PUBLISHER: The Business Research Company | PRODUCT CODE: 1414404
PUBLISHER: The Business Research Company | PRODUCT CODE: 1414404
“Micro Injection Molded Plastic Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on micro injection molded plastic market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for micro injection molded plastic? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The micro injection molded plastic market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Micro injection molded plastic refers to plastic molded using the micro injection molding technique, which is employed for manufacturing very small parts and components such as hearing aids, septum, pressure-sensing diaphragms, surgical devices, and wearable drug-delivery devices.
The main types of micro injection molded plastic include liquid-crystal polymer (LCP), polyether ether ketone (PEEK), polycarbonate (PC), polyethylene (PE), polyoxymethylene (POM), polymethyl methacrylate (PMMA), polyetherimide (PEI), polybutylene terephthalate (PBT), and others. Liquid-crystal polymer (LCP) refers to a unique class of thermoplastic exhibiting qualities between highly ordered solid crystalline materials and amorphous disordered liquids within a narrow temperature range. The processing of these plastics involves various machine types, such as all-electric injection molding machines, hybrid injection molding machines, and hydraulic injection molding machines. Micro injection molded plastics find applications in various sectors, including medical, automotive, optics, electronics, and others.
The micro injection molded plastic market research report is one of a series of new reports from The Business Research Company that provides micro injection molded plastic market statistics, including micro injection molded plastic industry global market size, regional shares, competitors with a micro injection molded plastic market share, detailed micro injection molded plastic market segments, market trends and opportunities, and any further data you may need to thrive in the micro injection molded plastic industry. This microinjection-molded plastic market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The micro injection molded plastic market size has grown rapidly in recent years. It will grow from $1.07 billion in 2023 to $1.21 billion in 2024 at a compound annual growth rate (CAGR) of 12.6%. The growth observed in the historical period can be attributed to various factors, including the use of micro injection molded plastics in automotive lubricants, metalworking fluids, rubber processing, increased textile applications, plasticizers production, and metal protection.
The micro injection molded plastic market size is expected to see rapid growth in the next few years. It will grow to $1.89 billion in 2028 at a compound annual growth rate (CAGR) of 11.9%. The anticipated growth in the forecast period can be attributed to the growing automotive industry, the demand for specialty lubricants, the expansion of the metalworking industry, the adoption of bio-based plastics, and the increasing production in the textile sector. Major trends expected in this forecast period include technological advancements in production, market consolidation and strategic alliances, adoption of bio-based plastics, advancements in grease formulations, and the exploration of sustainable and bio-based alternatives.
The anticipated growth in the automotive sector is set to drive the expansion of the micro-injection molded plastic market in the future. The term "automotive" encompasses various mobile machinery, including automobiles, trucks, buses, vans, motorbikes, and golf carts. In the automotive industry, micro injection-molded plastic is utilized for manufacturing small parts such as fenders, grilles, bumpers, door panels, floor rails, light housings, gears, housings, and connectors. This is primarily due to the increasing demand for lightweight materials, high-precision components, and more intricate designs. Notably, electric vehicles incorporate micro injection-molded plastic in electronic components such as the DC converter, all-electric auxiliary, electric traction motor, traction battery pack, and electric gearbox. For example, data from the European Automobile Manufacturers Association (ACEA) reveals that in 2022, global passenger car production exceeded 68 million units, marking a 7.9% increase from the previous year. Additionally, the International Energy Agency reported a substantial rise in electric vehicle sales, almost doubling to 6.6 million, contributing to a 9% share of total car sales in 2022 compared to 2020. This surge in the automotive sector is a key driver for the micro injection molded plastic market.
The increased production of electronics is expected to be a driving force for the micro-injection molded plastic market in the coming years. Electronics, encompassing systems and devices that utilize electronic components for information processing and transmission, benefit from micro injection-molded plastic for the fabrication of intricate components. This enhances the efficiency and functionality of electronic devices. As an example, data from Electronic Weekly indicates that the U.S. electronic production experienced a growth rate of over 8% in November 2020, further increasing to 8.7% in January 2021. The growing production of electronics is a significant factor fueling the demand for micro injection-molded plastic.
Product innovations are emerging as key trends, with major players concentrating on the development of innovative technologies, including automation features such as robotic arms, vision systems, and advanced materials. A case in point is Omega Plastics, an India-based plastic injection molding solutions company, which installed a precision specialized demag machinery capable of supporting complex mold designs and manufacturing flexibility. This innovation enables the production of components with micron-level dimensional accuracy, facilitating small shot weights and precision control.
Major companies in the micro-injection molded plastic market are directing their efforts towards the development of high-heat polymers, particularly glass-filled liquid crystal polymer (LCP), to meet critical safety requirements in electric vehicle (EV) battery components and boost their market revenues. Solvay, a Belgium-based chemical company, introduced the Xydar LCP G-330 HH in March 2023. This high-heat and flame-retardant polymer, suitable for injection molding, addresses safety demands for EV battery module plates by maintaining electrical insulation at 400°C for 30 minutes. The material is inherently flame retardant without halogen or bromine additives, offering exceptional flowability and enabling the production of thinner parts compared to other insulation materials.
In January 2023, MHT Mold & Hotrunner Technology AG, a Germany-based developer and manufacturer of injection molding tools, joined forces with KEBO to develop a blood collection tube (BCT) and provide comprehensive solutions to their customers, particularly in the realm of blood collection systems. This collaboration combines MHT's expertise in blood collection tube injection molds and PET hot runners with KEBO's industry-leading knowledge in medical injection molds and hot runner solutions, allowing both organizations to expand their offerings in full BCT solutions for consumers. KEBO, based in Switzerland, specializes in developing thin-wall products for packaging and high-performance injection molds and hot runner solutions for the medical industry.
Major companies operating in the micro injection molded plastic market report are Accumold LLC, Isometric Micro Molding Inc., Makuta Micro Molding Inc., Precimold Inc., MTD Micro Molding Inc., Microsystems Precision Medical Moulds, Veejay Plastics Injection Molding Company, Knightsbridge Plastics Inc., Polymermedics Ltd., Manner Plastics LP, Microdyne Plastics Inc., SMC Ltd., Mikrotech LLC, Sovrin Plastics Ltd., Stack Plastics Inc., 3A Composites, D&M Plastics LLC, Exxon Mobil Corporation, Badische Anilin- und Sodafabrik SE, INEOS Group Holdings SA, Spectrum Plastics Group Inc., LyondellBasell Industries Holdings B.V., Paragon Medical Inc., GSH Industries Inc., Rogan Corporation, Saudi Basic Industries Corporation, BMP Medical Ltd., Precikam Inc., Precission Micro molding LLC, Micromold Inc.
Asia-Pacific was the largest region in the micro injection molded plastic market in 2023. The regions covered in the micro injection molded plastic market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the micro injection molded plastic market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The micro injection molded plastic market consists of sales of ABS (Acrylonitrile Butadiene Styrene), Polyamide, Polystyrene, and others. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.