and corrosion resistance are the key factors that aid the incorporation of stainless steel in MIM parts. Moreover, stainless steel is widely used across numerous ends user industries such as firearms, automotive, and consumer goods, which are anticipated to depict a healthy growth rate during the projected timespan.
Consumer goods industry would likely account for a considerable share in coming years. The projected growth can be attributed to the rapid penetration of new feature-laden products and strengthening distribution channels in the industry.
On the other hand, rising purchasing power and shifting consumer inclination towards sophisticated and eye-catching products would further elevate the use of MIM parts in the consumer goods industry.
New product development is the key strategy adopted by market leaders to strengthen their market presence. For instance, CMG Technologies and AMT have recently introduced 3D printed MIM parts that they hope would bring in customer attention.
Key industry players operating in the MIM parts market include Advanced Material Technologies, CMG Technologies, CN Innovations Holdings Ltd, Form Technologies Company, Akron Porcelain & Plastics Co., Kinetics Climax Inc, Nippon Piston Ring Co. Ltd., Hoganas AB., and PSM Industries.
All in all, a flourishing electronics sector, a strengthening defense industry, rising automotive sales, and growing cost-effectiveness would drive the MIM parts market size in coming years. Global Market Insights, Inc., estimates that the (Metal Injection Molding) MIM parts market size would surpass a $5 billion valuation by 2025.
Author Name : Abhijeet Kakade
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