Dublin, Ireland – The micro injection molding machine market is projected to reach USD 0.7 billion by 2028, growing at a CAGR of 9.9% from USD 0.5 billion in 2023 according to ResearchAndMarkets.com.
The market growth is driven by the expansion of the automotive industry and the increasing demand for medical applications. The shift toward nanotechnology and miniaturization in the medical industry is creating a demand for extremely accurate molds that can perform medical procedures effectively. Additionally, the growing automation of automobiles and the development of electric cars are driving the need for high-precision parts to improve performance.
The segment with a clamping force of 30 to 40 tons held the largest market share in 2022. The demand for micro-injection molding machines within this clamping force sector is increased due to the tolerances and shot weights needed for the molds. These machines are commonly employed in applications for the medical, automotive, electronics, fiber optics, and other sectors. The trend of miniaturization is predicted to enhance the need for smaller parts across all industries, further driving the demand for micro-injection molding machinery.
Medical is estimated to be the largest application of micro injection molding machines between 2023 and 2028. The global coronavirus outbreak has surged the demand for medical equipment, including surgical devices, medical systems, and other instruments. Technical advancements in the field of medicine are also driving the use of micro components in medical procedures, improving patient outcomes. The intensified R&D in the medical industry is increasing the demand for micro injection molding equipment as well as medical micro parts.
Asia Pacific is expected to be the largest micro injection molding machine market during the forecast period, in terms of value. China holds the largest market share for micro injection molding machines in the Asia Pacific. The region’s quick expansion of manufacturing facilities and commercial units is driving domestic demand, and initiatives for new technologies and goods are expected to contribute to the region’s growth in the micro injection molding machine market. The expanding population will significantly impact the automotive and electronics industries in the region.
The key market players in the micro injection molding machine market include Sumitomo Heavy Industries Ltd. (Japan), Engel Austria GmbH (Austria), Nissei Plastic Industrial Co., Ltd. (Japan), Sodick Co., Ltd. (Japan), and Hillenbrand Inc. (US).