Micro Injection Molding Machine Market Growth and Growth (2024-2032)

$3999 – $6999

Emphasis on Type (0-10 Tons, 10-30 Tons, 30-40 Tons); Application (Medical, Automotive, Fiber Optics, Electronics, and Others); and Region/Country

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UMMM212903

Global

The Micro Injection Molding Machine Market was valued at USD 589.85 million in 2023 and is expected to grow at a robust CAGR of around 9.33% during the forecast period (2024-2032) driven by the increasing demand for precision and miniaturization in various industries, including medical, automotive, electronics, and consumer goods.

The micro injection molding machine market is experiencing significant change due to the increasing demand for precision and miniaturization across various industries. The market is also fueled by technological advancements and the need for high-performance components. Manufacturers are adopting innovative solutions to meet the evolving requirements of the medical, automotive, electronics, and fiber optics sectors. One of the prominent factors driving the market rise in demand for minimally invasive medical procedures and the automotive industry’s shift towards electric and autonomous vehicles. For instance, in 2023, Sumitomo (SHI) Demag introduced a new micro injection molding machine specifically designed for medical applications to produce exceptionally precise ultra-small parts. Additionally, medical procedures such as dental and cosmetics have significantly increased in the last couple of years due to the rising population, increased disposable income, and consumer shift towards wellness and beautification. This has further driven the micro injection molding machine market.

The integration of Industry 4.0 Technologies and Smart Manufacturing Principles

The adoption of Industry 4.0 technologies and smart manufacturing principles penetrates the Micro Injection Molding Machine Market. This trend includes the Internet of Things (IoT), Artificial Intelligence (AI), Machine Learning, Robotics, and Data Analytics, which are used to advance highly connected and smart manufacturing systems. These technologies are for real-time monitoring, condition monitoring, maintenance work planning, process control enhancement, and micro-injection molding automation. The consequence is higher accuracy, higher output rates, less time spent on preventive maintenance, and greater ability to organize production. This shift is significant for industries using micro-molded parts in their products, like the medical technology, electronics, automotive, and aerospace industries, where there is a trend towards even smaller parts with closer tolerances. For Instance, in 2023, Gerresheimer AG, a leading medical device manufacturer in Germany, implemented a fully integrated smart factory system for their micro injection molding operations. This system interconnected all their molding machines, robotics, and quality control equipment through a central IoT platform.

Asia Pacific Dominated the Micro Injection Molding Machine Market

The Asia Pacific micro injection molding machine market is expected to dominate in the forecast period due to several factors, such as the region’s presence of leading medical devices and automotive manufacturers, which has catered to the demand for the market. Moreover, the region has a solid, well-developed medical industry with highly advanced and significant research and development investments. This fosters the adoption of micro-injection molding machines for producing high-precision medical components. Furthermore, Asia Pacific leads in technological innovation, particularly in automation and digitalization. These advancements enhance the capabilities of micro-injection molding machines, making them more efficient and reliable. The integration of such advanced technologies underscores Asia Pacific’s leadership in innovation. Furthermore, the region has well-developed infrastructure to support the adoption of electric vehicles, and the presence of some of the world’s leading EV manufacturers, such as BYD, NIO, LiAuto, Tata Motors, and Geely, has fueled the demand for micro injection molding machines.

The micro injection molding machine market is competitive and concentrated, with few global and international players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions. Some major players operating in the market are ARBURG GmbH + Co KG, ENGEL, Hillenbrand, Inc., The Japan Steel Works, LTD., Sumitomo Heavy Industries, Ltd., Plustech-inc, WITTMANN Technology GmbH, BOY Machines, Inc., NISSEI PLASTIC INDUSTRIAL CO., LTD., and Parmaco Metal Injection Molding AG.

The global micro injection molding machine market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to contact us to get a report that completely suits your requirements.

Ans: The micro injection molding machine market was valued at USD 589.85 million in 2023 and is expected to grow at a CAGR of 9.33% during the forecast period (2024-2032).

Ans: The demand for precision and miniaturization across various industries primarily drives the micro injection molding machine market.

Ans: The 10-30 tons segment has the largest micro injection molding machine market share by type.

Ans: The integration of industry 4.0 technologies and smart manufacturing principles is one of the significant trends in the micro injection molding machine market.

Ans: Asia Pacific is expected to dominate the market during the forecast period.

Analyzing the historical market, estimating the current market, and forecasting the future market of the global micro injection molding machine market were the three major steps undertaken to create and analyze the adoption of micro injection molding machine in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global micro injection molding machine market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Step 1: In-Depth Study of Secondary Sources:

A detailed secondary study was conducted to obtain the historical market size of the micro injection molding machine market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the micro injection molding machine market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report such as type and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the micro injection molding machine market. Further, we conducted factor analysis using dependent and independent variables such as type and application of the micro injection molding machine market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the micro injection molding machine market sector across the globe.

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global micro injection molding machine market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2032 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global micro injection molding machine market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of the type and application in the global micro injection molding machine market.

The main objective of the Global Micro Injection Molding Machine Market Study

The current & future market trends of the global micro injection molding machine market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

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