Micro Injection Molded Plastic Market Forecasts to 2028 – Global Analysis By Material (Liquid-Crystal Polymer (LCP), Polybutylene Terephthalate (PBT), Polycarbonate (PC)), Application (Medical &Healthcare, Automotive, Telecom & Optics) and By Geography

Micro Injection Molded Plastic Market Forecasts to 2028 – Global Analysis By Material (Liquid-Crystal Polymer (LCP), Polybutylene Terephthalate (PBT), Polycarbonate (PC)), Application (Medical &Healthcare, Automotive, Telecom & Optics) and By Geography

According to Stratistics MRC, the Global Micro Injection Molded Plastic Market is accounted for $1,031.11 million in 2021 and is expected to reach $2,456.02 million by 2028 growing at a CAGR of 13.2% during the forecast period. Micro injection molding is a molding method for the manufacture of plastic components for shot weights of 1 to 0.1 grams with tolerances in the range of 10 to 100 microns. This molding process certificates the manufacture of complicated small geometries with maximum possible accuracy and precision.

Market Dynamics:

Driver:

Growing usage in medical application

Micro injection molded plastic components can be found in products such as small surgical instruments, dental implants, catheter tips, microneedles, and infection control devices. The rise in the number of surgical procedures across the globe is a key factor for the rising demand for its application. The high occurrence of chronic diseases, particularly among the geriatric population, is predictable to considerably boost the number of surgical treatment procedures conducted. The number of cosmetic, dental, and aesthetic procedures has increased owing to the rising geriatric population, increasing disposable income, accessibility of advanced technologies, and rising procedural safety. The popularity of these procedures across the globe fuels the market.

Restraint:

High cost

The foremost limitation to market development is owing to the high technology of all-electric machines, the investment costs and maintenance costs are high. The hydraulic motor is connected to an electric power unit, and it works at maximum power in every phase of the molding process, which entails high costs of electric energy. The cost of preventive maintenance significantly affects the cost of production.

Opportunity:

Rising usage of electric vehicles

Electric vehicles are made up of numerous electronic parts such as all-electric auxiliary, electric traction motor, traction battery pack, electric transmission, power electronics controller, and DC converter, among others. These electronics parts are composed of numerous micro components. These micro components are needed for the manufacture of electric vehicles. These are very small and complex components that are manufactured using a micro injection molding machine. As electric vehicle requires more micro injection molded products than ICE vehicle, the increasing demand for electric vehicles is expected to positively impact the growth of the market. This will also allow electric vehicle companies to lower their prices and compete more effectively in the market. The increasing production of electric vehicles will be a good opportunity for the players in the market.

Threat:

Lack of skilled personnel

Due to its complex operating system production of its products need skilled labours. The micro parts used in the medical industry need special attention and critical procedure as the application of these products is very complex. Knowledge in plastics engineering, micro mold design, gate location and sizing, and runner and sprue geometry is essential while operating micro injection molding machines. Process-specific and material-specific knowledge are also crucial. The lack of skilled labour, especially in emerging economies, is one of the major threats for the market players.

Polycarbonate (PC) segment is expected to be the largest during the forecast period

The Polycarbonate (PC) accounted for the largest market share in segment. The market growth is predictable to be motivated by the growing usage of modern medical devices, micro components for the electric vehicles and several components for electronics industry. They are easily worked, molded, and thermoformed.

The medical & healthcare segment is expected to have the highest CAGR during the forecast period

Medical & healthcare held the highest share in the market, due to micro molding services are growing in importance, as medical devices and components continue to shrink, they count on microinjection molded constituents to deliver crucial patient care. Micro molds are used in several medical types of equipment such as catheters, surgical devices, diabetes management devices, hearing aids, etc. Therefore, market players are accepting several strategies to provide solutions for the medical application of micro injection molding plastic.

Region with highest share:

The Asia Pacific is projected to hold the highest market share, owing to the rising use of injection-molded plastic in the automotive, medical, and construction industries. The growing economic growth in the Asia-Pacific province and consumer preference for efficient and smart buildings has enforced manufacturers to develop high-performance products for the construction industry. China, India, and Japan are the key countries contributing to the growth of the market owing to increasing manufacturing facilities along with the increased population.

Region with highest CAGR:

North America dominated the market in the forecast period. The provincial growth is accredited to the technological advancement in the medical industry, growing demand in the automotive sector, and the existence of major market players such as Accumold LLC, Precimold Inc., and Paragon Medical in the market.

Key players in the market:

Some of the key players profiled in the Micro Injection Molded Plastic Market include Yomura Technologies Inc., Veejay Plastics Injection Molding Company, Diversified Plastics, Inc., Spectrum Plastics Group, Inc., Sovrin Plastics, Smc Ltd., Precimold Kamek Precision Injection Molding, Polymermedics Ltd., Paragon Medical, Mtd Micro Molding, Avient Corporation, Microsystems Precision Medical Moulds, Microdyne Plastics, Inc., Micro Molding Inc., Matrix Plastic Products, Manner Solutions for Plastics, Makuta Micro Molding, Knightsbridge Plastics Inc., Isometric Micro Molding, Inc., D&M Plastics, LLC, Barnet Intelligent Materials, American Precision Product, Accumold LLC.

Key developments:

In August 2020: Avient Corporation launched injection moldable thermoplastic elastomers to is versaflex series. The product was formulated without animal derivatives and is able to serve a variety of medical devices applications.

In June 2020: Pacific plastic injection molding, a part of Diversified Plastics Inc. announced that it added 5,000 square feet of office and production space to its existing facility in California. This expansion was done to improve the production and safe operation.

In October 2020: Matrix Plastics Ltd, has announced the establishment of new sub-brand Matrix Medical Plastics. Operating from a purpose-built facility adjacent to the Matrix Plastics main site, Matrix Medical Plastics will provide fully compliant medical compounding services to manufacturers worldwide.

Materials Covered:
• Liquid-Crystal Polymer (LCP)
• Polybutylene Terephthalate (PBT)
• Polycarbonate (PC)
• Polyether Ether Ketone (PEEK)
• Polyetherimide (PEI)
• Polyethylene (PE)
• Polymethyl Methacrylate (PMMA)
• Polyoxymethylene (POM)

Applications Covered:
• Medical & Healthcare
• Automotive
• Telecom & Optics
• Electronics
• Aerospace & Defence
• Packaging
• Construction

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025 and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
• Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances