The market for the thermoplastic micro molding is expected to grow at a CAGR of more than 7% globally during the forecast period.
Increasing applications in the manufacturing of micromechanical parts and growing demand from the medical sector are driving the market growth.
The outbreak of COVID-19 and other reasons are expected to hinder the market growth.
Key Market Trends
Growing Demand from Automobile and Medical Industry
- Thermoplastic Micro molding is a highly focused manufacturing process that produces particularly small, high-precision thermoplastic parts and components. It majorly finds its applications in automobiles, medical and healthcare, micro-optics and electronic industries, packaging, and other micromechanical parts.
- Various forms of materials are being used for better outcome of the final products. The materials used are polyetheretherketone, liquid crystal polymer, polyoxymethylene, polycarbonate, polyamide, polyethylene, and a few others.
- The automotive industry has been using micro-molding technology for over a decade. It is mainly employed for sensor and rotor housings, micro gear wheels, interior parts, etc..
- Also, these products help in vehicle weight reduction processes that support in increasing the performance and efficiency of the vehicles.
- Medical Industry is the major segment in the usage of thermoplastic micro molding technology. Some of the applications are microfilter for acoustics, hearing aids, Implantable clip, bearing caps, sensor housing implantables, catheter tips, micro-optics, and so on.
- The impact of the COVID-19 lockdown is expected to decrease the demand for thermoplastic micro molding from manufacturing industries in the short term.
- Increasing applications for micromechanical parts and technological advancements in the medical industry in developed regions are expected to drive the demand for thermoplastic micro molding market through the years to come.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific is expected to dominate the global market owing to the highly developed automobile and automation sectors in China, Korea, and Japan, coupled with the continuous investments done in the region to advance the medical, packaging, and aerospace technologies through the years.
- Thermoplastic microinjection molding can be defined as one of the key technologies for micro-manufacturing because of its mass production capability and relatively low production cost.
- Electronic components and devices are meant for long term use and thus the quality of components that are used in the manufacturing process ought to be of the highest level. The thermoplastic micro molding process has been helping the electronic industry to meet their expectations.
- SIM card connectors, pin connectors, single and multi-mode ferrules, coax plugs are few applications of these molded products in the electronic industry.
- The growing production and assembly bases for automobile, aerospace components in the Asia-Pacific regions in recent years are expected to provide scope for the usage of the thermoplastic micro molding shortly.
- According to hearit.org, among people living in the Delhi area in India showed an overall prevalence of hearing loss was 26.9% among persons aged 5 years and over, for the year 2019.
- Growing usage of hearing aids and other health care equipments has increased the demand for thermoplastic micro molding from the medical sector.
- The growth in aerospace and automobile technologies in China, Japan, Korea, and India, and expanding packaging and medical industries in developing countries are expected to drive the market for thermoplastic micro molding through the years to come.
The global thermoplastic micro molding market is fragmented in nature with many players competing in the market. Some of the major companies are Accumold, Stack Plastics, Makuta Technics Inc, SMC CORPORATION, and MTD Micro Molding, among others.
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