Micro Injection Molded Plastic Market
Micro Injection Molded Plastic Market Trends, Opportunity, and Forecast Analysis, 2024-2033
Micro injection molded plastic market revenue to generate USD 3.5 Billion by 2033, according to KDMI analyst’s growth analysis. The market is segmented by material type, by application, by end-use industry, and by Region.
Micro Injection Molded Plastic Market Size Survey Report – In a Glance
As per the survey report on global Micro injection molded plastic market, the market is projected to foresee a CAGR of CAGR value 11.2% between 2024-2033, and further generate a market size of USD 3.5 billion revenue by the end of 2033. In the year 2024, the market size was valued at USD 1.3 billion revenue.
- The global Micro injection molded plastic market is projected to grow on account of the growth in automotive sector.
- In Japan, the Micro injection molded plastic market growth can be attributed to the increasing demand for lightweight and durable materials across various industries.
- KDMI analyst’s growth analysis foresees high initial and maintenance cost to challenge the market growth.
- North America, having the highest market share in the Micro injection molded plastic market, is projected to dominate the global market.
Micro Injection Molded Plastic Market Analysis
Microinjection molded plastics are small, intricately crafted plastic components with delicate features, often smaller than a piece of rice grain fabricated with great precision through micro-injection molding. It is a ground-breaking miniature and micro-scale innovation that is gradually developing into a key element in various industries such as healthcare, electronics, and automotive. Recently, the growth in the automotive sector has amplified the requirement for small injection-molded plastic parts like switches, sensors, connectors, and other electronic pieces in electric cars. As the automotive industry is rapidly switching to electric vehicles, it is boosting the micro-injection molded plastic market worldwide. In 2023, near about 14 million new electric cars were licensed globally and the car sales were 3.5 million which was 35% higher than in 2022, which evidently highlights the necessity for micro-injection molded plastics. Paragon Medical, SMC Ltd., Spectrum Plastics Group, Inc., are some of the significant parties in the global market for Micro injection molded plastic.
Analyst’s Observation on Japan Micro Injection Molded Plastic Market Survey
In Japan, the market growth for micro-injection molded plastic can be attributed to the increasing demand for lightweight and durable materials across various industries. Lightweight materials are preferred in modern automobiles due to their lower energy requirement for acceleration which provides increased vehicle efficiency, boosting the fuel economy. Evidence suggests that a decrease of 10% in vehicle weight can bring about 6%-8% fuel economy improvement. Furthermore, substituting cast iron and traditional steel with lightweight materials such as high-strength steel, magnesium (Mg) alloys, aluminum (Al) alloys, carbon fiber, and polymer composites, can directly cut the weight by 50%, hence, reducing the vehicle’s fuel consumption. As per reports, the Japanese government aims to achieve carbon neutrality throughout the full life span of automobiles by 2050 and 100% electrification of passenger cars by 2035. Paragon Medical Inc, LyondellBasell Industries Holdings B.V., Dow Inc., are some of the significant parties in the market for Micro injection molded plastic in Japan.
Micro Injection Molded Plastic Market: Report Scope |
|
Base Year |
2023 |
Estimated Market Size |
USD 1.3 Billion in 2024 |
Forecast Year |
2024-2033 |
Projected Year Market Size |
USD 3.5 Billion in 2033 |
CAGR Value |
11.2% |
Micro injection molded plastic Market Key Trends/Major Growth Drivers |
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Restraint Factors |
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Micro injection molded plastic Market Segmentation |
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Micro injection molded plastic Market Key Players |
Paragon Medical (US), Spectrum Plastics Group, Inc. (US), Makuta Micro Molding (US), Precikam Inc. (Canada), MTD Micro Molding (US), 3M, Accumold LLC (US), and others. |
Micro Injection Molded Plastic Market Growth Driver and Challenges
Growth Driver
Growing demand for miniaturized and plastic components:
Nowadays, there is an expanding inclination towards miniaturization in product design due to several factors including technological advancements and the quest for high accuracy and quality, ultimately helping the microinjection molded plastic market to grow. Moreover, to meet the growing customer needs and market trends, various industries such as automotive, healthcare devices, electronics, telecommunications, and consumer goods are actively looking for smaller and skillfully engineered plastic parts. A report by the American Chemistry Council (ACC) revealed that on the whole, the amount of plastics in automobiles went up by 16%, to 411 pounds from 2012 to 2021. Another report states that an estimated 8.2% of plastics and plastic products, summing up to around $30.4 billion, were used in healthcare services in 2022 and the production of medical equipment and supplies increased by 1.3% in December 2023.
Restraint
High initial and maintenance cost:
Micro injection molding machines are costly high-end instruments as compared to traditional injection molding machines due to their higher accuracy, exact controls, specialized tooling, and other complex features. Furthermore, experts and specialists are required to operate this sophisticated machine effectively, which in turn acts as a significant roadblock to small businesses or companies, impeding the overall market. According to a report of 2023, there has been an increase in both labor and skills shortages over the past few decades. In addition, the cost of large industrial injection molding machines can range anywhere from $50,000 to $200,000+ and usually, the major cost contributor in injection molding is the cost of the mold, commonly called the tooling cost.
Micro Injection Molded Plastic Market Segmentation
Our experts at KD Market Insights have segmented the global Micro injection molded plastic market research report as:
By Material type |
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By Application |
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By End-use industry |
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By Region |
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Micro Injection Molded Plastic Market Regional Synopsis
The North America Micro injection molded plastic market is majorly driven by growing medical device industries, cutting-edge healthcare systems, and increasing automotive advancements. The region’s strong emphasis on technological innovation further propels the microinjection molded plastic market forward, making North America the main epicenter for technology and electronics innovation. Data revealed that the United States is the largest medical device market in the world, exporting more than $103 billion in 2023. Another report indicates that the total revenue for medical technology touched US$573 billion in 2022, affecting the healthcare and life sciences sectors drastically.
Asia-Pacific is witnessing rapid development in the global micro injection molded plastic market mainly due to growth drivers like increasing population, developing healthcare systems, and rising disposable incomes. China, Japan, South Korea, and India are the leading drivers of the market in this region. The region contains About 4.7 billion people, or 60 percent of the world’s population and the number is likely to grow to 5.2 billion by 2050, in which China and India are among the world’s most populous countries. Furthermore, about 40 percent of all international migrants originate from Asia and the Pacific across the globe.
As per our analysts at KD Market Insights, the following five players lead the North America Micro injection molded plastic market growth:
- Spectrum Plastics Group Inc. (US)
- Isometric Micro Molding Inc. (US)
- Makuta Micro Molding (US)
- Precikam Inc. (Canada)
- MTD Micro Molding (US)
Micro Injection Molded Plastic Market Competitive Landscape
Some of the key players who top the global Micro injection molded plastic market share:
- Accumold LLC
- Isometric Micro Molding
- Inc, Makuta Micro Molding
- Precimold Inc.
- MTD Micro Molding
- Microsystems Precision Medical Moulds
- Veejay Plastics Injection Molding Company
- Knightsbridge Plastics Inc.
- Polymermedics Ltd
- Manner Solutions For Plastics
- Microdyne Plastics, Inc.
- SMC Ltd.
- Mikrotech
- Executive Summary
- Market Overview
- Key Findings
- Market Trends
- Market Outlook
- Introduction
- Scope of the Report
- Research Methodology
- Definitions and Assumptions
- Acronyms and Abbreviations
- Market Dynamics
- Drivers
- Restraints
- Opportunities
- Challenges
- Global Micro Injection Molded Plastic Market
- Market Overview
- Market Size and Forecast
- Market Segmentation
- By Material type
- By Application
- By End-use industry
- By Region
- Market Segmentation by Material type
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- Polyethylene (PE)
- Polypropylene (PP)
- Polystyrene (PS)
- Acrylonitrile butadiene styrene (ABS)
- Polyamide (PA)
- Others
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- Market Segmentation by Application
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- Automotive components
- Medical devices
- Electronics
- Consumer goods
- Others
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- Market Segmentation by End-use industry
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- Automotive
- Healthcare
- Electronics
- Consumer goods
- Others
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- Regional Analysis
- North America
- United States
- Market Size and Forecast
- Key Trends and Developments
- Market Analysis by Material type, Application, and End-use industry
- Canada
- Market Size and Forecast
- Key Trends and Developments
- Market Analysis by Material type, Application, and End-use industry
- Mexico
- Market Size and Forecast
- Key Trends and Developments
- Market Analysis by Material type, Application, and End-use industry
- United States
- Europe
- United Kingdom
- Market Size and Forecast
- Key Trends and Developments
- Market Analysis by Material type, Application, and End-use industry
- Germany
- Market Size and Forecast
- Key Trends and Developments
- Market Analysis by Material type, Application, and End-use industry
- France
- Market Size and Forecast
- Key Trends and Developments
- Market Analysis by Material type, Application, and End-use industry
- Italy
- Market Size and Forecast
- Key Trends and Developments
- Market Analysis by Material type, Application, and End-use industry
- Spain
- Market Size and Forecast
- Key Trends and Developments
- Market Analysis by Material type, Application, and End-use industry
- Rest of Europe
- Market Size and Forecast
- Key Trends and Developments
- Market Analysis by Material type, Application, and End-use industry
- United Kingdom
- Asia Pacific
- China
- Market Size and Forecast
- Key Trends and Developments
- Market Analysis by Material type, Application, and End-use industry
- Japan
- Market Size and Forecast
- Key Trends and Developments
- Market Analysis by Material type, Application, and End-use industry
- India
- Market Size and Forecast
- Key Trends and Developments
- Market Analysis by Material type, Application, and End-use industry
- Australia
- Market Size and Forecast
- Key Trends and Developments
- Market Analysis by Material type, Application, and End-use industry
- South Korea
- Market Size and Forecast
- Key Trends and Developments
- Market Analysis by Material type, Application, and End-use industry
- Rest of Asia Pacific
- Market Size and Forecast
- Key Trends and Developments
- Market Analysis by Material type, Application, and End-use industry
- China
- Latin America
- Brazil
- Market Size and Forecast
- Key Trends and Developments
- Market Analysis by Material type, Application, and End-use industry
- Argentina
- Market Size and Forecast
- Key Trends and Developments
- Market Analysis by Material type, Application, and End-use industry
- Colombia
- Market Size and Forecast
- Key Trends and Developments
- Market Analysis by Material type, Application, and End-use industry
- Rest of Latin America
- Market Size and Forecast
- Key Trends and Developments
- Market Analysis by Material type, Application, and End-use industry
- Brazil
- Middle East & Africa
- South Africa
- Market Size and Forecast
- Key Trends and Developments
- Market Analysis by Material type, Application, and End-use industry
- Saudi Arabia
- Market Size and Forecast
- Key Trends and Developments
- Market Analysis by Material type, Application, and End-use industry
- UAE
- Market Size and Forecast
- Key Trends and Developments
- Market Analysis by Material type, Application, and End-use industry
- Rest of Middle East & Africa
- Market Size and Forecast
- Key Trends and Developments
- Market Analysis by Material type, Application, and End-use industry
- South Africa
- North America
- Competitive Landscape
- Market Share Analysis
- Company Profiles
- Medtronic (Ireland)
- IBM
- Apple Inc.
- Siemens Medical Solutions
- Pepperl+Fuchs
- Cisco
- GE Healthcare
- Strategic Recommendations
- Appendix
- List of Tables
- List of Figures
- References
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Request for Customized Report- Publication date: 5th February 2025
- Base year: 2023
- Forecast year: 2024-2033
- Format: PDF, PPT,Word,Excel
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