DUBLIN--(BUSINESS WIRE )--The "Global Micro Injection Molded Plastic Market by Material Type, Application and Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The micro injection molding machine market is projected to reach USD 609 million by 2026, at a CAGR of 9.8% from USD 381 million in 2021.
The major drivers of this market are growth in the automotive sector and rising demand from the medical application. The shift towards nanotechnology and miniaturization in the medical industry is driving the demand for highly precise molds which are efficient to perform medical procedures. In addition, the ongoing automation in vehicles and the introduction of electric vehicles is further increasing the demand of high - precision parts to enhance performance.
The major restraint to market growth is due to the high technology of all-electric machines, the investment costs are high. Another disadvantage is the high maintenance cost. In case of motor failure, the entire system must be changed, which entails significantly high maintenance costs. The global economic slowdown due to COVID - 19 also impacted the market. This has disrupted the global supply chain, severely impacting the automotive industry. To retain the spread of the coronavirus, governments and international bodies issued various regulations for industries and manufacturers.
The 30 to 40 tons clamping force segment is the largest type of micro injection molding machine for the micro injection molding machine market in 2020
The demand for micro molded plastic parts in automotive, electronics and medical applications is driving the demand for micro injection molding machines with clamping force 30 to 40 tons.
Medical is estimated to be the largest application of micro injection molding machine market between 2021 and 2026
The technological advancement in the medical industry is fueling the use of micro parts in its medical processes to enhance the overall procedure with better results for its patients. Intensive R&D is further increasing the demand for medical micro parts, thus, increasing the demand for micro injection molding machines in medical applications.
APAC is expected to be the largest micro injection molding machine market during the forecast period, in terms of value
In APAC, China is the largest micro injection molding machine market. Increasing domestic demand due to the rapid increase in manufacturing facilities and other commercial units is expected to continue driving the demand for micro injection molding machines in the region. Increasing population and demand, accompanied by initiatives for new technologies and products, are projected to make this region a promising micro injection molding machine market. The growing population will have a significant impact on the automotive and electronics industry in the region.
The report provides insights on the following pointers:
For more information about this report visit https://www.researchandmarkets.com/r/t3meae
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ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900