Micro Injection Molded Plastic Global Market Report 2023
Major players in the micro injection molded plastic market are Accumold LLC, Isometric Micro Molding Inc., Makuta Micro Molding (Makuta Inc.), Precimold Inc., MTD Micro Molding Inc., Microsystems Precision Medical Moulds, Veejay Plastics Injection Molding Company, Knightsbridge Plastics Inc.
New York, Aug. 02, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Micro Injection Molded Plastic Global Market Report 2023" - https://www.reportlinker.com/p06479880/?utm_source=GNW , Polymermedics Ltd., Manner Plastics LP, Microdyne Plastics Inc., SMC Ltd., Mikrotech LLC, Sovrin Plastics Ltd., Stack Plastics Inc., American Precision Product, and D&M Plastics LLC.The global micro injection molded plastic market is expected to grow from $0.95 billion in 2022 to $1.07 billion in 2023 at a compound annual growth rate (CAGR) of 12.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The micro injection molded plastic market is expected to reach $1.70 billion in 2027 at a CAGR of 12.01%.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.Micro injection molded plastic refers to plastic that is molded using the micro injection molding technique. Micro injection molding is used for manufacturing very small parts and components such as hearing aids, septum, pressure-sensing diaphragms, surgical devices, and wearable drug-delivery devices.Asia-Pacific was the largest region in the micro injection molded plastic market in 2022. The regions covered in the micro injection molded plastic report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.The main types of micro injection molded plastic are 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 that displays qualities somewhere between highly ordered solid crystalline materials and amorphous disordered liquids across a narrow temperature range.They are processed through various machine types, such as all-electric injection molding machines, hybrid injection molding machines, and hydraulic injection molding machines. They are used in various applications such as medical, automotive, optics, electronics, and others.Growth in the automotive sector is expected to propel the growth of the micro injection molded plastic market going forward.Automotive refers to all forms of mobile machinery, including automobiles, trucks, buses, vans, motorbikes, and golf carts.Microinjection molding plastic is used in the automotive industry to produce small parts such as fenders, grilles, bumpers, door panels, floor rails, light housings, gears, housings, and connectors.This is due to the need for lightweight materials, high-precision parts, and more complex designs.In electric vehicles, electronic components, such as DC converter, all-electric auxiliary, electric traction motor, traction battery pack, and electric gearbox use micro injection molded plastic. For Instance, in February 2023, according to European Automobile Manufacturers Association (ACEA), a Belgium-based group for the automobile industry in European Union, in 2022, over 68 million passenger cars were produced globally, an increase of 7.9% from 2021. Additionally, in September 2022, according to International Energy Agency a France-based intergovernmental organization, sales of electric vehicles nearly doubled to 6.6 million, representing a sales share of approximately 9%, compared to 2020, bringing the number of electric cars on the road to 16.5 million in total. Therefore, growth in the automotive sector is driving the growth of micro injection molded plastic.Product innovations are the key trends gaining popularity in the micro injection molded plastic market.Major market players are concentrating their efforts on creating innovative technologies such as automation technologies such as robotic arms, vision systems, automated quality control systems, and advanced materials.For Instance, in February 2022, Omega Plastics, an India-based plastic injection molding solutions company installed a new precision specialized demag machinery, which supports complicated mold designs and manufacturing flexibility. The tool makes possible the smallest screw that can process conventional thermoplastic pellets for shot weights ranging from 0.1g to 9g is 14mm thickness. It enables customers to build components with dimensional accuracy requirements of a micron or less and makes it easier to achieve small shot weights and precision control.In January 2023, MHT Mold & Hotrunner Technology AG, a Germany- based developer and manufacturer of injection molding tools partnered with KEBO to develop a blood collection tube (BCT) and provide solutions to their customers, especially for offering the best solutions for blood collection systems.With this partnership, MHT will contribute its world-class experience in Blood collection tube injection molds and PET hot runners.KEBO will contribute its industry-leading knowledge in medical injection molds and hot runner solutions.Both organizations will grow by offering full BCT solutions to their consumers.KEBO is a Switzerland-based injection molding tools company that develops thin-wall products for packaging and high-performance injection molds and hot runner solutions for laboratory, pharmaceutical, and medical products for the medical industry.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.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 resale along the supply chain, either further along the supply chain or as part of other products.The micro injection molded plastic market research report is one of a series of new reports 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.Read the full report: https://www.reportlinker.com/p06479880/?utm_source=GNWAbout ReportlinkerReportLinker is an award-winning market research solution. 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