PE, or thermoplastic polyethylene, is utilized in specifically in the healthcare sector, in the micro-injection Molding process. Micro injection moulded components manufactured from PE and micro-instrumentation are used by surgeons and doctors to conduct less intrusive treatments and to provide patients quick recovery. Due to small and high-precision devices, manufacturers engage in innovation, R&D to increase minimally invasive device designs and lower the size of the different components via micro forming, which is projected to drive demand during the projection period.
Increased use in the automotive industry of micro-molded precision components further drives the market. A broad variety of sorts of high-precision plastic micro parts are utilized in automobile, such as inner buttons, switches, clips and washers, door locking components of micron tolerance, electrical modular gear and electrical motor components.
The need for accurate parts such as switches, buttons, clips and buttons increases, thus boosting the micro-injection Molding market due to increasing automotive production and sales. By 2028, the worldwide market size for Micro Injection Molding is expected to grow to approximately USD 2,360 million. It is also anticipated that in the predicted years 2021-2028 a CAGR of around 11.4%.
Micro Injection Molding Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 2,360 million|
|Growth Rate||CAGR of 11.4% during 2021-2028|
|Segment Covered||Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East & Africa|
|Key Players Profiled||Sovrin Plastics, Stamm AG, Accu-Mold LLC, Precimold Inc., Makuta Technics, Micromold Inc., Rolla AG, and American Precision Products, American Laubsher Corp, Precimold Incorporation, Micromolding Solution Inc|
Application Overview, 2019-2028 (USD Million)
- Medical & Healthcare
- Telecom-Fiber Optics
- Micro Drive Systems & Control
Regional Overview, 2019-2028 (USD Million)
- Rest of Europe
- Rest of Asia-Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Rest of South America
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global Micro Injection Molding market. Benchmark yourself against the rest of the market.
- Ensure you remain competitive as innovations by existing key players to boost the market.
What does the report include?
- The study on the global Micro Injection Molding market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the Micro Injection Molding industry and their strategic initiatives for product development.
- The study covers a qualitative and quantitative analysis of the market segmented based on component, application, and industry vertical. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
- This study is suitable for industry participants and stakeholders in the global Micro Injection Molding market. The report will benefit every stakeholder involved in the Micro Injection Molding market.
- Managers within the Micro Injection Molding industry looking to publish recent and forecasted statistics about the global Micro Injection Molding market.
- Government organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of the global Micro Injection Molding market.
- Analysts, researchers, educators, strategy managers, and government institutions looking for insights into the market to determine future strategies.
The global industry is competitive, with the top regional competitors of the industry. Major players in the global industry are Sovrin Plastics, Stamm AG, Accu-Mold LLC, Precimold Inc., Makuta Technics, Micromold Inc., Rolla AG, and American Precision Products, American Laubsher Corp, Precimold Incorporation, Micromolding Solution Inc. among others.
MIM is a unique Molding technique that requires a specialised Molding machine capable of delivering high injection velocity, high injection pressure, precision shot control, uniform melting and ultra-fine resolution via sophisticated control and servo-electrical drives. The technique is used in various industries, such as medical and medical services, automotive, telecommunications, etc. The growing need for micro-injection moulded devices is projected to strengthen the MIM market for medical and healthcare applications. The tendency to increase the market is increasing use of minimally invasive operations to decrease recovery time and typical operation-related problems.
The market of microinjection Molding should be boosted by rapid growth in micro-optics and microfluidics. Micro-optics is utilized for producing small lenses and prisms in industries or applications where precise, clear and efficient uses are of paramount significance like in mobile telephone cameras and subsequently in medical endoscopic operations. The market for microinjection Molding should also be boosted by a growth in microfluidics. Microfluidics includes micro-level fluids control and manipulation. Therefore a growing usage of micro fluid is likely to enhance the market for micro injection Molding in the medical and biotech sectors.
Based on the application, the market is segmented into home and commercial. In medical and health care in 2020 the application of micro injection Molding holds greatest market share, followed by the automotive industry. In 2020, the medical & healthcare industry grabbed more than 30.0% of the world market share in micro-injection Molding. Because minimally invasive procedure is becoming more and more common. This involves the use of tools and procedures that cause less bodily harm than typical operations. Such treatments require small or small operating equipment, small cameras and tubes. With the growth in the inclusion of mechatronics in cars, automotive demand for micro-size gears, connections and switching systems is growing. The demand for MIM in the car sector is projected to grow.
North America generated the largest revenue in global micro injection Molding market with significant revenues in 2020 followed by Europe making up for a share of more than 26 percent owing to the presence of developed nations such as Germany. The German market leader is accountable for high investment on medical and expanding automotive facilities. In 2016, the US government spent over 171.8 million dollars on research and development linked to medical and healthcare operations. The expansion of the North American MIM market has been driven by rapid technologically advances coupled with an increasing investment on medical and health-related R&D.
Due to the presence of several small and medium-sized manufacturers, the worldwide MIM market is fragmented, while at the regional level most major companies in Europe and North America are consolidated. The key players of the Micro Injection Molding market are Sovrin Plastics, Stamm AG, Accu-Mold LLC, Precimold Inc., Makuta Technics, Micromold Inc., Rolla AG, and American Precision Products, American Laubsher Corp, Precimold Incorporation, Micromolding Solution Inc. New Micro Injection Molding products are offered by renowned firms. Furthermore, the industry is approached by both previously known and new companies using sophisticated and innovative methods to remain competitive on the world market.