LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global powder injection molding (PIM) market is expected to grow at a CAGR of more than 11% during the forecast period.
This research report titled ‘Global PIM Market 2016-2020’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
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The report categorizes the global PIM market into three major end-user segments. They are:
- Medical and orthodontics
- Automotive
- Consumer electronics and IT
Global PIM market: medical and orthodontics sector
The medical and orthodontics sector accounted for a market share of almost 25% in the global PIM market in 2015 and is expected to grow at a CAGR of 11% during the forecast period. One of the most significant applications of PIM technology is the creation of orthodontic brackets, which forms a major product within the industry. These brackets are extremely small and precise parts that are made out of 316L stainless steel. Currently, ceramic injection molding is replacing the metal injection molding (MIM) technology to develop translucent brackets that offer a better, discreet, and aesthetic appearance.
For instance, Element 22 GmbH, based in Germany, has developed a base plate that is made from Ti6Al4V alloy using MIM technique for use in an implantable infusion pump. The base plate accounts for the most expensive part of the pump and is responsible for several functional elements.
According to Gaurav Mohindru, a lead engineering tools analyst from Technavio, “MIM has developed as a technology that is capable of producing high volume precision components of accurate shapes. Therefore, this process is considered an essential and preferred manufacturing technology in the medical devices industry for the past two decades. Significant developments have been made toward the incorporation of MIM technology to produce implantable components that are used in drug delivery devices and joint replacement applications.”
Global PIM market: automotive sector
The automotive sector was the second largest segment in the market in 2015, accounting for a market share of over 21% and is expected to grow at a CAGR of 10.4% during the forecast period. The data available through GIS include predictive analysis data and digital maps data. The automotive sector is also an important application sector for PIM technology. Gearboxes, engines, locking mechanisms, turbochargers, steering systems, and various electronic systems embedded within automobiles use injection molded parts that are immensely strong and highly complex.
With advances in production technology, super-alloy components manufactured using MIM technology are gradually gaining more and more popularity. Unlike in the past, materials such as Inconel 713 are easily available as a feedstock for the MIM process. The use of finely dispersed powders helps to produce highly homogeneous microstructures, which aid in significant improvements of microstructures of investment cast products required by this sector. These factors significantly impact the growth of the PIM market in this sector.
Global PIM market: consumer electronics and IT sector
The consumer electronics and IT sector is one of the fastest growing segments in the market, growing at a CAGR of more than 11% and is anticipated to account for a market share of almost 20% by 2020. This sector requires small and precise components in large quantities, which has helped the injection molding industry to flourish in this sector. The electronics sector manufactures devices that require connectors with complex geometries. With technological developments, miniaturization of electronic devices has become a common trend, increasing the demand for even smaller parts that offer performance reliability and cost economy. These are the areas where the PIM technique comes into the picture as producing such small and precise parts is only possible using this technique.
“The PIM technology is also used in producing fiber-optic parts. These fiber-optic parts are used in a parallel optical module required for ultra-high speed transceivers that are largely used in telecom and networking devices,” adds Gaurav.
The top vendors highlighted by Technavio’s research analysts in this report are:
- ARBURG
- Dynacast
- Indo-US MIM
- Philips-Medisize
- Zoltrix
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