Metal Injection Molding Materials Size to Boost USD 3.7 billion By 2027 | CAGR 8.2% - IndustryARC
the demand for metal injection molding materials. This in turn will drive the Metal Injection Molding Materials Market growth.
HYDERABAD, TELANGANA, INDIA, January 24, 2023 /EINPresswire.com/ -- IndustryARC, in its latest report, predicts that Metal Injection Molding Materials Market size is forecast to reach US$3.7 billion by 2027, after growing at a CAGR of 8.2% during the forecast period 2022-2027. Metal injection molding materials such as soft magnetic alloys, low alloy steel, stainless steel, and other materials have important properties including superior strength, magnetic characteristics, and corrosion resistance.The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.
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This IndustryARC report on the Metal Injection Molding Materials Market highlights the following areas -
1. Asia-Pacific region dominated the Metal Injection Molding Materials Market, owing to the growing electrical and electronics industry in the region. According to Invest India, Indias domestic production in electronics has increased by more than double in 2014-2015 it was US$29 billion, and in 2020-21 to US$67 billion.
2. The increasing research and development focus for enhancing the properties of metal molding materials including ferritic stainless steel, tungsten, and more are creating an opportunity for market growth.
3. Moreover, the federal government's increasing initiatives related to medical equipment manufacturing are further aiding the metal injection molding materials industry's growth.
4. Nevertheless, the high cost associated with the metal injection molding materials is creating a bottleneck for the growth of the market.
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1. The ferrous alloys segment held the largest share in the Metal Injection Molding Materials Market in 2021 and is forecasted to grow at a CAGR of 8.5% during the forecast period 2022 to 2027. Ferrous alloys including stainless steel, soft magnetic alloys, and others are often deployed in metal injection molding because when compared with tungsten, these alloys have a cost advantage.
2. Asia-Pacific region is the dominating region as it holds the largest share in the Metal Injection Molding Materials Market in 2021 up to 37%. The economic growth of the Asia-Pacific region is driven by the growth of electrical and electronics, automotive, and more such sectors in the region.
3. The electrical and electronics segment held the largest share in the Metal Injection Molding Materials Market in 2021 and is forecasted to grow at a CAGR of 9.1% during the forecast period 2022to 2027. Metal injection molding materials are used in the miniature electronic components of smartphones, computers, and more because when compared with powder metallurgy it has superior performance and low cost.
The top 5 players in the Metal Injection Molding Materials Industry are -
2. OptiMIM (Form Technologies)
3. ARC Group
4. Phillips-Midsize (Molex)
5. Smith Metal Products
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