The metal injection molding market in Asia Pacific was valued at US$ 1,136.28 million in 2019 and it is projected to reach US$ 2,042.72 million by 2027; it is expected to grow at a CAGR of 7.7% from 2020 to 2027. Greater utilization of the technology by automotive and electronics industry is the critical driver for the Asia Pacific metal injection molding market. Metal injection molding is highly exploited by industries, such as automotive, electrical, and electronics. It is highly utilized in the production of consumer electronics. Metal injection molding is gaining momentum in the electronics industry due to rising need for small and complex parts in the industry coupled with increasing demand for miniaturization of electronic devices. Metal injection molding (MIM) is utilized to manufacture Apple’s Lightning Connector, a component that is produced in huge numbers. MIM is also used to produce fiber-optic parts, cold plates, heat sinks, and mobile phone parts. For the past few years, the production of portable computing devices, cellular phones, and other personal electronic devices has increased exponentially. The proliferating international smartphone market offers immense possibilities for metal injection molding. Hence, rise in adoption of these products drives the metal injection molding industry's expansion. Rapid industrialization and urbanization resulted in increased disposable income, particularly in the developing regions. This has further led to rise in adoption of mobile phones and electronic items. The key market players are highly benefitting from the exponential growth of the electronics industry and they are highly concentrating on innovation to attract more customers.
Based on industry vertical, the Asia Pacific metal injection molding market is segmented into automotive, electrical and electronics, consumer goods, firearms and defense, medical and orthodontics, and others. The automotive segment dominated the Asia Pacific metal injection molding market, and it is also expected to grow at the fastest growth rate during the forecast period of 2020–2027. Metal injection molding is a new and innovative process conducted under a six-sigma controlled environment. It provides a cost-effective production method for the metal parts used in the automotive industry. Metal injection molding is applied in various automotive applications, including rocker arms, brake components, numerous fittings and connectors, and injector nozzles.
COVID-19 is anticipated to cause heavy loss in Asia Pacific economy. The governments in Asia Pacific are taking possible steps to reduce its effects by announcing lockdowns. This is impacting the revenue generated by the market. Till now, India has the highest number of COVID-19 confirmed cases in the region, followed by Indonesia, Japan, and Malaysia.
The overall Asia Pacific metal injection molding market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the Asia Pacific metal injection molding market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry experts, such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders specializing in the Asia Pacific metal injection molding market. Arc Group Worldwide; CMG Technologies; Molex, LLC; INDO-MIM; MPP; Shanghai Future Group; and Form Technologies are among the key players operating in the Asia Pacific metal injection molding market.