Metal Injection Molding (MIM) Parts Market Size

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.