Micro Injection Molding Machine Market worth $609 million by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Dec. 2, 2021 /PRNewswire/ -- According to the new market research report "Micro Injection Molding Machine Market by Type (0-10 tons, 10-30 tons and 30-40 tons), Application (Medical, Automotive, Fiber Optics, Electronics), and Region (APAC, North America, Europe, MEA, South America) - Global Forecast to 2026", published by MarketsandMarkets™, the global Micro Injection Molding Machine Market size is projected to reach USD 609 million by 2026, at a CAGR of 9.8% from USD 381 million in 2021.
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Micro injection molding machines are machines used for the manufacture of plastics components for shot weights of 1 to 0.1 grams with tolerances in the range of 10 to 100 microns. This molding process permits the manufacture of complicated small geometries with maximum possible accuracy and precision. Part size is an obvious factor in determining micro molding. Micro molding produces a component or part that is: micro in size, micro in features, micro in tolerances. The basic concept of the micro injection molding process is quite similar to the regular injection molding process. The micro injection unit is integrated into the injection molding machine.
30 to 40 tons clamping force is the largest type segment of the micro injection molding machine market. APAC was the largest market for micro injection molding machine in 2020, in terms of value. Factors such as growth in automotive sector and rising demand from medical application is driving the market.
"30 to 40 tons clamping force segment is projected to be the fastest-growing type for micro injection molding machine market between 2021 and 2026"
The demand for micro molded plastic parts in automotive, electronics and medical application is driving the demand for micro injection molding machine with clamping force 30 to 40 tons. However, micro injection molding machine with clamping force 0 to 10 tons is expected to grow at the highest CAGR during the forecast period. The shift towards nanotechnology in every sector including medical, automotive, fiber optics, electronics and others is increasing the necessity of smaller high-precision parts.
"Medical segment is projected to be the fastest-growing application in micro injection molding machine market between 2021 and 2026."
The technological advancement in the medical industry is fueling the use of micro parts in its medical processes to enhance the overall procedure with better results for their patients. Intensive R&D is further increasing the demand for medical micro parts, thus, increasing the demand for micro injection molding machine in medical application.
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"APAC is projected to be the fastest-growing region for the micro injection molding machine market during the forecast period"
In APAC, China is the largest micro injection molding machine market. Increasing domestic demand due to the rapid increase in manufacturing facilities and other commercial units is expected to continue driving the demand for micro injection molding machine in the region. Increasing population and demand, accompanied by initiatives for new technologies and products, are projected to make this region a promising micro injection molding machine market. The growing population will have a significant impact on automotive and electronics industry in the region.
The key players in this market are Sumitomo Heavy Industries Limited (Japan), Engel Austria GmbH (Austria), Nissei Plastic Industrial Co., Ltd. (Japan), Sodick Co., Ltd. (Japan), and Milacron Holdings Corp (US).
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