New York, United States , Nov. 08, 2023 (GLOBE NEWSWIRE) -- The Global Micro Injection Molded Plastic Market Size is to grow from USD 1.18 Billion in 2022 to USD 3.41 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 11.2% during the projected period. The primary factors driving the expansion of the micro injection-molded plastic market include increasing demand from the automotive sector, rising demand from healthcare applications and rising healthcare expenditure, and favorable reimbursement scenarios.
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The Global Micro Injection Molded Plastic Market refers to the market for plastic components that are manufactured using micro injection molding technology. Micro injection molding is a highly precise and specialized manufacturing process that allows for the production of small and intricate plastic parts with high accuracy and consistency. The global micro injection molded plastic market has grown significantly in recent years as a result of rising demand for small-sized plastic components in industries such as medical devices, electronics, automotive, telecommunications, and consumer goods. Micro injection molding has several advantages over traditional molding techniques, including greater design flexibility, less material waste, higher part quality, and shorter production cycles. They are used in connectors, sensors, micro switches, and other electronic components in the electronics industry. Micro injection molded plastics are also used in sensors, connectors, and interior components in the automotive industry. The initial expense can be major, especially for high-end machines with advanced capabilities. Because of the need for precise control over small amounts of material and faster cycle times, micro injection molding machines may consume more energy than standard injection molding machines. All of these factors may restrict market expansion.
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The PC segment is expected to grow at the highest rate in the global micro injection molded plastic market during the forecast period.
The global micro injection molded plastic market is segmented by material type into PEEK, LCP, PC, PE, POM, PMMA, PEI, and PBT. Among these, the PC segment is projected to expand at the fastest rate in the global micro injection molded plastic market throughout the forecast period. The increasing use of cutting-edge medical equipment, micro components for electric automobiles, and various components for the electronics sector is driving segmental growth.
The medical segment is expected to grow at the rapid pace in the global micro injection molded plastic market during the forecast period.
The global micro injection molded plastic market is classified into medical, automotive, optics, electronics, and other applications. The medical segment is projected to expand rapidly in the global micro injection molded plastic market throughout the forecast period. The increasing adoption of minimally invasive procedures, as well as the growing demand for disposable medical products, all contribute to the market's growth in this segment.
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North America is projected to hold the largest share of the global micro injection molded plastic market during the study period.
North America is projected to have the greatest share of the global micro injection molded plastic market throughout the forecast period. The global micro injection molded plastic market is dominated by North America. The region's manufacturing sector, particularly in the United States, has become established and technologically advanced. The medical and automotive industries contribute significantly to the market in this region.
Asia Pacific is projected to expand at the highest pace in the global micro injection molded plastic market throughout the forecast period. The Asia Pacific micro injection molded plastic market is rapidly expanding. China, Japan, South Korea, and India are all major market contributors in this region. An increasing population, rising disposable income, and expanding healthcare infrastructure are driving demand for micro injection molded plastic components in the medical sector.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Micro Injection Molded Plastic Market include Accumold LLC, Paragon Medical, Knightsbridge Plastics Inc., SMC Ltd., Spectrum Plastics Group, Inc., Isometric Micro Molding, Inc., Polymermedics Ltd, Makuta Micro Molding, Microdyne Plastics, Inc., Precikam Inc., MTD Micro Molding, and Others.
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Recent Development
In March 2023, Paragon Medical made investments in cutting-edge technologies by delivering additive manufacturing capabilities through its partnership with 3D Systems.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Micro Injection Molded Plastic Market based on the below-mentioned segments:
Global Micro Injection Molded Plastic Market, By Material Type
- PEEK
- LCP
- PC
- PE
- POM
- PMMA
- PEI
- PBT
Global Micro Injection Molded Plastic Market, By Application
- Medical
- Automotive
- Optics
- Electronics
- Other
Global Micro Injection Molded Plastic Market, By Region
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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