Micro Injection Molded Plastic Market worth $1,692 million by 2026 - Exclusive Report by MarketsandMarkets™

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Feb 03, 2022, 09:30 ET

CHICAGO, Feb. 3, 2022 /PRNewswire/ -- According to the new market research report "Micro Injection Molded Plastic Market by Material Type (Liquid-Crystal Polymer (LCP), Polyether Ether Ketone (PEEK), Polycarbonate (PC), Polyethylene (PE), Polyoxymethylene (POM)), Application and Region - Global Forecast to 2026" published by MarketsandMarkets, the Micro Injection Molded Plastic Market is projected to reach USD 1,692 million by 2026, at a CAGR of 11.2% from USD 995 million in 2021. Micro injection molded plastics are made of micro injection molding technique which is a highly specialized manufacturing process that produces extremely small, high-precision thermoplastic components with micron tolerances, which can be used in various industries such as medical, automotive, electronics and others.

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According to Institute of Industrial Technology and Automation (ITIA-CNR), Micro-components are often smaller than a single grain of granulate. Micro injection molded plastic components are of shot weights of 1 to 0.1 g with tolerances in the range of 10 to 100 microns. This molding process allows manufacturers to produce complicated small geometries with maximum possible accuracy and precision.

"PC is estimated to be the fastest-growing material type in the Micro Injection Molded Plastic Market between 2021 and 2026."

In 2020, the PC accounted for the largest market share in material type segment and is also projected to a moderate growth during the forecast period. The market growth is expected to be fueled by the increasing usage of modern medical devices, micro components for the electric vehicles and various components for electronics industry.

"Medical was the largest application for Micro Injection Molded Plastic Market in 2020"

Medical is the largest application for micro injection molded plastic. In the micro injection molding industry, medical micro molding is a highly specialized sector. As medical equipment gets more miniaturized, they rely on micro injection molded components to provide crucial patient care both within and outside the body.

Micro molds are utilized for various medical processes. Few of the medical molds include surgical devices, endoscopic devices, catheters, hearing aids, point of care testing devices, diabetes management devices, DNA research and sequencing devices, electronic components for medical devices, microfluidics, and pharmaceutical applications, including drug delivery devices, vials, caps, specimen cups, blood collection tubes, syringes, and IV parts. The shifting trend towards miniaturization and nanotechnology in the medical sector is fueling the demand for compatible micro-molds for every medical application.

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"Europe is estimated to be the second-largest Micro Injection Molded Plastic Market in 2020, in terms of value"

Europe is the second-largest consumer of micro injection molded plastic, in 2020. Germany, France, the UK are key countries considered in the European region. Increased consumer spending and exports drive the region's economy. Europe has a well-developed automotive sector. It is one of the largest producers of commercial vehicles and has a strong spare parts industry as well. It offers an ideal logistics platform for companies to export to international markets. Europe is an important market for Japanese and US car manufacturers looking to strengthen their position in Europe. Macroeconomic factors such as the recovery of the economy, rising domestic demand, and increase in consumer spending and exports are expected to drive the economic growth of Europe.

The key players profiled in the Micro Injection Molded Plastic Market report include Accumold LLC (US), Isometric Micro Molding, Inc. (US), Makuta Micro Molding (US), Precimold Inc. (Canada), MTD Micro Molding (US), Microsystems Precision Medical Moulds (UK), Veejay Plastics Injection Molding Company (US), Knightsbridge Plastics Inc.(California), Polymermedics Ltd. (UK), Manner Solutions For Plastics (Germany), Microdyne Plastics, Inc. (US), SMC Ltd. (US), Mikrotech (US), Sovrin Plastics (UK), Stack Plastics (US), American Precision Product(US), D&M Plastics, LLC (US), Paragon Medical (US), Micro Molding Inc. (US), Spectrum Plastics Group, Inc. (US), Matrix Plastic Products (US), Yomura Technologies Inc (Taiwan), and Barnet Intelligent Materials (US).

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