Micro Injection Molded Plastic Market to Hit USD 2640 Million by 2030 owing to The Increasing Trend of Miniaturization in Various Industries

Pune, March 16, 2023 (GLOBE NEWSWIRE) — According to SNS Insider’s analysis, the development of new materials, machinery, and software is expanding the capabilities of micro injection molding and driving its adoption in various industries.

The Micro Injection Molded Plastic Market had a valuation of USD 1145.85 million in 2022 and is projected to attain a worth of USD 2640 million by 2030, with a compound annual growth rate (CAGR) of 11.0% during the forecast period spanning from 2023 to 2030, as per SNS Insider

Micro Injection Molded Plastic Market Report Scope

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Micro injection molding is a popular manufacturing process used to produce small and precise plastic components. This process involves injecting molten plastic into a mold cavity with high precision and accuracy. The resulting parts are typically small in size, with complex geometries and tight tolerances. Its ability to produce high-quality parts with consistent accuracy and cost-effectiveness makes it an attractive option for a variety of industries.

Market Analysis

The micro injection molded plastic market is experiencing significant growth due to various factors. One of the primary drivers of this growth is the increasing demand from the automotive sector. With the rising demand for automobiles worldwide, the need for micro injection-molded plastic parts has also increased. Moreover, the growing demand for micro injection-molded plastic is also being fueled by the medical sector. Additionally, favorable reimbursement scenarios are also driving the growth of the market.

Impact of Recession

The impact of a recession on the micro injection molded plastic market can be significant, as economic downturns can greatly affect consumer demand and overall industry performance. Despite these challenges, the market may also present opportunities for innovation and adaptation during a recession. Companies that are able to pivot their business strategies and offer more cost-effective solutions or products that meet changing consumer needs may be able to thrive despite economic challenges.

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Key Regional Development

The Asia Pacific region is projected to be at the forefront of the micro injection molded plastic market during the forecasted period. China, being the largest micro injection molding machine market in the region, is expected to drive the growth in the market. The increasing demand for micro injection molding machines in the region is due to the rapid expansion of manufacturing facilities and other commercial units. The rising demand for micro injection molding machines is primarily driven by the manufacturing sector’s need for high-quality, precision-molded components.

Recent Developments Related to Micro Injection Molded Plastic Market

• Flex Medical Molding, a leading manufacturer of medical devices and components, has recently achieved MedAccred Plastics Injection Molding Accreditation. This is a significant achievement for the company as it demonstrates their commitment to delivering high-quality products that meet the rigorous standards of the medical industry.
• Biomerics, a leading provider of innovative medical solutions, has announced the launch of its new division focused on interventional medical plastics. This new division has been established through the acquisition of Dependable Plastics, a manufacturer of medical plastics located in Salt Lake City, Utah.

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Key Takeaway from Micro Injection Molded Plastic Market Study

• The medical sector has emerged as the dominant player in the market, accounting for the highest market share. As medical equipment continues to advance and become more compact, microinjection molded plastic components have become increasingly important for delivering critical patient care both internally and externally.
• The polycarbonate (PC) segment has emerged as the dominant material type in various industries, and is expected to continue its growth trend in the coming years. The increasing adoption of modern medical devices, microcomponents for electric vehicles, and various components for the electronics industry are the key drivers behind this trend.

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