Powder Injection Molding Market is projected to grow at CAGR of 7.82% to reach $3800 million by 2023
Asia-Pacific dominates with major share and growth in the Powder Injection Molding Market
Asia-Pacific is the leading market for powder injection molding market, where China and India are the head regions. The Asia-Pacific region is forecast to lead in the market with a growing CAGR of 8.05% to reach revenue of $1852.29 million by 2023 from $1165 million in 2017. The major players have established their setups in this region. The region is poised with large number of oil importers. America is the second leading region for PIM Market, with wide range of industrial groups and high level of manufacturing activates. The North America region has contributed towards 405 of shares of the total GDP. The American market is expected to grow at a CAGR of 8.57%, which is the fastest among all the regions. The American PIM market is expected to reach revenue of $834.13 million by 2023 from $509.7 million in 2017. Europe is amongst the most technologically advanced regions with high demand for powder injection molding in this region. Powder injection market for Europe is expected to grow at a CAGR of 7.50% to reach revenue of $929.73 million by 2023 from $602.9 million in 2017. Traditional industries are undergoing restructuring themselves, and coming out with new business models, where major industries are from Germany.
Selected Type done in the full Report:
Powder Injection Molding Market is segmented into two types of technology which are Metal Injection Molding (MIM) and Ceramic Injection Molding (CIM). The metal injection molding sector generated the maximum revenue of $1665 million in the overall powder injection molding market. The present finding says the MIM market is expected to grow at a CAGR of 7.61% to reach revenue of $2782.16 million by 2023 from $1793.3 million in 2017. The market for CIM was $627.2 million in 2017. The market is projected to grow at a CAGR of 8.42% to reach revenue of $1017.69 million by 2023. Electronic and automotive are the major applications areas for the powder injection molding market, whereas applications such as industrial, medical and many more will also become vital contributors to this market.
Excerpts on Market Growth Factors
- Industrial, hand tool, and household applications remain strong and the continuous automation of the different industry propels the demand for Powder Injection Molding Market.
- Asia is the major continent for the production of stainless steel worldwide. Easy accessibility is the vital reason behind the increasing market for Metal Powder Injection Molding Market in the Asia-Pacific region.
- Growing demand in small and high volume components has allowed the electronic sector to increase its demand for high frequency modules. In accordance to increasing communication network, the automotive sensors market will be the main reason behind the development.
Key players of the Powder Injection Molding Market
Advanced Materials technologies Pte. Ltd., Arburg GmbH, Philips-Medisize Corp. (US), Dynacast International, Inc., Epson and ARC group are some leading players in powder injection molding market. The companies are known for manufacturing powder injection molding for major segments like automobile and electronics with constant launch of product and developments. ARC group has products such as Automotive Components, Aerospace Components, Medical Components, and Firearms. Epson is known for product like MIM Powder, S.W.A.P. ® Powder, and Granulated Powder. Arburg GmbH’s is a private company, and competing well enough with other international brands by providing products such as Sensor and Flat Dripper.
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