Market Overview
The global market for micro injection molded plastic had a valuation of USD 995.0 Million in 2021 and is projected to experience a rapid revenue growth at a CAGR of 11.3% during the forecast period. The market expansion is driven by factors such as the growing healthcare industry and the increasing demand for sustainable components and devices in the automotive sector. Micro injection molding offers cost reduction, minimal plastic waste, and flexibility in design changes. The plastics produced through this process are more sustainable and effective, finding applications in the medical and healthcare, automotive, and aerospace and defense industries. The method allows manufacturers to produce small and precise components for medical equipment efficiently. Micro-molding machines enable faster production and require less time and energy compared to other manufacturing methods. These machines produce highly efficient materials, such as micro injection molded plastic, which possess complex part design, enhanced strength, material and color flexibility, reduced waste, and lower labor costs. Consequently, there is an increasing demand for this type of plastic in various industries.
Recent Development On September 1, 2021, Spectrum Plastics Group, a global provider of manufacturing solutions for critical polymer-based devices, parts, and components in the medical industry, announced a significant cleanroom expansion and renovation at its Minneapolis, MN facility. This expansion aims to increase the global production of molded plastic by adding eight cleanroom manufacturing spaces, totaling 10,000 square feet, along with the installation of additional molding machines.
Market Dynamics Driver: Rising Demand for Electric Vehicles (EVs) The rising demand for electric vehicles (EVs) is driving the market for micro injection molded plastic. EVs utilize various electronic parts and devices, such as battery packs, electric transmissions, traction motors, power electronics controllers, and all-electric auxiliaries, which require micro components. Compared to internal combustion engine (ICE) vehicles, EVs have a higher demand for micro injection molded plastic. The sale of EVs doubled in 2022 compared to the previous year. Manufacturers are also replacing metal-based products with thermoplastics for different components, reducing the weight of EVs by up to 30% while maintaining lower costs. This trend toward lower prices and higher sustainability is expected to drive revenue growth in the market.
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Restraint: Rising Awareness for Eco-Friendly Products Consumers are increasingly inclined toward using eco-friendly, less harmful, and recyclable products. Certain micro injection molded plastics, such as liquid-crystal polymer (LCP) and polyether ether ketone (PEEK), have negative impacts on the environment. LCP combustion products are toxic and hazardous, requiring drying before processing. PEEK is non-biodegradable and has negative environmental impacts as waste. Its manufacturing process is complex and costly, and it lacks thermo-formability. These factors limit the demand for micro injection molded plastic products based on these materials, thereby restraining market revenue growth.
Material Type Insights The micro injection molded plastic market is segmented based on material type, including liquid-crystal polymer, polyether ether ketone, polycarbonate, polyethylene, and polyoxymethylene. In 2021, the liquid-crystal polymer segment accounted for the largest revenue share. These polymers are used in mechanical and electrical parts, as well as food containers, due to their desirable properties such as low melt viscosity, tight molding tolerances, fast cycle times, mechanical properties, solvent resistance, high continuous use temperature, flammability resistance, low thermal expansion, low water absorption, barrier properties, and excellent solder resistance. The segment's revenue growth is driven by the widespread use of LCP in applications requiring high strength and chemical inertness, such as automotive, engineering, industrial, optical, appliance, and connector industries.
Micro Injection Molded Plastic Market: Drive factors
The micro injection molded plastic market is driven by several factors, including:
- Growing healthcare industry: The increasing demand for medical devices and equipment, as well as the rising number of hospitals and surgeries worldwide, is driving the demand for micro injection molded plastic in the healthcare sector. The cost-effectiveness, high accuracy, and quality of micro-molded parts make them ideal for medical applications, thereby fueling market growth.
- Increasing demand for sustainable parts and devices in the automotive industry: The automotive industry is witnessing a shift towards sustainability, with a growing demand for eco-friendly and lightweight components. Micro injection molded plastic offers advantages such as reduced manufacturing costs, minimized plastic waste, and flexible design changes. It enables the production of sustainable and effective plastic parts for automotive applications, driving market growth in this sector.
- Rising demand for electric vehicles (EVs): The transition towards electric vehicles is accelerating globally, creating a demand for various micro components used in EVs. Micro injection molding machines are utilized for manufacturing these micro components, which are more commonly used in EVs compared to internal combustion engine (ICE) vehicles. The lightweight and cost-effective nature of micro injection molded plastic allows EVs to achieve higher efficiency and sustainability, driving market revenue growth.
Overall, the growing healthcare industry, the demand for sustainable solutions in the automotive sector, the rise of electric vehicles, technological advancements, and the emphasis on eco-friendly products are key driving factors contributing to the growth of the micro injection molded plastic market.
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