Luton, Bedfordshire, United Kingdom, Sept. 21, 2022 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Micro Injection Molded Plastic Market.
The global micro injection molded plastic market size was 890.00 USD million in 2021. The market is projected to grow from 2258.12 USD million by 2029 at a CAGR of 11.06% during the 2022-2029 period.
Injection molded polymers are used in both exterior and interior auto parts. The use of micro injection molded plastics in the automobile sector has expanded because to its high tensile strength, resistance to physical impact and corrosion, and low cost of manufacture. Furthermore, they are suitable for construction applications due to their light weight, increased insulation, UV protection, cost effectiveness, and waterproofing capabilities.
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The growing senior population, rising disposable income, availability of new technologies, and increasing procedural safety have all contributed to an increase in the number of cosmetic, dental, and aesthetic treatments in recent years. The global acceptance of these processes fuels the Micro Injection Molded Plastic Market.
Key Industry Development
- In May 2021, INEOS partnered with LACTEL to produce the world’s first HDPE Milk Bottles from advanced recycling. This product will be used in the Montauban production plant. In the same year, Gruppo Maip, a leading international plastics formulator and compound producerbased in Turin, Italy, became a distributor of Eastman Tritan HM glass-filled copolyester and Treva engineering bioplastic in Europe.
- In October2020, Chevron Phillips Chemical announced its first commercial-scale production of polyethylene, “Marlex Anew Circular Polyethylene,” using advanced recycling technology.
- In June 2020: Pacific Plastics Injection Molding, which is a portion of Diversified Plastics Inc., added nearly 5,000 square feet of office and production area to its prevailing unit in California. This extension was initiated to augment the manufacturing and safe procedure.
Declining Automotive Sales to Obstruct Market Growth
The micro injection molded plastic market is predicted to demonstrate confusing growth owing to the growing demand for packaging and medical usage, while the demand of the product has diminished considerably for uses such as automobiles, building & construction, and electrical & electronics, among others. The automobile industry is anticipated to suffer immensely owing to the currently fluctuating government guidelines combined with the exponential reduction in demand for automobiles during the COVID-19 pandemic.
The Asia Pacific region is dominating the micro injection molded plastic market, due to rising healthcare sector and plastic market expansion.
Asia Pacific has the biggest market share, followed by Europe. Increased use in automotive and construction sectors has fueled Asia Pacific industry growth. China has the largest micro injection molded plastic market in APAC. Rising domestic demand as a result of the rapid expansion of manufacturing facilities and other commercial units is predicted to drive demand for Micro Injection Molded Plastic in the region.
Drivers and Restraints
Innovation in Injection Molding Technologies is a Prominent Trend
There has been incessant improvement in technologies regarding injection molding such as the increasing predisposition towards incorporated method to product design which has accentuated the production operation. This has further tapered down the space between the structuring and production stage, principally in case of complicated products, such as medical apparatuses. This is famously known as micro injection molding in production of medical apparatuses where the procedure is engaged at a microscopic level. This is expected to boost the Micro Injection Molded Plastic market growth during the forecast period.
Report Scope:
| Report Attribute/Metric | Details |
| Market Size | 890.00 USD million in 2021 2258.12 USD million by 2029 |
| CAGR | CAGR of 11.06% |
| Base Year | 2021 |
| Forecast Period | 2022-2029 |
| Historical Data | 2017 & 2021 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Raw Material Type, Application and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | Accumold LLC, Isometric Micro Molding, Inc., Makuta Micro Molding, Precimold Inc., MTD Micro Molding, Microsystems Precision Medical Moulds, Veejay Plastics Injection Molding Company, Knightsbridge Plastics Inc., Polymermedics Ltd., Manner Solutions for Plastics, Microdyne Plastics, Inc., SMC Ltd., and others. |
| Key Market Opportunities | Growing Adoption from the Healthcare Sector to Create Growth Avenues for the Micro Injection Molded Plastic Market |
| Key Market Drivers | Growing Applications in the Packaging Sector to Drive Micro Injection Molded Plastic Market Growth |
Key Players to Fortify their Positions by Offering New Product Solutions
The key players include Accumold LLC, Isometric Micro Molding, Inc., Makuta Micro Molding, Precimold Inc., MTD Micro Molding, Microsystems Precision Medical Moulds, Veejay Plastics Injection Molding Company, Knightsbridge Plastics Inc., Polymermedics Ltd., Manner Solutions for Plastics, Microdyne Plastics, Inc., SMC Ltd., and others.
Browse Detailed Summary of Research Report with TOC:
https://exactitudeconsultancy.com/reports/10454/micro-injection-molded-plastic-market/
Key Market Segments: Micro Injection Molded Plastic Market
Micro Injection Molded Plastic Market by Material Type, 2022-2029, (USD Million)
- Liquid-Crystal Polymer (LCP)
- Polyether Ether Ketone (PEEK)
- Polycarbonate (PC)
- Polyethylene (PE)
- Polyoxymethylene (POM)
Micro Injection Molded Plastic Market by Application, 2022-2029, (USD Million)
- Medical & Healthcare
- Automotive
- Telecom & Optics
- Electronics
- Aerospace & Defense
- Packaging
- Others
Micro Injection Molded Plastic Market by Region, 2022-2029, (USD Million)
- North America
- Europe
- Asia Pacific
- South America
- Middle East and Africa
Key Insights & Findings from the report:
- The plastics segment accounted for a revenue share of 98.3% in 2021 owing to its low cost and suitability for high-volume production runs and applications that require consistency in design and strict tolerances.
- The medical application segment is expected to witness a CAGR of 5.7% from 2022 to 2029 owing to growing accessible treatment for surgical and diagnostic procedures used to prevent, treat, and rehabilitate illness.
- In Asia Pacific, the Micro Injection Molded Plastic market is expected to witness a CAGR of 5.5% over the forecast period on account of expanding healthcare infrastructure, automobile, packaging industry coupled with growing research and availability of skilled labor.
- In February 2022, Beacon Medtech Solutions announced a partnership with Sumitomo Demag to increase its molding press capacity to expedite the manufacturing and delivery of precision plastic and silicone components.
- In February 2022, Comar, a medical device and packaging solution provider acquired Automatic Plastics Ltd. Through this acquisition, the company aims to strengthen its presence in the pharmaceutical and medical sectors.
Micro Injection Molded Plastic Market Growth & Trends
The Micro Injection Molded Plastic market has witnessed growth especially from the medical industry, with the emergence of the COVID-19 pandemic, as this product can offer accuracy, a high range of operation, repeatability, and cleanliness. Furthermore, packaging manufacturers leverage injection molding with robotics to run faster production rates with cost-effectiveness.
The Micro Injection Molded Plastic market has witnessed surged adoption in recent years on account of the manufacturing technology employed for producing complex products. Players incorporate industry 4.0 in their process, thereby optimizing the requirement of raw materials, lowering costs, increasing automation, flexibility among other things. COVID-19 pandemic had caused supply chain disruptions in 2020 resulting in losses for the service providers as demand from various end-user industries was halted. However, with the infusion of economic stimulus packages, manufacturers have adopted automation to shorten production cycle time, thereby increasing productivity and profits.
The demand for plastic injection molding is witnessing significant growth due to high tensile strength and high-temperature endurance that have led to the surged usage of engineering-grade plastic resins for molded products. Moreover, plastic resins enable a reduction in manufacturing waste, product weight, and overall manufacturing costs. Companies providing molding services are engaged in acquiring the latest technologies to meet the changing demands from the medical industries and increase manufacturing capacity. For instance, in August 2021, HTI Plastics installed a new 420-ton injection molding press with an integrated Engel Viper 20 robot to advance its machinery capabilities.
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