The global market for microinjection polymer molding is expected to reach US$897.3 mln by 2020; according to a new study by Grand View Research, Inc. Growing demand for small sized components mainly from the medical industry is expected to be a key driving factor for the market. Microinjection molding is used to manufacture highly valued micro medical components such as sensors, implants, tubes, catheter tips and microoptics among some other components; the growing demand for these has had a positive impact on the market.
The report further observes that shift in trend towards adoption of micromolding over micromachining, owing to its cost efficiency and development of microoptics and microfluidics technologies, particularly in North America and Europe is also expected to play a major role in the market growth.
Medical and healthcare emerged as the leading application markets for microinjection molding and accounted for just over one-third of the total market in 2012. Along with being the largest market, these are also expected to be the fastest growing market for microinjection molding at an estimated CAGR of 15.2% from 2013 to 2020. Growing demand for small sized components on account of increasing number of minimally invasive surgeries is expected to drive the market over the next six years. Automotive industry trailed medical and healthcare industry in the overall demand for microinjection polymer molding. The global market for microinjection polymer molding in automotive industry is expected to exceed US$200 million by 2020.
Further Key findings from the study suggest:
North America emerged as the leading market for microinjection polymer molding, accounting for more than 40% of the total market in 2012. Rapid technological advancement, mainly in the U.S. has been a key factor for market development. In addition, increasing healthcare expenditure is also expected to fuel the demand for microinjection molding market. North American micro molders gained the advantage of moving early into a high growth market eyeing a sustainable future Rapid development of various micro technologies including microoptics and microfluidics mainly in Western Europe is expected to drive the market for microinjection polymer molding in Europe.
Germany holds a major chunk in the European market for microinjection molding on account of increasing medical expenditure and country’s lead position in automobile manufacturing. European market for micro injection molding is expected to grow at a CAGR of 13.8% from 2013 to 2020. Asia Pacific is still a large untapped market and hold immense opportunities in the years to come.
Asia Pacific is expected to grow at a CAGR of 14.9% from 2013 to 2020. However, lack of awareness regarding the benefits offered using micro molded polymers mainly in under developed countries of Middle East, Africa, Latin America and South Asia is expected to hinder the market growth over the forecast period. Production of microinjection molded polymers is concentrated mainly in Europe and North America.
Some of the major companies operating in the global market include Accu-Mold LLC, ALC Precision, American Precision Products , Makuta Technics, Micromolding Solution Inc., Precimold Incorporation, Rapidwerks, Stack Plastics Inc., Stamm AG and Sovrin Plastics among some other companies.