U.S. Thermoplastics Micro Molding Market Size, Share & Trends Analysis Report By Application (Automotive, Electronics, Medical, Packaging), And Segment Forecasts, 2023 - 2030

U.S. Thermoplastics Micro Molding Market Size, Share & Trends Analysis Report By Application (Automotive, Electronics, Medical, Packaging), And Segment Forecasts, 2023 - 2030

U.S. Thermoplastics Micro Molding Market Growth & Trends

The U.S. thermoplastics micro molding market size is expected to reach USD 308.1 million by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.9% from 2023 to 2030. Micro molding is a highly specialized manufacturing process that produces micron-sized, high-precision thermoplastic parts and components. Thermoplastics micro molding finds its application in the production of micromechanical parts in the medical, electronics, automotive, and packaging industries.

Additionally, these moldings are used for precision and robust parts production which are used in automotive in order to produce lightweight and fuel-efficient vehicles. Thus, increasing consumer spending and rising automotive demand in the U.S. is expected to be beneficial for the overall market.Moreover, the U.S. is a major market for thermoplastic micro molding on account of its highly developed economy, growing medical industry combined with a highly skilled workforce, and R&D initiatives to encourage product innovation.

Prominent companies engaged in the production of thermoplastics micro molding include SMC Corporation, ACCU Mold LLC, ALC Precision (American Laubsher Corp) NY, and Makuta Technics Inc. These manufacturers supply their products to the market through several distribution channels including third-party agreements with wholesalers and vendors, direct supply agreements with automotive companies, and e-commerce portals.

Companies in the market are investing in R&D activities to provide the best suitable structure and product technology. Investment in research & development is expected to provide new opportunities for the players. In addition, properties such as low manufacturing cost, good insulation, and low processing cost are expected to attract new players into the market.

Thermoplastics micro molding is light-weighted thus reducing the overall weight of the structures. They have better-resolution feed options that lead to an equal pressure distribution inside the cavity, as micro molding machines can inject fractions of a gram with a high degree of precision. Moreover, micro molds are also employed in micro injection molding which is helpful in manufacturing micro medical components, in turn increasing the product demand.

The prices of major raw materials are susceptible to fluctuations. For instance, the price of liquid crystal polymer is increasing owing to a shortage of supply and rising feedstock as well as energy costs. Several manufacturing industries are also involved in the utilization of raw materials necessary for the production of thermoplastic micro molding, which positively influences the bargaining power of suppliers. However, the manufacturers are also involved in backward integration, which eliminates the need for suppliers.

U.S. Thermoplastics Micro Molding Market Report Highlights

• The U.S. thermoplastic micro molding market is segmented into automotive, electronic, medical, and packaging based on applications. The medical application exhibited as the largest and fastest growing market segment which accounted for 37.8% of the market. The use of small and sophisticated medical instruments is offering lucrative market opportunities for the thermoplastics micro molding market
• Thermoplastics micro molding is widely used in the manufacture of medical devices such as drug delivery devices, catheters, diagnostic systems, and optical, and hearing aid components. It is moreover useful for instruments used in minimally invasive surgeries, for instance, neurosurgery and aortic treatments. The abovementioned factors are projected to benefit the market growth over the forecast period
• Thermoplastics micro molding is also widely used for manufacturing automobile components which frequently require light and small components. Thermoplastics micro molding is used for car underhood parts (e.g., engine or brakes) as well as various other automotive industry components such as various washers, clips, various buttons, door locking mechanism parts, microplastic gear manufacturing, and switches. The above-mentioned factors are expected to boost market demand over the forecast period
• Thermoplastic micro molding can be used for the production of a variety of electronic components such as micro-optics, smartphones, laser-based devices, prisms, and lenses. Additionally, microelectronic components for communication technologies, computers, musical instruments, and other microelectronic products include connectors, plugs, computer chips, and switches
• The U.S. thermoplastics micro molding market is characterized by strong competition on account of the presence of prominent manufacturers serving major geographies across the U.S. These prominent manufacturers compete based on product quality and prices to increase their applications in the end-use industries. These players focus on achieving long-term contracts with players in the application industry to gain a competitive advantage

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