Metal Injection Molding Market Provides an In-Depth Insight into Sales Analysis, and Forecast Growth
The global metal injection molding market is projected to grow from 2.58 billion in 2017 to USD 3.77 billion by 2022, at a CAGR of 7.83% from 2017 to 2022. The growth of the market can be attributed to the increasing use of metal injection molded parts in various end-use industries, such as electrical & electronics, medical & orthodontics, automotive, firearms & defense, industrial, and consumer products. The metal injection molding market has been segmented on the basis of material type, end-use industry, and region.
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Key players operating in the metal injection molding market include Indo-MIM (India), ARC Group Worldwide (US), Dynacast International (US), Phillips-Medisize (US), Smith Metal Products (US), and NetShape Technologies (US). These players have adopted various strategies to expand their global presence and increase their market shares. New product launches, expansions, and acquisitions are some of the major strategies adopted by these players to enhance their business prospects in the metal injection molding market.
Companies such as ARC Group Worldwide (US), Dynacast International (US), and Indo-MIM (India) adopted expansions and new product launches to expand their regional presence and product offerings.
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In March 2016, ARC Group developed a new proprietary thixomolding process. The new process utilizes the company’s expertise in magnesium injection molding and its metallurgical knowledge. This new product launch helped the company attain a competitive advantage by offering cost advantages to its customers. The company also launched online quoting and increased its capacity for proprietary rapid metal injection molding technology (RapidMIM) in June 2014. This launch helped the company streamline and accelerate the quoting process.
Indo-MIM, a leading manufacturer of metal injection molded parts, adopted the new product launch strategy to expand its product portfolio and business globally. In March 2016, it manufactured modern sensors for one of the world’s leading sensor manufacturers. The metal injection molded parts produced help enhance the fuel economy of cars. This new product launch helped the company gain higher competitiveness in the market. In February 2016, the company created an assembly of five different metal injection molded parts and machined components on a mechanical assembly line. This helped the company cater to the specific needs of its end customers.
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