CHICAGO, July 25, 2023 /PRNewswire/ -- The report "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", is projected to reach USD 0.7 billion by 2028, at a CAGR of 9.9% from USD 0.5 billion in 2023.
Micro injection molding machines are used to create plastic parts with tolerances between 10 and 100 microns and shot weights between 1 and 0.1 grams. This molding technique enables the most accurate and precise production of very tiny geometries. The obvious determining element for micro molding is part size. A component or part created using micro molding has micro-scale dimensions, micro-scale features, and micro-scale tolerances. The fundamental idea behind the micro injection molding procedure is very similar to that of the conventional injection molding procedure. The injection molding machine incorporates the microinjection unit.
0 to 10 tons clamping force is the fastest growing segment of the micro injection molding machine market. Asia Pacific was the largest market for micro injection molding machines in 2022 in terms of value. Factors such as growth in the automotive sector and rising demand for medical applications are driving the market.
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"0 to 10 tons clamping force segment is projected to be the fastest-growing type for micro injection molding machine market between 2023 and 2028."
Micro injection molding machine with a clamping force of 0 to 10 tons is expected to grow at the highest CAGR during the forecast period due to the demand for micro molded plastic parts in electronics, automotive, and medical application. The requirement for a micro injection molding machine with a clamping force of 0 to 10 tons is expected to grow to manufacture high precision micro molded parts. The shift towards nanotechnology in every sector, including medical, automotive, fiber optics, electronics, and others, is increasing the necessity for smaller high-precision parts.
"Automotive segment is projected to be the second-largest application in micro injection molding machine market between 2023 and 2028."
The prominence of microtechnology is expanding as there is an increasing need for more advanced technology in the automobile industry. Microelectronics, sensors, and other micros components are employed in onboard systems for autonomous steering and cabin comfort. In the automotive industry, progressively complex vehicle electronics use micro-injection molding to manufacture connectors, gears, micro switches, and sensors.
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"Asia Pacific is projected to be the fastest-growing region for the micro injection molding machine market during the forecast period."
In Asia Pacific, China is the largest micro injection molding machine market. The manufacturing industry is expected to grow as a result of economic developments in emerging markets like China and India. The micro injection molding machines market is anticipated to increase in this region due to factors including rapidly growing end-use industries, competitive production costs, and strong economic growth rates. These elements encourage players in the industry to establish a business in the Asia Pacific.
The key players in this market are Sumitomo Heavy Industries Ltd. (Japan), Engel Austria GmbH (Austria), Nissei Plastic Industrial Co., Ltd. (Japan), Sodick Co., Ltd. (Japan), and Hillenbrand Inc. (US).
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