The metal injection molding market in South America was valued at US$ 72.96 million in 2019 and it is projected to reach US$ 120.77 million by 2027; it is expected to grow at a CAGR of 6.6% from 2020 to 2027. Metal injection molding (MIM) 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 is utilized to manufacture Apple’s Lightning Connector, a component that is produced in huge numbers. Moreover, metal injection molding parts are near fully dense, and this offers excellent magnetic, mechanical, corrosion, and hermetic sealing properties. It also permits secondary operations like heat treating, plating, and machining to be performed easily. Thus, owing to the advantages mentioned above, metal injection molding is employed by a broad array of industries and products, such as automotive, cellular telephones, commercial aerospace, electrical connector hardware, electronic heat sinks and hermetic packages, dental instruments, industrial tools, fluid spray systems, fiber optic connectors, pharmaceutical devices, surgical instruments, hard disk drives, power hand-tools, and sporting equipment. In addition, prominent companies in the metal injection molding market, such as Molex and CMG Technologies, are striving to provide innovative products. These companies are also increasing their R&D expenses. Therefore, the advantages offered by metal injection molding are contributing significantly to the growth of the market.
Based on material, the South America metal injection molding market is segmented into stainless steel, low alloy steel, soft magnetic material, and others. The stainless steel segment dominated the South America metal injection molding market during the forecast period of 2020–2027. Metal injection molding makes use of metals, such as stainless steel, in powder form. Stainless steel has good stiffness as well as good wear and corrosion resistance. Stainless steel is widely used in injection molding materials. The stainless steel components that are employed in metal injection molding possess high wear & corrosion stability. The MIM process enhances the strength and achieves high densities, corrosion resistance, and flexibility of stainless steels. 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.
COVID-19 is anticipated to cause heavy loss in the economy of South America. Brazil has the highest number of COVID-19 cases in the South America region, followed by Colombia and Argentina. Disruptions in supply chain impacted the market growth negatively.
The overall South America 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 South America 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 South America metal injection molding market. Arc Group Worldwide; CMG Technologies; Molex, LLC; INDO-MIM; and MPP are among the key players operating in the South America metal injection molding market.