Dallas,Texas, April 26, 2019 (GLOBE NEWSWIRE) -- The global micro injection molding market size is expected to reach USD 1.58 billion by 2025. Increasing technological advances in electronics, automotive and medical field along with growing adoption of micro-optics and microfluidics is expected to boost the market for micro injection molding globally.
The global micro injection molding market research report assesses market demand and scenario over the period from 2015 to 2025. The report highlights the historic trends between 2015 and 2017 and the 2019 to 2025 market forecast. The report studies both at global and country level the current status and future market prospects. The global market for micro injection molding is segmented by application and geography.
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The report also throws light on various aspects of the micro injection molding industry by assessing the market using value chain analysis. The report covers several qualitative aspects of the micro injection molding industry in market drivers, market restraints and key industry trends. Furthermore, the report provides an in-depth assessment of the market competition with company profiles of global as well as local vendors.
Advancements in polymers and injection molding technologies have led to widespread adoption of micro-molded plastic instruments in the medical industry. All segments of the medical industry are embracing the benefits of micro molded parts and equipment’s, and are looking to incorporate more in their designs in 2018 and beyond. As micro injection molding is still evolving and growing rapidly, its application in the medical and healthcare industry is expected to grow at the fastest CAGR of 14.0% over the forecast period. The automotive industry is projected to follow the medical and healthcare industry trend, growing at the second fastest growth rate occupying a value of USD 424.7 million by 2025. With increasing electrification of the automotive industry coupled with the trend of downsizing the use of plastics and micro molded parts is expected to go high in the automotive industry.
The “Global Micro Injection Molding Market Size 2017 by Application (Medical & Healthcare, Automotive, Telecom Fiber Optics, Micro Drive Systems & Control, & Others), By Region (North America, Europe, APAC, Central and South America, MEA) and Forecast 2019 to 2025” study provides an elaborative view of historic, present and forecasted market estimates.
Fast-paced development in the field of micro-optics and microfluidics is expected to boost the micro injection molding market. Micro-optics is used to make small lens and prisms which are used in industries or applications where precision, clarity, and efficiency are of the utmost importance like in mobile phone cameras, then in endoscopy procedures in the medical field. Growth in microfluidics is also expected to boost the market for micro injection molding. Microfluidics involves governing and manipulating fluids at a micro level. Hence increased use of microfluidics in medical and biotech industries is expected to boost the market for micro injection molding.
The application of micro Injection molding was highest in medical and healthcare in 2017, followed by the automotive industry. In 2017 around 35% of the global market share of micro injection molding was captured by the medical & healthcare industry. Owing to the growing adoption of minimally invasive surgical procedures. Which requires the usage of instruments and techniques that cause less damage to the body as compared to normal surgery. Such medical procedures require small or tiny surgical instruments, tiny cameras, and tubes. In automotive industry demand for micro-sized gears, connectors and switches are increasing with the increase in the incorporation of mechatronics in vehicles. Which is expected to boost the market for MIM in the automotive industry.
North America is projected to occupy the largest share global Micro Injection Molding market by occupying more than 38.0% of the global share in 2025. Growing demand for minimally invasive surgeries (MIS) chiefly in the US is likely to be the major factor. US population prefer MIS over open surgeries people due to fewer post-operation complications, fewer incisions, quicker recovery, and enhanced patient outcomes. MIS involves making a very small cut on the patient’s part and then proceeding with the surgery using tiny surgical equipment’s. MIS has gained huge popularity among customers and is expected to be adopted globally as well. The Asia-Pacific region is expected to have the fastest growth rate in terms of adoption of Micro Injection Molding.
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The global micro injection molding market is a highly fragmented industry with strong competition among the well-established and new emerging players. These players aim to gain an edge over the other players through innovative product development by investing high in R&D along with player acquisitions. Product launch is also being followed by a few players but not as much as compared to M&A. For instance, In January 2019, Westfall Technik, Inc acquired Mold Craft, Inc. a manufacturer of high-precision injection molds particularly for high cavitation applications and micro-sized plastic parts. This development would help improve the micro-molding capabilities of Westfall and strengthen their offerings in the market.
The top players in the global micro injection molding are Sovrin Plastics, Accu-Mold LLC, Stamm AG, Makuta Technics, Micromold Inc., Precimold Inc., Rolla AG, American Laubsher Corp (ALC Precision), Micromolding Solution Inc., American Precision Products and Precimold Incorporation.
Major points from Table of Contents:
Chapter 1. Executive Summary
Chapter 2. Research Methodology
Chapter 3. Market Outlook
Chapter 4. Global Micro Injection Molding Market Overview, By Application
Chapter 5. Micro Injection Molding Market Overview, By Region
Chapter 6. Industry Structure
Chapter 7. Company Profiles
Continued…
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