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Micro Injection Molded Plastic Global Market 2024 : Major Drivers, Analysis, Size, Share, Growth And Forecast To 2033
Micro Injection Molded Plastic Global Market
According to The Business Research Company's, The micro injection molded plastic market size has grown rapidly in recent years. It will grow from $1.07 billion in 2023 to $1.21 billion in 2024 at a compound annual growth rate (CAGR) of 12.6%. The growth in the historic period can be attributed to automotive lubricants, metalworking fluids, rubber processing, increased textile applications, plasticizers production, metal protection..
The micro injection molded plastic market size is expected to see rapid growth in the next few years. It will grow to $1.89 billion in 2028 at a compound annual growth rate (CAGR) of 11.9%. The growth in the forecast period can be attributed to growing automotive industry, demand for specialty lubricants, expansion of metalworking industry, adoption of bio-based plastics, increasing textile production.. Major trends in the forecast period include technological advancements in production, market consolidation and strategic alliances, adoption of bio-based plastics, grease formulations, sustainable and bio-based alternatives..
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Market Drivers and Trends:
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.
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Major Key Players of the Market:
Accumold LLC; Isometric Micro Molding Inc.; Makuta Micro Molding Inc.; Precimold Inc.; MTD Micro Molding Inc.; Microsystems Precision Medical Moulds; Veejay Plastics Injection Molding Company; Knightsbridge Plastics Inc.; Polymermedics Ltd.; Manner Plastics LP; Microdyne Plastics Inc.; SMC Ltd.; Mikrotech LLC; Sovrin Plastics Ltd.; Stack Plastics Inc.; 3A Composites; D&M Plastics LLC; Exxon Mobil Corporation; Badische Anilin- und Sodafabrik SE; INEOS Group Holdings SA; Spectrum Plastics Group Inc.; LyondellBasell Industries Holdings B.V.; Paragon Medical Inc.; GSH Industries Inc.; Rogan Corporation; Saudi Basic Industries Corporation; BMP Medical Ltd.; Precikam Inc.; Precission Micro molding LLC; Micromold Inc.
Micro Injection Molded Plastic Market 2024 Key Insights:
• The micro injection molded plastic market size will grow to $1.89 billion in 2028 at a compound annual growth rate (CAGR) of 11.9%.
• Automotive Sector Growth Fuels Expansion Of Micro Injection Molded Plastic Market
• Innovations In Micro Injection Molded Plastic Market
• Asia-Pacific was the largest region in the micro injection molded plastic market in 2023
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