The metal injection molding market is estimated to be USD 2.58 billion in 2017 and is projected to reach USD 3.77 billion by 2022, at a CAGR of 7.83% from 2017 to 2022. The growth of this market can be attributed to the increasing demand for small and complex metal injection molded parts from end-use industries, including electrical & electronics, automotive, medical & orthodontics, industrial, consumer products, and firearms & defense. The major factor restraining the growth of the metal injection molding market is that it is expensive to produce a relatively small quantity of metal injection molded parts.
Stainless steel segment is expected to dominate the metal injection molding market till 2022.
Based on material type, the stainless steel segment is projected to account for the largest share of the metal injection molding market, in terms of value, from 2017 to 2022. This large share can be attributed to the increased usage of stainless steel in consumer electronics, medical, industrial, and automotive industries in the emerging economies. Stainless steel finds wide application in various industries owing to its ability to provide high strength and hardness with moderate corrosion resistance. Stainless steel is consumed widely as owing to its relatively lower price as compared to that of other material types, and this is expected to drive the demand for stainless steel during the forecast period.
Asia Pacific is projected to lead the metal injection molding market during the forecast period
On the basis of region, the metal injection molding market has been segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa. Asia Pacific is projected to lead the metal injection molding market during the forecast period owing to the increasing demand for small and complex metal injection molded parts from the wide range of end-use industries in this region, including automotive, electrical & electronics, medical & orthodontics, industrial, and firearms & defense.
Breakdown of Breakdown of primaries:
Primary interviews were conducted with a number of industry experts to collect information related to the metal injection molding market. The breakdown of primary interviews is depicted below:
• By Company Type: Tier 1 - 31%, Tier 2 - 46%, and Tier 3 - 23%
• By Designation: C Level - 46%, Director Level - 27%, and Others - 27%
• By Region: North America – 24%, Europe - 29%, Asia Pacific - 24%, South America – 14%, and Middle East & Africa - 9%