DUBLIN, June 8, 2023 /PRNewswire/ — The “Micro Injection Molded Plastic Market by Material Type (LCP, PEEK, PC, PE, POM, PMMA, PEI, PBT), Application (Medical, Automotive, Optics, Electronics), and Region (North America, Asia Pacific, Europe, MEA, South America) – Global Forecast to 2028″ report has been added to ResearchAndMarkets.com’s offering.
The global micro injection molded plastics market is estimated to grow from USD 1.2 billion in 2023 to USD 2.1 billion by 2028, at a CAGR of 11.4%.
The growth of the automotive, electronics and medical industries is also driving the demand for micro injection molded plastic. The automobile sector has seen a steady increase in the demand for micro injection molded plastics in recent years. For automotive applications, micro injection molding has a number of benefits, including miniaturization, weight reduction, enhanced performance, and cost savings.
The automotive industry relies heavily on electrical and electronic systems, and micro injection molded plastic parts play a crucial role in connectors, terminals, and other electrical components. These tiny components are crucial for the operation of different automobile systems and offer dependable connectivity. All these factors are boosting the demand for micro injection molded plastic especially in automotive applications.
PEI is expected to be the second fastest-growing type of the micro injection molded plastic market, in terms of value, during the forecast period.
The demand for micro injection molded plastics in PEI (Polyetherimide) is influenced by several factors. The specific demand for micro injection molded plastics in PEI depends on the application needs and industry demands, despite the fact that PEI itself is a high-performance thermoplastic with a variety of desirable qualities.
PEI’s characteristics, such as high-temperature resistance, mechanical strength, chemical resistance, and electrical insulation properties, make it suitable for micro injection molding in certain applications where miniaturization and high-performance are essential. All these factors boost the market for PEI material type in micro injection molded plastic globally.
Medical is expected to be the fastest-growing application of the micro injection molded plastic market, in terms of value, during the forecast period.
The demand for micro injection molded plastics in the medical industry has been steadily increasing due to the growing need for miniaturized medical devices, improved patient care, and technological advancements. Micro injection molding enables the production of small and precise plastic components with tight tolerances, making it suitable for various medical applications.
In medical they are used in various applications including surgical instruments, implantable devices, drug delivery systems, and others. All these factors boost the market for micro injection molded plastic in medical application globally.
Asia Pacific is projected to be the fastest growing region, in terms of value, during the forecast period in the Micro injection molded plastic market.
Asia Pacific has low cost of labor, easy availability of raw materials, with high adoption rate for new and modern technologies and availability of land which makes the region an attractive option for various manufacturing industries including automotive, healthcare, electronics and others.
The increasing population in countries like India and China, demand for eco-friendly, cost-effective electric vehicles and demand for advanced electronics products drive the market for micro injection molded plastics in Asia Pacific. Major automotive manufacturers such as Honda, Toyota, BMW, Nissan and others have established their manufacturing facilities in this region which further fuels the market demand.
Market Dynamics
Drivers
- Growth of Automotive Sector
- Rising Demand in Medical Applications
- Increase in Healthcare Expenditure and Favorable Reimbursement Scenario
Restraints
- High Maintenance Cost of Machines
Opportunities
- Rising Trend of Electric Vehicles
Challenges
- Less Economical for Small Production Capacities
- Requirement of Skilled Personnel
Companies Mentioned
- Accumold LLC
- American Precision Products
- D&M Plastics, LLC
- Isometric Micro Molding, Inc.
- Knightsbridge Plastics Inc.
- Makuta Micro Molding
- Matrix Plastic Products
- Micro Molding Inc.
- Microdyne Plastics, Inc.
- Microsystems UK
- Mikrotech
- Mtd Micro Molding
- Otto Manner GmbH – Barnes Group Inc.
- Paragon Medical
- Polymermedics Ltd.
- Precikam Inc.
- SMC Ltd.
- Sovrin Plastics
- Spectrum Plastics Group, Inc.
- Stack Plastics
- Veejay Plastic Injection Molding Company
- Yomura Technologies, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/cao921
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