Dublin, Aug. 22, 2023 (GLOBE NEWSWIRE) -- The "Micro Injection Molding Machine Market by Type (0-10 tons, 10-30 tons, and 30-40 tons), Application (Medical, Automotive, Fiber Optics, Electronics), Region (North America, Europe, Asia-Pacific, South America, MEA) - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The micro injection molding machine market is projected to reach USD 0.7 billion by 2028, at a CAGR of 9.9% from USD 0.5 billion in 2023.
The expansion of the automotive industry and the increase in demand for medical applications are the main drivers of this market. The demand for extremely accurate molds that are effective for performing medical procedures is being driven by the shift toward nanotechnology and miniaturization in the medical industry. The growing automation of automobiles and the development of electric cars are also driving up the demand for high-precision parts to improve performance.
The 30 to 40 tons clamping force segment is the largest type of micro injection molding machine for micro injection molding machine market in 2022.
Based on clamping force, The segment with a clamping force of 30 to 40 tons held the largest market share in 2022. Based on the tolerances and shot weights needed for the molds, the demand for micro-injection molding machines within this clamping force sector is increased. These machines are often employed in applications for the medical, automotive, electronics, fiber optics, and other sectors. The expanding trend of miniaturization is predicted to raise the need for smaller parts across all industries, which would enhance the need for micro-injection molding machinery. Arburg GmbH & Co KG, Engel Austria GmbH, The Japan Steel Works Ltd, and Sumitomo Heavy Industries Limited are the major manufacturers of micro injection molding machines in this segment.
Medical is estimated to be the largest application of micro injection molding machine market between 2023 and 2028.
The need for medical equipment has surged as a result of the global coronavirus outbreak. The demand for medical equipment, such as surgical devices, medical systems, and other medical instruments, surged rapidly as a result of the spike in COVID-19 cases. Micro components are increasingly being used in medical procedures as a result of technical advancements in the field of medicine, which improve patient outcomes overall. Intensified R&D is driving up demand for micro injection molding equipment in the medical industry as well as for medical micro parts.
Asia Pacific is expected to be the largest micro injection molding machine market during the forecast period, in terms of value.
China has the largest market for micro injection molding machines in the Asia Pacific. The demand for micro injection molding machines in the area is anticipated to continue growing domestic demand as a result of the quick expansion of manufacturing facilities and other commercial units. It is anticipated that initiatives for new technologies and goods, along with rising population and demand, would turn this region into a potential micro injection molding machine market. The region's automotive and electronics industries will be greatly impacted by the expanding population.
Competitive landscape
The key market players profiled in the report include Sumitomo Heavy Industries Ltd. (Japan), Engel Austria GmbH (Austria), Nissei Plastic Industrial Co., Ltd. (Japan), Sodick Co., Ltd. (Japan), and Hillenbrand Inc. (US).
Premium Insights
- Shift Toward Electric Vehicles to Drive Demand for Micro Injection Molding Machines
- Asia-Pacific to be Largest Micro Injection Molding Machines Market Between 2023 and 2028
- Medical Application to be Largest Consumer of Micro Injection Molding Machines Across Regions
- China Accounted for Largest Share of Micro Injection Molding Machines Market in 2022
- India to Witness High Demand for Micro Injection Molding Machines Between 2023 and 2028
Market Dynamics
Drivers
- Increasing Demand for Miniaturized Products
- Advancements in Manufacturing Technologies
- Growing Trend of Miniaturization in Consumer Electronics
Restraints
- High Initial Investment
- Limited Market Awareness
Opportunities
- Growing Demand in Healthcare and Automotive Industries
- Expansion into Emerging Economies
Challenges
- Complex Design and Tooling Requirements
- Competition from Alternative Technologies
Company Profiles
Major Players
- Arburg GmbH & Co. Kg
- Engel Austria GmbH
- Hillenbrand, Inc.
- Nissei Plastic Industrial Co. Ltd.
- The Japan Steel Works Ltd.
- Sodick Co. Ltd.
- Sumitomo Heavy Industries, Ltd.
- Boy Machines, Inc.
- Wittmann Battenfeld GmbH
- Babyplast (Rambaldi Group)
Other Key Players
- Ningbo Shuangsheng Plastic Machinery Co. Ltd.
- Anntong Ind. Co. Ltd.
- Krauss-Maffei Corporation
- Shibaura Machine Co. Ltd.
- Ningbo Chuangji Machinery Co. Ltd.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 176 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $417 Million |
| Forecasted Market Value (USD) by 2028 | $734.6 Million |
| Compound Annual Growth Rate | 9.9% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/oy3s9h
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