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. The growth of the Powder Injection Molding market will be highly influenced by increasing demand from electronics, automotive, aerospace and others. Powder Injection Molding is an advanced manufacturing technology that offers excellent electrical, mechanical and chemical features. Technologies such as metal injection molding, ceramic injection molding and others are utilized in the electronics sector for smartphones, electronic gadgets, consumer electronics and others. Further, the upsurging growth scope for the electronics sector across the world is driving the powder injection molding industry. According to OBERLO, the total revenue of consumer electronics in the U.S is expected to increase by 7.5% in 2023. With the rising demand from the electrical & electronics industry across the world, the powder injection molding industry is observed to achieve robust growth.
Powder Injection Molding Market: Leading Segment is the Electrical & Electronics Industry
Based on the end-use industry, the Powder Injection Molding market can be segmented into automotive, aerospace & defense, building & construction, medical & healthcare, electrical & electronics, consumer goods and others. The leading segment in the Powder Injection Molding industry has been evaluated to be electrical & electronics. During the forecast period 2022-2027, the electrical & electronics industry is projected to grow with a CAGR of 8.4%. This can be attributed to growth factors such as increasing consumption of consumer electronics, the established production base and rising income levels. For instance, according to the LG Electronics annual report, the sales of electronic appliances rose by 28.7% to reach US$65.32 billion in 2021 over 2020. Thus, the powder injection molding industry will grow significantly as a result of emerging applications of powder injection molding in electronics for consumer electronics, smartphones, optical fibers and others over the forecast period.
Powder Injection Molding Market: Leading Region is the Asia-Pacific
Based on geography, the Powder Injection Molding market can be segmented into North America, South America, Europe, APAC and ROW. According to IndustryARC's analysis, Asia-Pacific has emerged as the most profitable region. In 2021, the Asia-Pacific region held a 41.3% share of the total revenues earned by the market globally. The APAC region is estimated to grow rapidly due to the upsurging electronics industry, growing automotive sector and urbanization trends. The electrical & electronics sector is lucratively growing in Asia-Pacific countries, including China, India and others due to increasing demand for smart home appliances, soaring electronics device production and industrialization.
According to a report by NOVONOUS, the semiconductor sector in India is estimated to grow from US$10.2 billion in 2013 to US$52.58 billion in 2020. With robust growth scope for powder injection molding in electronics for smartphones, apple devices and others, the powder injection molding industry will emerge significantly in the APAC region over the forecast period. The Powder Injection Molding market will also gain demand from the North American region. The U.S., Canada, and other countries are emerging countries in the Powder Injection Molding industry.
Powder Injection Molding Market: Competitive Landscape
Key companies holding major shares in the Powder Injection Molding market are Arburg GmbH, Epson Atmix Corporation, Zoltrix Material Guangzhou Ltd., Morgan Advanced Plc, Plansee Group, Philips Medsize Corporation, ARC Group Worldwide, GKN PLC, Cypress Industries and Indo-US MIM Tec Pvt. Ltd.
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