Metal Injection Molding (MIM) Parts Market Analysis

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.