January 16, 2019
WELLESLEY, Mass. Jan. 16, 2019 – Due to the growing trend toward miniaturization of products, advantages of metal injection molding (MIM) over conventional manufacturing techniques, cost-effectiveness and additional factors, the global market for metal injection molding fabrication is progressing at a steady rate, according to BCC Research.
The global metal injection molding market was valued at $3.1 billion in 2018 and is expected to reach $4.5 billion by 2023 at a compound annual growth rate (CAGR) of 7.5% during the forecast period, according to the report “Metal Injection Molding Fabrication: Global Markets to 2023.”
“Metal injection molding fabrication offers a cost-advantage for parts having more complex features, an advantage that amplifies with an increase in quantities,” said BCC Research analyst and report author Abhigyan Sengupta. “Since MIM is a molding process in which minimal excess material needs to be removed, the process helps to save material and time, when compared to conventionally machining the part. This consequently results in saving time and money.”
Miniaturization as a Key Market Trend
One notable trend in the global market for metal injection molding fabrication is miniaturization. The growing trend towards miniaturization, coupled with the quest of design engineers to develop newer components with enhanced mechanical strength, is anticipated to offer growth opportunities in market across the globe.
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Metal Injection Molding Fabrication: Global Markets to 2023( AVM168A )
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