In terms of value, the micro injection molding machine market is estimated to grow from USD 0.5 billion in 2023 to USD 0.7 billion by 2028, at a CAGR of 9.9%. The main drivers of the micro injection molding machine market are growing demand for diminished products, Developments in manufacturing technologies, and increasing drift of shrinking in consumer electronics. These drivers influence the growth of micro-injection molding machines. The demand for extremely accurate molds that are effective for performing medical procedures is being driven by the shift toward nanotechnology and miniaturization in the medical industry. The growing automation of automobiles and the development of electric cars are also driving up the demand for high-precision parts to improve performance. Due to the sophisticated technology of all-electric machines and the high investment prices, this market is currently experiencing significant growth restraints. The pricey maintenance is yet another drawback. The entire system must be replaced in the event of a motor failure, which comes at a hefty maintenance expense. The market was also damaged by the COVID-19-related global economic slowdown. This has significantly impacted the car industry and disturbed the worldwide supply chain.
The key market players profiled in the report include Sumitomo Heavy Industries Ltd., Arburg GmbH & Co. KG (Germany), Engel Austria GmbH(Austria), Hillenbrand Inc. (US), Nissei Plastic Industrial Co., Ltd.(Japan), The Japan Steel Works Ltd. (Japan), Sodick Co., Ltd.(Japan), Sumitomo Heavy Industries Ltd.(Japan), BOY Machines, Inc. (US), Wittmann Battenfeld GmbH (Austria) and Rambaldi Group (Italy).To improve their market position in the industry, these players have implemented a range of growth approaches, such as introducing new product development, developing, attaining other companies, and launching new products. These tactics have been employed to expand their market share in the micro injection molding machine industry. New product launches help companies to strengthen their product portfolio and meet the specific demands of customers.
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The introduction of new products between 2019 and 2022 has had an impact on the growth of the micro injection molding machine market. In order to strengthen their positions in the market for micro injection molding machines, many businesses are using various techniques. Major competitors in this market include Sumitomo Heavy Industries Ltd., Engel Austria GmbH, Nissei Plastic Industrial Co., Ltd., Sodick Co., Ltd., and Hillenbrand Inc. These five enterprises, which are all essential in their home markets, are looking into options for geographic diversification in order to expand. Over the past few years, they have concentrated on expanding their product portfolios and growing their market shares through partnerships.
Construction machinery, precision machinery, machinery components, industrial machinery ships, environmental facilities & plants, and others are the seven business segments used by heavy equipment manufacturer Sumitomo Heavy Industries Ltd. The company has operations in China, Europe, the US, and Japan. Plastic machinery, laser processing equipment, machining tools, film forming equipment, cryogenic equipment, and defense equipment are all products offered by the industry machinery category. The business sells a variety of micro injection molding machines with clamping forces ranging from 7 to 40 tons. The corporation has operations in North America, South America, Europe, and Asia Pacific.
On the other hand, Engel Austria GmbH is one of the leading manufacturers of micro-injection molding machinery. The company primarily services five core industries: packaging, automotive & mobility, electronics, medical, and technical injection molding. It offers a selection of plastic injection molding tools with clamping pressures ranging from 11 to 6,000 tonnes. Vertical, horizontal, hydraulic, and entirely electronic solutions are provided by the company's products. Vertical, hydraulic, hybrid, and all-electric micro-injection molding machines are offered by the company. These devices have clamping forces ranging from 11 tonnes to 45 tonnes. The company has nine production sites spread out over Europe, North America, and Asia (China, South Korea), with subsidiaries in more than 85 different countries.
Micro Injection Molding Machine Market by Type (0-10 tons, 10-30 tons, and 30-40 tons), Application (Medical, Automotive, Fiber Optics, Electronics), Region (North America, Europe, Asia-Pacific, South America, MEA) - Global Forecast to 2028
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