Metal Injection Molding (MIM) Parts Market - By Material (Stainless Steel, Low Alloy Steel, Soft Magnetic Materials), By Industry (Automotive, Consumer Goods, Electronics, Medical, Firearms, Aerospace) & Forecast, 2024-2032

Metal Injection Molding Parts Market Size

Metal Injection Molding Parts Market size achieved USD 4.12 billion in 2023 and will grow at 12.2% CAGR from 2024 to 2032. Metal injection molding or MIM is a metal processing technique which includes mixing of powdered metals with binders to produce a feedstock, which is later solidified and shaped by injection molding. The process is generally used for complex parts to shape them in an easy and single step. It eliminates use of extensive machines and saves cost. Die casting and MIM, both are suitable for producing complex geometrical parts in large quantity. 
 

Although, MIM offers a wider material range compared to die casting which is only restricted to aluminum and zinc. As a result of having ability to manufacture metal materials, MIM parts offers better enhanced material performance, thermal conductivity and good hardness. Metal injection molded steel parts are gaining popularity as opposed to forged steel and cast steel, primarily in firearms manufacturing.
 

The automobile sector is one of the major end users of the metal injection molding parts industry. High complexity and high strength of these parts make them ideal to be used in gearboxes, engines, turbochargers, steering systems and in many other applications. Rocker arms made from low alloy steel, are one of the most used MIM parts in automobile engines. The product features a hollow type of configuration which is difficult to achieve by other technologies.
 

The automotive industry's rising demand for lightweight, high-strength components is driving the efficient production of complex, durable parts through MIM. At the same time, heightened government spending on arms and ammunition is amplifying the demand for precise and robust metal components, further fueling market growth. The swift expansion of the consumer electronics sector is also spurring demand for the intricate and miniature metal parts that MIM specializes in. Moreover, significant production backlogs in the commercial aircraft industry, alongside increasing air traffic, are heightening the demand for MIM parts to adhere to strict production schedules and performance standards. Collectively, these dynamics underscore the pivotal role of MIM technology in meeting the evolving needs of these industries.
 

Metal Injection Molding Parts Market Trends

The Metal Injection Molding (MIM) parts market is witnessing a technological advancement, significantly boosting both efficiency and product quality. Recent innovations are homing in on elevating the precision and intricacy of MIM components, utilizing cutting-edge software for simulation and design optimization. The introduction of enhanced materials, including high-performance alloys and composite powders, is broadening application horizons and bolstering mechanical properties. Furthermore, breakthroughs in furnace technology and rebinding processes are slashing cycle times and amplifying throughput. The infusion of automation and real-time monitoring systems is not only streamlining production but also ensuring unwavering quality control. These technological strides are steering the market towards high-value applications, notably in sectors like aerospace, medical devices, and automotive, where precision and reliability reign supreme. In essence, the technological evolution in MIM is setting the stage for continued growth and innovation in the market. Europe's automobile market has demonstrated consistent growth, with sales rising between 1-2% annually. Light vehicle sales, buoyed by economic upswings in major players like France, Germany, Russia, and Italy, have led the region's overall vehicle sales. As the global automobile industry trends upward, we anticipate a corresponding rise in the consumption of metal injection molding parts during the forecast period. 
 

While the metal injection molding parts market serves a diverse array of industries, it faces constraints due to the volatility of metal prices. Stainless steel, the primary feedstock in the process, experiences the most significant price fluctuations. However, the process remains economically viable due to its streamlined manufacturing and reduced machinery requirements.
 

Metal Injection Molding Parts Market Analysis

Stainless-steel segment will capture USD 6.46 billion and demonstrate a 12.2% CAGR up to 2032. MIM part achieves value added strength, high density along with corrosion resistance by using steel powders as feedstock in the manufacturing process. Moreover, low alloy steel also captures a comparatively significant chunk in the materials segment.
 

The material is used largely in the industry because of providing enhanced mechanical and corrosion resistance properties as compared to other materials such as carbon steel. Low alloy steels are generally utilized in firearms industry for manufacturing several guns as well as archery components. The material is also used in automotive sector for producing transmission & engine components and in industrial goods industry for producing various power and hand tools. 
 

Metal injection molding parts are used in various sectors such as automotive, electronics, firearms, consumer goods, aerospace etc. The firearms industry is one of the promising end user sectors of metal injection molding parts market growth. Almost all manufacturers of firearms use MIM technology to simplify the production process in a cost-effective way. Common parts in this industry includes trigger guards, bolt sleeves, floorplates, sight basis etc. The reason behind using MIM technology in firearms production is that the process is highly automated, which in turn saves labor cost as well as time.
 

Electronics segment held a 36.26 % market share in 2023, amounting to USD 1.45 billion, and is projected to grow at a 15.5% CAGR from 2024 to 2032. The automotive sector benefits from MIM’s ability to produce complex, high-strength components for engines, transmission systems, and structural parts. Consumer goods leverage MIM for producing durable, intricate components for household products. In electronics, MIM is used for manufacturing precision parts like connectors and housings. The medical industry relies on MIM for high-quality, sterile components such as surgical instruments and implants. Firearms manufacturers use MIM for high-precision, durable components. Aerospace applications demand MIM for lightweight, high-performance parts that meet stringent safety standards. Additionally, sectors like recreation, industry, and IT use MIM for various specialized components, from tooling to high-tech equipment parts. Each sector's growing demand for customized, high-quality components is driving the expansion and innovation within the MIM market.
 

Asia Pacific metal injection molding parts market is projected to achieve USD 4.16 billion, with a CAGR of 13.1% from 2024 to 2032. Asia Pacific has emerged as the highest growth avenue for market owing to presence of various emerging economies in the region and growing demand from various end user industries. The region’s demand is highly dependent on China, India and other developing economies. China constitutes around 40% of the total MIM parts demand in the region, majorly led by its flourishing electronics industry. The country has the world’s largest production base for electronic products accounting to around 30% of global total ICT products exports worldwide. 
 

To be more specific, China is a hub for producing computers, mobile phones and other electronic gadgets. The country has been experiencing a double-digit growth in electronics industry. Apart from China, countries including Singapore, Taiwan and South Korea also make a large share in regional and global electronics industry, which triggers the demand for MIM parts in manufacturing these electronics products.
 

Metal Injection Molding Parts Market Share

Companies include, Smith Metals is recognized for its innovative use of high-performance alloys and precision engineering, enhancing component durability and application versatility. Advanced Materials Technologies Pte. Ltd focuses on developing cutting-edge powder formulations and process technologies, pushing the boundaries of MIM applications in sectors like aerospace and medical. CMG Technologies is notable for its advancements in simulation and process optimization, improving production efficiency and part accuracy. Form Technologies Company excels in integrating automation and real-time quality control systems, streamlining manufacturing processes and increasing throughput. CN Innovations Holdings Ltd. stands out for its emphasis on sustainable practices and materials, addressing environmental concerns while meeting the growing demand for complex, high-quality components. Each company’s unique contributions are driving innovation and growth in the MIM market.
 

Metal Injection Molding Parts Market Companies

Top companies operating in the industry include:

• Smith Metals
• Advanced Materials Technologies Pte. Ltd
• CMG Technologies
• Form Technologies Company
• CN Innovations Holdings Ltd.
• ARC Group Worldwide, Inc.
• Akron Porcelain & Plastics Co.
• Kinetics Climax Inc
• PSM Industries
• Nippon Piston Ring Co Ltd.
   

Metal Injection Molding Parts Industry News

• July 2023: In a strategic move to bolster its presence in the global Metal Injection Molding (MIM) and metal Additive Manufacturing markets, Indo-MIM, a leading supplier of advanced components, has announced its acquisition of CMG Technologies, a prominent MIM producer based in Woodbridge, Suffolk, UK.
   
• The metal injection molding parts market research report includes in-depth coverage of the industry, with estimates and forecasts in terms of revenue and volume (USD Billion) (Million Units) from 2024 to 2032, for the following segments:
  
  

  Click here to Buy Section of this Report

  
  

Market, By Material Type

• Stainless Steel
• Low Alloy Steel
• Soft Magnetic Materials
• Others

Market, By End-Use

• Automotive
• Consumer goods
• Electronics
• Medical
• Firearms
• Aerospace
• Others (recreation, indsutrial, IT etc.)

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America
• MEA
  • Saudi Arabia
  • UAE
  • South Africa
  • Rest of MEA