In the powder injection molding market, the ability to mold multiple parts into a single one has proven successful for growth of powder injection molding. Technological limitations in production of molded parts is intensifying competition in the powder injection molding market, and leading to continuous innovations in the manufacturing process, technologies used, and product development at a high rate; and collectively promoting market growth. The [FURL=https://www.industryarc.com/PressRelease/1654/Powder-Injection-Molding-Market-Research.html]Powder Injection Molding market[/FURL] is expected to reach $3,639m by 2023, growing at a CAGR of 9%. The powder injection molding industry is largely being driven by growth in the electronics, and aerospace & defense industries. In particular, the Asia-Pacific and North America regions are expected to witness rapid growth owing to high demand for electronic products and automobiles, fueled by the presence of the largest consumer base and manufacturing units.
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Growth in the powder injection molding market is majorly contributed to by the electronics segment, followed by the aerospace & defence segment, with the electronics application segment growing the fastest at a CAGR of 9%. Under the Electronics segment, the mobile phone lightening connector application held the major segment share of 27% of the global powder injection molding market.
The Asia-Pacific (APAC) region accounted for the largest market share, with a revenue of $986m in 2018. Moreover, the North American market held a regional share of 26% in the global market. In Asia Pacific, the Chinese metal injection molding market has grown rapidly at a CAGR of over 30% annually since 2011.
The growth in Powder Injection Molding market is supported by rise in demand for small precision components by electronics industry; and industry accounted 4% growth during 2016-2018. Moreover, R&D in processing of low thermal expansion materials for microelectronic packaging will boost powder injection molding in the electronics industry. The cost of PIM parts are mostly dominated by the feedstock price. The influence of feedstock price may hamper the powder injection molding market. Globally, the electronics market will continue to demonstrate growth in 2019, which will be as strong as that in 2018.
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