Thermoplastic Micro Molding Market Size, Share, Growth, And Industry Analysis By Type (Polyethylene, Polypropylene, Polyvinyl Chloride (PVC), Others) By Application (Medical & Healthcare, Telecom Fiber Optics, Automotive, Micro Drive System & Control, Others), Regional Insights, and Forecast To 2031

Updated On: 22 April 2024

Report Overview

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global thermoplastic micro molding market size was USD 875.8 million in 2021 and market is projected to touch USD 2623.93 million by 2031 at CAGR 11.5%.

The global COVID-19 pandemic has been unprecedented and staggering, with the Thermoplastic Micro Molding market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Thermoplastic micro moulding is a highly specialised manufacturing technique that primarily creates high-precision thermoplastic components and parts. This method creates completely functional pieces by injecting plastic resin into a mould that has already been created. There are several subcategories within it, such fast injection moulding. To improve the quality of the finished goods, a variety of materials including polyetheretherketone, liquid crystal polymer, polyoxymethylene, polycarbonate, polyamide, and polyethylene were employed. Any plastic injection moulded component that has been produced with geometric characteristics that are defined in tolerances expressed in microns is referred to as micro moulding. The market is expanding due to rising applications in the production of micromechanical components and rising demand from the medical industry.

Due to very high demand from significant end-use industries, the worldwide thermoplastic micro moulding market is predicted to positively increase throughout the forecast period. It is anticipated that growing demand for automobiles and increased infrastructure expenditure would be favourable for the market as a whole. Throughout the projected period, it is anticipated that rising disposable income and increasing consumer preferences towards exquisite living would benefit the global automobile industry. For the creation of precise and durable parts for automobiles, these mouldings are employed.

In the immediate term, manufacturing industries' demand for thermoplastic micro moulding is anticipated to decline as a result of the COVID-19 lockout. The demand for thermoplastic micro moulding from the manufacturing and consumer products sectors in APAC was affected by the COVID-19 outbreak in 2020. India enacted a total lockdown in March 2020 to stop the sickness from spreading among the populace. Due to the temporary or complete shutdown of their production facilities, all industrial industries suffered. Nevertheless, with the start of COVID-19 immunisation campaigns in 2021, sectors including automotive and electronics were able to restart operations, which is anticipated to fuel the development of the thermoplastic micro moulding market throughout the course of the projected period.

Latest Trends

"Increasing Demand In The Automotive And Medical Sectors"

Thermoplastic A highly concentrated manufacturing method called micro moulding creates extremely tiny, highly accurate thermoplastic parts and components. It primarily has uses in the automotive, healthcare, micro-optics, and electrical sectors, as well as in packaging and other micromechanical components.

For better results with the finished items, several types of materials are employed. Polyetheretherketone, liquid crystal polymer, polyoxymethylene, polycarbonate, polyamide, polyethylene, and a few more polymers are among those utilised.

Segmentation

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• By Type Analysis

According to type, the market can be segmented into Polyethylene, Polypropylene, Polyvinyl Chloride (PVC), others. Polyethylene is anticipated to be the leading segment.

• By Application Analysis

Based on application, the market can be divided into Medical & Healthcare, Telecom Fiber Optics, Automotive, Micro Drive System & Control, Others. Medical & Healthcare will be the dominating segment.

Driving Factors

"Rising Need For Thermoplastic Micro Moulding In The Healthcare And Medical Industry  "

Precision-based machine components utilised in the healthcare industry are frequently made using thermoplastic micro moulding. Around 35% of the market has been accounted for by the healthcare industry. Moreover, it is projected that the rise in minimally invasive surgery (MIS) would help the healthcare industry and propel the expansion of the global thermoplastic micro moulding market. The demand for thermoplastic micro moulding is anticipated to increase along with the rate of market expansion due to other applications such as injection moulding, reaction injection moulding, micro optics, micro fluids, hot embossing, thermoforming, injection compression moulding, and design engineering.

"More Design Options leading A Rise In Demand  "

The materials that are utilised to make many end components, such liquid crystal polymer (LCP), polyether ether ketone (PEEK), and polyphenylene sulphide (PPS), give thermoplastic micromolded goods design freedom. This characteristic will increase the product's widespread applications in a number of industries, including packaging, medical, micro drive systems & control, automotive, electronics, telecom fibre optics, and others, creating profitable prospects for the thermoplastic micro moulding market to expand.

Restraining Factors

"Due to High Cost Market For Thermoplastic Micro Moulding Is Hampering"

The adoption of thermoplastic micro moulding is being hampered by the high cost of the technology's raw ingredients, which is driving up the overall cost of thermoplastic micro moulded goods.

Furthermore, over the projected period of 2024–2031, the expansion of the thermoplastic micro moulding market would be hampered and further challenged by customers in emerging nations' lack of technological understanding.

Regional Insights

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"North America Commanded A Significant Growth During Forecast Period"

The thermoplastic micro moulding market in North America commanded a significant revenue share in 2014. This is attributable to the steadily rising demand in the telecom, automotive, and medical sectors. In terms of growing demand for applications based on micro fluids and micro optics, Europe has barely behind North America in this regard. The Netherlands, Italy, France, the United Kingdom, and Germany are thought to dominate the regional market. Due to the strong demand in the healthcare and telecom industries, Asia Pacific is also anticipated to have considerable development over the projected period. Because the automobile and healthcare industries are so well-represented in the country, Japan has dominated the whole regional market. During the next seven years, it is predicted that nations like India, Korea, Malaysia, and Indonesia would see tremendous development. Increasing demand in the healthcare, automotive, and micro switch industries is expected to drive growth in the Middle East and African thermoplastic micro moulding market during the projected period. During the course of the projected period, the market in Central and South America is anticipated to expand quickly.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• MicroPEP (U.S.)
• Precipart (U.S.)
• SMC (Japan)
• Precimold (India)
• Accumold (U.S.)
• Stamm AG (Spain)
• MTD Micro Molding (U.S.)
• Sovrin Plastics (U.K.)
• Microsystems (U.S.)
• Stack Plastics (U.S.)
• Rapidwerks (U.S.)
• Micro Molding Solutions (India)
• Makuta Technics (U.S.)
• Mikrotech (India)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.