Number of Pages: 102
Category – Chemicals and Materials
North America Metal Injection Molding Market to 2027 – COVID-19 Impact and Analysis – by Material (Stainless Steel, Low Alloy Steel, Soft Magnetic Material, and Others) and Industry Vertical (Automotive, Electrical and Electronics, Consumer Goods, Firearms and Defense, Medical and Orthodontics, and Others)
The North America metal injection molding market was valued at US$ 705.39 Million in 2019 and is projected to reach US$ 1,239.98 Million by 2027; it is expected to grow at a CAGR of 7.4% from 2020 – 2027.
Metal injection molding is a flexible, cost effective process and innovative process that provides versatility to the product designers and production engineers while using metal alloys. Metal act as a good substitute for plastic and ceramics components that are incapable of performing as per the requirement. The metal injection molding focusses on quality, precision and is a process which is closely monitored to meet the requirements. When a metal alloy is chosen for a specific application, the geometry of the component gets limited by the cost of shaping operations. The metal injection molding helps in overcoming this issue with the formation of the net shape parts in the tool. The metal injection molding offer benefits like resistance to wear & corrosion, thermal stability, high mechanical strength, and dimensional stability.
The metal injection molding market is segmented on the basis of material into stainless steel, low alloy steel, soft magnetic material, and others. The stainless steel segment holds the largest share of the market. Metal injection molding makes use of metal powders like stainless steel. Stainless steel has good stiffness, wear, and corrosion resistance properties. Stainless steel is widely used injection molding materials. The stainless steel components that are employed in metal injection molding possess high wear & corrosion stability. The metal injection molding (MIM) process enhancing the strength, achieves high densities, corrosion resistance, and flexibility of stainless steels. These materials are produced from elementally blended or pre-alloyed stainless steels, including ferritic, austenitic, and precipitation hardening grades. The utilization of metal injection molding for stainless-steel has been steadily increasing in the automotive and medical instruments sector. The initial use and overall success of the metal-injection-molded orthodontic brackets demonstrated the corrosion resistance and biocompatibility of injection-molded stainless steel applications.
North America metal injection molding market is segmented based on country as – U.S, Canada, and Mexico. The U.S contributed to the largest share in the North America metal injection molding market. The metal injection molding market is finding wide applications in the U.S owing to the growth of the defense and firearms industries. The defense sector is witnessing tremendous growth in the U.S due to the increased military spending of the country. In the past five years, the government has increased its focus towards the military and defense sector and strengthened the defense budget in the U.S. The political unrest with China and Russia is fueling the country’s investments in the defense sector. The U.S is striving to strengthen its armed forces with sophisticated technologies and fielded weaponry. Defense is one of the largest exporting industries in the U.S. Thus, the expanding defense industry in the U.S is a primary factor that fuels the metal injection molding market in the country. Furthermore, the tremendous growth of the aerospace sector in the U.S also aids in the market expansion.
Arc Group Worldwide, CMG Technologies, Molex, LLC, INDO-MIM, MPP, Smith Metal Products, Shanghai Future Group, Form Technologies are among the major players in the North America metal injection molding market.
The overall North America metal injection molding market size has been derived in accordance to 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. 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 expert 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 metal injection molding market.