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%. In the micro-injection process, PE or thermoplastic polyethylene is used in the healthcare industry. Surgeons and physicians use micro-injection moulded parts made by PE and micro instrumentation for less invasive treatments and for fast recovery in the patient. Thanks to small and precise devices, manufacturers are innovating, increasing R&D by means of a micro-shaping, which is expected to boost demand throughout the projective period, to reduce minimum intrusive device designs and the size of the different components.
Enhanced usage of micro-molded precision components in the automobile industry further propels the market. A wide range of high-precision plastic micro-parts, such as internal buttons, switches, clips and washers, micro tolerance door-locking components, modular electrical gear or electrical engine components, are used in cars. The necessity for precise parts such switches, buttons, clips and buttons is growing, driving the microinjection molding market because of increased production and sales of automobiles.
MIM is the only molding process that needs the use of a specific mounting machine capable of provides the most efficient control and servo-electric drives with a high injection speed, high injection pressure, precise shoot control, uniforme melting and ultra-fine resolution. This technology is employed in numerous sectors, for example, medical, automotive, telecommunications, etc. The increasing requirement for micro-injection moulded equipment is planned to reinforce the medical and healthcare MIM industry. The market trend is stepping up the usage of minimally invasive surgeries to reduce recovery time and usual operational difficulties.
The report highlights many characteristics of the worldwide micro-injection Molding business by evaluating the market against the falling value chain. In the research, there are also several characteristics that include market constraints, drivers and major industry prospects in the micro injection Molding sector. In addition, the study provides an extensive assessment of company profiling and of the competitiveness of local and international vendors on the market.
The market is divided into home and commercial on the basis of the application. The application of micro injections molding has the highest market share for medical and healthcare applications in 2020, followed by the automotive industry. In 2020, more than 30% of the global market share of micro-injection molding in the medical & healthcare sector. Because the operation becomes increasingly frequent using least invasive measures. This entails using instruments and methods that are less harmful to the body than normal operations. Through these treatments, small or small equipment and small cameras and tubes have to be operated. Automotive need for micro-size gears, connectors and switching systems has increased with the increase in the integration of mechatronics in automobiles. There is an anticipated growth in demand for MIM in the automobile industry.
North America earned the most revenue in the worldwide micro injection molding market in 2020, followed by Europe. The growth in the Europe is attributed to the existence of industrialized nations such as Germany. The German market leader is responsible for strong expenditure in medical facilities and the expansion of automobiles. Asia-Pacific countries such as China, India, and the rest of APAC have achieved significant growth due to increased demand for healthcare, increasing awareness and adequate treatment for the ageing population. Moreover, key end-use sectors such as cars and electronics in these nations are changing their production base because of reduced labour costs. These manufacturers have been encouraged by the Government by offering tax incentives that encourage them to set up its bases locally.
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.
Segment Overview of Global Micro Injection Molding Market
Application Overview, 2019-2028 (USD Million)
- Medical & Healthcare
- Telecom-Fiber Optics
- Micro Drive Systems & Control
Regional Overview, 2019-2028 (USD Million)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America