Micro Injection Molded Plastic Market by Material Type (LCP, PEEK, PC, PE, POM, PMMA, PEI, PBT), Application (Medical, Automotive, Optics, Electronics), and Region (North America, Asia Pacific, Europe, MEA, South America) - Global Forecast to 2028
In terms of value, the micro injection molded plastics market is estimated to grow from USD 1.2 billion in 2023 to USD 2.1 billion by 2028, at a CAGR of 11.4%. Medical industry is one of the major consumer of micro injection molded plastic. Medical devices are becoming increasingly smaller and more compact, especially those used in minimally invasive procedures and implantable devices. Micro injection molding ensures consistent manufacture of small, complicated parts by offering outstanding precision and reproducibility. This skill is greatly desired for producing components like catheters, connections, valves, and surgical tools in the medical industry, where accuracy is essential.
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Market Dynamics
Driver: Growth in automotive sector
The demand for automotive is significantly increasing in countries like China, India, South Korea, and Japan. This is driving the demand for Micro Injection Molded Plastic Industry in automotive application. In order to improve fuel efficiency and optimize performance, the automotive industry has become more and more concerned with component size and weight reduction. Micro injection molding is appropriate for miniature automotive applications because it enables the creation of small, complicated plastic parts with great precision and reproducibility. Connectors, sensors, switches, microfluidic devices, micro-optics, and other crucial parts used in electronic systems, lighting, interior controls, safety features, are typical applications of micro injection molded plastic components in the car sector.
Restraints : High initial and maintenance cost
Micro injection molding machines are specialized pieces of machinery made for highly accurate, minimal manufacturing. Due of their sophisticated features, exact controls, and unique tooling needs, they are typically more expensive than regular injection moulding machines. The initial investment cost can be significant, especially for high-end machines with advanced capabilities. Due to its need for precise control over small amounts of material and faster cycle times, micro injection molding machines may use more energy than regular injection molding machines. All these factors can restrict the market growth.
Opportunities: Rising trend of electric vehicles
Due to their capacity to meet the needs of miniaturisation, accuracy, and functional integration, micro injection molded plastic components are widely used in electric vehicles (EVs). Consumer opinions on electric cars are changing. Consumers are warming up to the idea of electric mobility as EV technology develops. The demand for electric vehicles is rising as a result of factors like reduced running costs, quieter operation, and the availability of fashionable and high-performance electric versions. The increasing demand for electric vehicles will in turn drive the market for micro injection molded plastics.
Challenges: Requirement of skilled personnel for the operation of micro injection molding machine
Production of micro injection molded products require skilled labor due to its complex operating system. Micro injection molded plastic parts which are used in medical industry require special attention and critical process as the applications of these molded plastics is very complex. One of the major challenges faced by the manufacturers in the micro injection molded plastic market is the lack of skilled labor, especially in developed economies.
Micro injection molded plastic MARKET ecosystem
Prominent companies in this market include well-established, financially stable manufacturers of micro injection molded plastic. These companies have been in business for a while and have a broad range of products, cutting-edge technologies, and robust international sales and marketing networks. Prominent companies in this market include Accumold LLC (US), Paragon Medical (US), SMC Ltd. (US), Spectrum Plastics Group, Inc. (US), Isometric Micro Molding, Inc. (US), Makuta Micro Molding (US), Precikam Inc. (Canada), MTD Micro Molding (US), among others.
Based on material type, PC was the largest segment for micro injection molded plastic market, in terms of value, in 2022.
PC accounted for the largest market share, in the micro injection molded plastic market, in terms of value, in 2022. Increasing usage of modern medical devices, micro components for electric vehicles and various components for electronics industry drives the market for PC material type. PC exhibits excellent mechanical properties, including high tensile strength and impact resistance. Due of these qualities, it can be used to create complicated and microscopic parts that need to be durable and resistant to outside influences. The strength and impact resistance of PC are especially useful in micro injection molding, where components can be exposed to higher stress concentrations.
Based on application, medical was the largest segment for micro injection molded plastic market, in terms of value, in 2022.
The medical segment led the micro injection molded plastic market in terms of value, in 2022. There is a significant demand for micro injection molded plastic in the medical industry as it is specialized in in the production of small, intricate plastic parts with high precision. Most of the medical devices and components are designed for single-use or disposable application in order to minimize the risk of contamination and infection. Micro injection molding enables cost-effective production of such disposable items. All these factors fuel the demand for micro injection molded plastic in medical industry.
North America accounted for the largest market share for micro injection molded plastic market, in terms of value in 2022.
North American countries such as US, Canada and Mexico are home to robust medical device industry and a well-established healthcare system. The North American region is at the forefront of medical technology innovations. There is a continuous demand for smaller and more complex components used in medical devices, surgical instruments, diagnostics, and drug delivery systems. By enabling the creation of accurate and complicated parts, micro injection molding is essential in achieving these expectations. Other factors such as aging population, advancement in medical technology, regulatory standards, and strong healthcare systems drive the market demand in North America.
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Key Market Players
The key players profiled in the report include Accumold LLC (US), Paragon Medical (US), SMC Ltd. (US), Spectrum Plastics Group, Inc. (US), Isometric Micro Molding, Inc. (US), Makuta Micro Molding (US), Precikam Inc. (Canada), MTD Micro Molding (US), among others, these are the key manufacturers that secured major market share in the last few years.
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Get online access to the report on the World's First Market Intelligence Cloud
- Easy to Download Historical Data & Forecast Numbers
- Company Analysis Dashboard for high growth potential opportunities
- Research Analyst Access for customization & queries
- Competitor Analysis with Interactive dashboard
- Latest News, Updates & Trend analysis
Report Metric |
Details |
Years considered for the study |
2017–2028 |
Base year considered |
2022 |
Forecast period |
2023–2028 |
Units considered |
Value (USD Million) |
Segments covered |
Material Type, Application, and Region |
Regions covered |
Asia Pacific, North America, Europe, Middle East & Africa, and South America |
Companies profiled |
The key players profiled in the report include Accumold LLC (US), Paragon Medical (US), SMC Ltd. (US), Spectrum Plastics Group, Inc. (US), Isometric Micro Molding, Inc. (US), Makuta Micro Molding (US), Precikam Inc. (Canada), MTD Micro Molding (US), among others. |
This report categorizes the global micro injection molded plastic market based on type, application, and region.
On the basis of material type, the Micro injection molded plastic market has been segmented as follows:
- LCP
- PEEK
- PC
- PE
- POM
- PMMA
- PEI
- PBT
- Others
On the basis of application, the Micro injection molded plastic market has been segmented as follows:
- Automotive
- Electronics
- Medical
- Optics
- Others
On the basis of region, the Micro injection molded plastic market has been segmented as follows:
- Asia Pacific
- North America
- Europe
- Middle East & Arica
- South America
Recent Developments
- In March 2023, Paragon Medical invested in innovative technologies by providing additive manufacturing capabilities through its partnership with 3D Systems.
- In September 2021, Paragon Medical Breaks Ground on New Additive Manufacturing Facility in Pierceton, US.
- In April 2021, SMC Ltd. announces expansion of its Costa Rica facility in the Coyol Free Zone Park in Alajuela, Costa Rica. The expansion will double its current facility bringing it to 120,000 square feet in Costa Rica.
- In June 2021, Company acquired KCS Plastics LTD. Based in Langley, British Columbia, KCS Plastics offers complete polyethylene packaging solutions for customers across Canada and the United States. Spectrum Plastics Group Adds Blown Films Capacity and New Capabilities with Acquisition of KCS Plastics LTD.
- In December 2020, Spectrum Plastics Group Acquires PeelMaster. The company has now increased the sterile medical flexible packaging capabilities with its acquisition of PeelMaster Medical Packaging Co
Frequently Asked Questions (FAQ):
Which are the major players in micro injection molded plastic market?
The key players profiled in the report include Accumold LLC (US), Paragon Medical (US), SMC Ltd. (US), Spectrum Plastics Group, Inc. (US), Isometric Micro Molding, Inc. (US), Makuta Micro Molding (US), Precikam Inc. (Canada), MTD Micro Molding (US), among others.
What are the drives and opportunities for the micro injection molded plastic market?
The increasing demand from automotive and medical industries are the major drives for micro injection molded plastic market. Also, the expansion in electric vehicle industry is expected to create new opportunities for the market.
What are the various strategies key players are focusing within micro injection molded plastic market?
New product launches, expansion and partnership are some of the strategies atoped by key players to expand their global presence.
What are the major factors restraining micro injection molded plastic market growth during the forecast period?
High initial and maintenance cost of micro injection molding machines is expected to restrict the market demand.
What are the major challenges faced by the manufacturers in the micro injection molded plastic market?
Requirement of skilled employees for operating micro injection molding machine can be a major challenge for the manufacturers. .
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The study involved four major activities in estimating the market size for micro injection molded plastic. Exhaustive secondary research was done to collect information on the market, the peer market, and the parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Post that, the market breakdown and data triangulation procedures were used to estimate the market size of the segments and subsegments.
Secondary Research
Secondary sources used in this study included annual reports, press releases, and investor presentations of companies; white papers; certified publications; articles from recognized authors; and gold standard & silver standard websites such as Factiva, ICIS, Bloomberg, and others. The findings of this study were verified through primary research by conducting extensive interviews with key officials such as CEOs, VPs, directors, and other executives. The breakdown of profiles of the primary interviewees is illustrated in the figure below:
Primary Research
The Micro Injection Molded Plastic Industry comprises several stakeholders, such as raw material suppliers, end-product manufacturers, and regulatory organizations in the supply chain. The demand side of this market is characterized by the automotive, medical, electronics, and others. The supply side is characterized by advancements in technology and diverse application industries. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information.
Breakdown of Primary Participants
Note: Tier 1, Tier 2, and Tier 3 companies are classified based on their market revenue in 2022 available in the public domain, product portfolios, and geographical presence.
Other designations include consultants and sales, marketing, and procurement managers.
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COMPANY NAME |
DESIGNATION |
Accumold LLC |
Director of Marketing |
Paragon Medical |
Manager- Sales & Marketing |
SMC Ltd. |
Sales Manager |
Spectrum Plastics Group, Inc. |
Production Manager |
Isometric Micro Molding Inc. |
Operation Manager |
Market Size Estimation
Both top-down and bottom-up approaches were used to estimate and validate the total size of the Micro injection molded plastic market. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:
- The key players in the industry have been identified through extensive secondary research.
- The supply chain of the industry has been determined through primary and secondary research.
- All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
- All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data.
Micro injection molded plastic Market: Bottom-Up Approach
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Micro injection molded plastic Market: Top-Down Approach
Data Triangulation
After arriving at the overall market size—using the market size estimation processes as explained above—the market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, the data triangulation, and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides in the micro injection molded plastic industry.
Market Definition
Micro injection molded plastics refer to small plastic components or parts that are manufactured using the micro injection molding process. Micro injection molding is a specialized form of injection molding that is capable of producing highly precise and intricate parts with extremely small dimensions. LCP, PEEK, PC, PE, POM, PMMA, PEI, PBT, and others are the major material types of micro injection molded plastics.
Key Stakeholders
- Micro injection molded plastic manufacturers
- Micro injection molded plastic suppliers
- Raw material suppliers
- Service providers
- End users, such as automotive, electronics, and other companies
- Government bodies
Report Objectives
- To define, describe, and forecast the micro injection molded plastic market in terms of value
- To provide detailed information regarding the drivers, opportunities, restraints, and challenges influencing market growth
- To estimate and forecast the market size by material type, application, and region
- To forecast the size of the market for five main regions: Europe, North America, Asia Pacific, South America, and the Middle East & Africa, along with their key countries
- To strategically analyze micromarkets1 with respect to their growth trends, prospects, and contribution to the overall market
- To analyze opportunities in the market for stakeholders and provide a competitive landscape for market leaders
- To analyze competitive developments, such as deals and expansions, in the market
- To analyze the impact of the recession on the market
- To analyze the impact of COVID-19 on the market and end-use industries
- To strategically profile key players and comprehensively analyze their growth strategies
Available Customizations
Along with the given market data, MarketsandMarkets offers customizations according to the company’s specific needs. The following customization options are available for the report:
Regional Analysis
- Further breakdown of a region with respect to a particular country or additional application type
Company Information
- Detailed analysis and profiles of additional market players (up to five)
Growth opportunities and latent adjacency in Micro Injection Molded Plastic Market