Micro Injection Molded Plastic Market Growth and Insights: Forecast 2024-2031

Micro Injection Molded Plastic Market Overview

The global micro injection molded plastic market reached a valuation of US$ 1.2 billion in 2023 and is projected to grow to US$ 2.8 billion by 2031, with a CAGR of 11.2% during the forecast period from 2024 to 2031.
Advancements in micro injection technology are a key driver of market growth. In November 2023, Milacron, a U.S. manufacturer of plastic manufacturing machinery, announced the launch of a new, fully automatic, precision micro injection molding model in collaboration with FANUC, a provider of industrial automation solutions.
However, shifts in global manufacturing may pose challenges for future growth. While China, a significant demand generator, has seen a slowdown in manufacturing growth, other countries like India are yet to fully step up, potentially leading to a brief period of reduced market growth.

Download Free Sample:
https://www.datamintelligence.com/download-sample/micro-injection-molded-plastic-market

Market Dynamics

Recovery of Global Automotive Production
The global automotive sector has rebounded remarkably post-pandemic. According to the International Organization of Motor Vehicle Manufacturers (OICA), nearly 93.5 million passenger and commercial vehicles were produced in 2023, a 10% increase from the previous year. This growth is significantly driven by the surge in electric vehicle production.
Automotive manufacturers are replacing steel and aluminum alloys with plastic composites to reduce vehicle weight and improve fuel economy, a trend that continues in electric vehicles to extend battery range. Improved consumer sentiment is leading to increased automotive production, which will drive demand for micro injection molded plastics.

Segment Analysis

Development of Electric Vehicles Will Propel Demand from the Automotive Industry
As the global automotive industry shifts to electric vehicles, the demand for precision-molded plastic components will rise significantly. Major brands like Volkswagen aim to transition to an all-electric portfolio by 2035, and even EV-skeptical companies like Toyota are developing their own models, making the automotive industry a significant demand source for injection molded plastics.

The consumer electronics sector will also see increased demand for plastics, especially with the advent of flexible display screens, requiring casings with a bendable form factor. This sector will become a leading demand source for micro injection molded plastics in the coming years.

Geographical Penetration

Asia-Pacific Poised for Significant Growth During the Forecast Period
The automotive and consumer electronics industries will drive the micro injection molded plastic market in Asia-Pacific. China remains the largest market due to its vast production capacity, which helps keep input costs low. The 'China + 1' strategy pursued by multinational corporations to diversify supply chains will further boost demand in countries like Vietnam and India.

COVID-19 Impact Analysis
The pandemic created a period of uncertainty for the global market. The automotive and optics industries faced dramatic declines due to labor shortages and production disruptions. However, medical equipment manufacturers created a surge in demand for intricate components for breathing apparatus and ventilators. Post-pandemic, global demand has steadily recovered, with the automotive industry leading a strong resurgence.

Russia-Ukraine War Impact Analysis
The war in Ukraine disrupted Russia's ability to source the latest micro injection molding machinery for military components production. Russia relies heavily on South Korea and Japan for precision machine tools. Although Western sanctions haven't disrupted overall demand, they have created challenges in sourcing support expertise and spare parts, which Russia addresses through parallel imports.

Key Developments

In December 2023, Nissha Medical Technologies Inc. acquired a majority stake in Isometric Intermediate LLC to develop a new line of injection molded medical plastic components.

Competitive Landscape
Major global players in the market include Accu-Mold, Paragon Medical, SMC Ltd., Spectrum Plastics Group, Isometric Micro Molding, Makuta, Inc., PreciKam, MTD Micro Molding, Microdyne Plastics Inc., and Movacolor.

View Full Report: https://www.datamintelligence.com/research-report/micro-injection-molded-plastic-market

Contact Us -
Company Name: DataM Intelligence
Contact Person: Sai Kiran
Email: Sai.k@datamintelligence.com
Phone: +1 877 441 4866
Website: https://www.datamintelligence.com

DataM Intelligence 4Market Research is a market intelligence platform that gives access to syndicated, customized reports and consulting to its clients in one place. As a firm with rich experience in research and consulting across multiple domains, we are a one-stop solution that willcater to the needs of clients in key business areas. DataM Intelligence has an online platform whose industries such as chemicals and materials, agriculture, health care services, animal feed, and food & beverages, among others. Our platform has Insights on markets that uncover the latest market research data that are distinct from the competition. With coverage across 10 major industries in the marketplace research, DataM Intelligence benefits thousands of companies by helping them take their innovations early to the market by providing a complete view of the market with statistical forecasts. Our strategy-centric framework and value-added services will let individuals and corporations ease access and custom personalization to research and markets.

This release was published on openPR.