Powder Injection Molding Market - Forecast(2024 - 2030)

The Powder Injection Molding Market size is estimated to reach US$13.5 billion by 2027, after growing at a CAGR of 7.9% during the forecast period 2022-2027. Powder Injection Molding is an advanced manufacturing technology and process of molding metals and ceramics that provide enhanced mechanical, electrical, physical and chemical properties in the material. Metal injection molding and ceramic injection molding are used in the process along with raw materials such as cobalt alloys, titanium alloys, stainless steel and others. Further, the surging demand for Powder Injection Molding Market in smartphones, electrical gadgets and others act as a driving factor. According to OBERLO, the total revenue of consumer electronics in the U.S. is expected to increase by 7.5% in 2023. In addition, a flourishing base across major industries such as medical, aerospace and others is fueling the growth prospects in the Powder Injection Molding Market. The covid-19 outbreak resulted in a major hamper for the Powder Injection Molding Market due to the closure of construction sites, the rising gap between supply chain and demand, logistics disturbances other lockdown regulations. However, a significant recovery in the major end-use sectors such as electronics, medical, aerospace and others are boosting the demand for this market; thereby anticipated to boost the Powder Injection Molding Market size during the forecast period

The “Powder Injection Molding Market Report – Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments in the Powder Injection Molding Industry.

By Raw Material: Cobalt Alloys, Tungsten Alloys, Nickel Alloys, Titanium Alloys, Stainless Steel and Others.

By Technology: Metal Injection Molding and Ceramic Injection Molding.

By Application: Watches, Gearboxes, Turbochargers, Engines, Heat Sinks, Mobile Phone Components and Others.

By End-use Industry: Automotive (Passenger Vehicles [PVs], Light Commercial Vehicles [LCVs] and Heavy Commercial Vehicles [HCVs]), Aerospace & Defence (Military, Commercial and Others), Building & Construction (Residential, Industrial Commercial and Infrastructural), Medical & Healthcare, Electrical & Electronics, Consumer Goods and Others.

By Geography: North America (the USA, Canada and Mexico), Europe (the UK, Germany, France, Italy, Netherlands, Spain, Belgium and the Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile and Rest of South America), Rest of the World [Middle-East (Saudi Arabia, UAE, Israel and Rest of the Middle-East) and Africa (South Africa, Nigeria and Rest of Africa)].

The metal injection molding segment held the largest Powder Injection Molding Market share in 2021 and is projected to grow at a CAGR of 7.8% during the forecast period 2022-2027. The growth scope for metal injection molding is high over ceramic injection molding technology due to its preferability for metal molded applications, efficiency in high temperatures and use of materials such as cobalt alloys, titanium alloys and others for low material volume. Due to its versatility and effective functioning, the demand for metal injection molding is growing in automotive, electronics and others. Further, rising utilization in the electronics sector for electrical components, smartphones, cold plates and others is boosting its growth scope. Thus, owing to the rising utilization and growth scope for the electronics sector, the metal injection molding technology segment is anticipated to grow rapidly in the Powder Injection Molding Market over the forecast period.

The electrical & electronics segment held a significant Powder Injection Molding Market share in 2021 and is projected to grow at a CAGR of 8.4% during the forecast period 2022-2027. Powder injection molding has a wide range of applications in the electrical & electronics sector for electronic gadgets, smartphones, optical fibers and others. The electronics industry is growing fast-paced owing to a significant rise in consumer electronics manufacturing, demand for smart home appliances and rising income level. For instance, according to the LG Electronics annual report, the sales of electronic appliances increased by 28.7% to reach US$65.32 billion in 2021 over 2020. With the established base for the electronics sector, the applicability of Powder Injection Molding for consumer electronics, smart devices and others is rising, which, in turn, is projected to boost its growth in the electrical & electronics sector during the forecast period.

Asia-Pacific held the largest Powder Injection Molding Market share in 2021 up to 41.3% and is estimated to grow at a CAGR of 8.5% during the forecast period 2022-2027. The significant growth scope for Powder Injection Molding in this region is influenced by factors such as soaring electronics production and rapid growth in automotive and urbanization trends. The electronics industry in APAC is flourishing due to factors such as rising demand for smartphones and consumer electronics, an established production base and rising income level. For instance, according to the Japan Electronics and Information Technology Industries Association (JEITA), the production of consumer electronic equipment in Japan increased from US$215 million in January 2022 to US$230 million in March 2022. With the increase in production in the electronics & electrical sector, the demand for Powder Injection Molding in smartphones, optical fibers, apple devices and others is growing, which, in turn, is expected to boost the growth and scope of the market across Asia-Pacific region during the forecast period.

The powder injection molding technology has flourishing demand in the automotive sector for engines, gearboxes, precision components, steering systems and others. The automotive industry is significantly growing owing to factors such as rising vehicle electrification, demand for fuel-efficient vehicles and urbanization. For instance, according to the International Organization of Motor Vehicles Manufacturers (OICA), the global production of passenger cars increased from 55,834,456 units in 2020 to 57,054,295 units in 2021. According to the European Automobile Manufacturer Association, South America car production grew by 11% while U.S., car production grew by 3.1% in 2021. With the increase in automotive production and established growth scope, the applicability of Powder Injection Molding in vehicles is growing, which acts as a driving factor in the Powder Injection Molding industry.

Powder Injection Molding has flourishing demand in the medical & healthcare sector for a wide range of applications involving surgical equipment, medical devices and others. The medical & healthcare industry has significant growth in the market due to growth factors such as growing healthcare infrastructure, high spending on drugs and an established medical base. For instance, according to International Trade Administration (ITA), the medical devices sector in the U.S. is expected to rise to US$208 billion by the year 2023. According to the India Brand Equity Foundation (IBEF), the healthcare market in India is expected to reach USD 372 billion by 2022. With the rise in the medical & healthcare sector, the applicability of powder injection molding (PIM) is rising, which, in turn, is boosting its demand and driving the Powder Injection Molding industry.

The high cost associated with Powder Injection Molding is due to high raw material or feedstock costs compared to conventional methods such as cast metals and alloys. Further, the process of settling up the plant in this technology is also high compared to the conventional technologies. The feedstock cost for metal injection molding is high compared to conventional powder metallurgy due to advanced sintering and processing technologies, thereby surging the production budget. Thus, owing to such growth-restraining factors, Powder Injection Molding anticipates a major growth slowdown.

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Powder Injection Molding Market. The top 10 companies in Powder Injection Molding Market include: