Micro Injection Molded Plastic Market worth $2.1 billion by 2028

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30 May, 2023, 04:00 ET

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CHICAGO, May 30, 2023 /PRNewswire/ -- The report "Micro Injection Molded Plastic Market by Material Type (LCP, PEEK, PC, PE, POM, PMMA, PEI, PBT), Application (Medical, Automotive, Optics, Electronics), and Region (North America, Asia Pacific, Europe, MEA, South America) - Global Forecast to 2028", size was USD 1.2 billion in 2023 and is projected to reach USD 2.1 billion by 2028, at a CAGR of 11.4%, between 2023 and 2028.

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Micro injection molding enables the production of lightweight plastic components with complex geometries, offering opportunities to replace heavier metal parts. This can contribute to overall weight reduction in vehicles without compromising on strength or performance. Particularly for high-volume production, micro injection molding can be a cost-effective manufacturing technique. It appeals to medical device manufacturers because it can swiftly and effectively produce huge quantities of small, complicated parts.

PEEK is projected to register the highest CAGR, in terms of value, of the global Micro injection molded plastic during the forecast period.

Polyetheretherketone (PEEK) is a high-performance thermoplastic polymer that exhibits excellent mechanical, thermal, and chemical properties. PEEK is widely utilized in a variety of sectors, including aerospace, automotive, and electronics, but it has also become very popular in the medical industry. In the medical business, PEEK material is in high demand for micro injection molded plastic applications. Factors such as strength and durability, chemical resistance, design flexibility and long stability drive the market for PEEK in micro injection molded plastic market.

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Automotive is estimated to be the second-fastest growing application of the micro injection molded plastic, in terms of value, during the forecast period.

The automotive segment is estimated to be the second-fastest growing application of the micro injection molded plastic market during the forecast period. The global automotive industry is also influenced by various trends such as the shift towards electric and hybrid vehicles, increasing demand for connectivity and autonomous driving features, and the growing popularity of shared mobility services. Multiple functions can be integrated into a single component using micro injection molding. This is crucial in automobile applications because there isn't much room. Manufacturers can cut assembly time, costs, and system performance by combining several parts into a single micro-molded component. All these factors drive the demand for Micro injection molded plastic in automotive application.

Asia Pacific is expected to be the fastest-growing region, in the overall micro injection molded plastic market, during the forecast period

Asia Pacific is home to some of the fastest-growing economies, such as China, India, and Southeast Asian countries. The economic growth in these countries drives medical, automotive, and electronics industries, which drives the demand for micro injection molded plastic. Also, the rising disposable income and increasing population in this region contributes to an increased expenditure on healthcare. Countries such as India and China have low-cost labor which attracts major automotive manufacturers to set up an operational plant in these countries. All these factors are driving the market for micro injection molded plastic in the Asia Pacific region.

The key players profiled in the report include Accumold LLC (US), Paragon Medical (US), SMC Ltd. (US), Spectrum Plastics Group, Inc. (US), Isometric Micro Molding, Inc. (US), Makuta Micro Molding (US), Precikam Inc. (Canada), MTD Micro Molding (US), among others.

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