Growing demand for metal injection molding (MIM) from automotive industry and increasing demand for miniaturized complex components for use as high-performance materials to boost global powder injection molding (PIM) market through 2024
According to TechSci Research report, “Global Powder Injection Molding (PIM) Market By Raw Material, By Technology, By Application, By Region, Competition, Forecast & Opportunities, 2024”, global powder injection molding market is forecast to cross $ 6.8 billion by 2024, on the back of increasing demand for metal injection molding (MIM), predominantly from the automotive industry. In Asia, MIM market is dominated by consumer electronics, while in North America, the market is led by orthodontic, medical and firearms applications, and in Europe, automotive and consumer products are the leading applications. The flourishing international smartphone market offers huge potential for metal injection molding, as this process enables the use of materials such as titanium and stainless steel and is significantly more economical than machining.
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North America dominated global market of metal injection molding, a segment of the PIM market. Markedly, the powder injection molding market is mostly prevalent in the automotive industry, where machine and machine-component manufacturers serve as the leading end-user group for powder injection molding process. Notably, the market for powder injection molding is supplemented by new environmental regulations, mandatory for companies to streamline production methodologies and reduce emissions. Consequently, the market for powder injection molding is growing as it produces parts to near net shape, thereby eliminating secondary machining processes. Therefore, technologically advanced machine tool market such as Europe, with strict government regulations, are likely to create several opportunities for global powder injection molding market.
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“Taking into account the regional distribution of the market, North America accounted for the largest share in global powder injection molding market in 2018 and is anticipated to continue its dominance during forecast period, owing to increasing demand for metal injection molding (MIM) from the automotive industry. The use of the PIM technology in surgical equipment in the medical field and its use in the manufacturing of large components in the automotive industry are some of the major factors that would provide lucrative growth opportunities to companies operating in the industry.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Powder Injection Molding Market By Raw Material, By Technology, By Application, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global powder injection moldingmarket and provides statistics and information on market structure, size, share and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in global powder injection molding market.
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