Polymer Microinjection molding process requires precise molding machines with ultra fine resolution high speed and injection pressure .Rising miniature materials demand for several applications extend across extensive end use industries such as telecom, medical, automotive and medical is expected to drive global polymer microinjection molding market.
Few polymers which are majorly used in the process are polylactic acid, ketone, polyethylene, liquid crystal polymer and polyoxymethylene. Thermoplastics are broadly used polymers for microinjection molding and contributed over 65% of the market share in 2012.Micro injection molding procedure takes fewer time to mold components. Also, it utilizes feedstock like PEEK which is less priced. While, micro machining need high cost raw materials like metallic and ceramic materials.
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Major application segments studied in this report are micro drive systems& control, telecom fiber optics and medical and healthcare. Changing trend towards implementation of micro sized components in medical industry due to rising figures of Minimally Invasive surgeries will boost polymer microinjection molding market demand. This is anticipated to increase in healthcare application over the forecast period. The worldwide industry for micro injection molding is estimated to cross over USD 200 million by 2020 at an approximate CAGR over 14% from 2013 to 2020. Rising micro gears demand will drive polymer microinjection molding market in control applications and micro drive system.
North America led the market in 2012 and contributed for 40% of the overall market revenue. North America dominated the micro injection molding market due to rising utilization of small sized products in many end-use industries. The automobile and medical industry contributed for the consumption for micro molded parts that accounted for 50% of the overall revenue in 2012.Asia contributed over 14 % of the revenue in 2012. The industry in Asia pacific is estimated to reach over USD 120 million till 2020 at an approximate CAGR of 14 % during 2013 to 2020.
Key factors such as product customization and differentiation is projected to assist in feasibility in the worldwide polymer microinjection molding market. U.S based Makuta Technics Inc. is the leading firm in the overall market. This company provides some molding technologies operational with numerous different molding materials.
Information Source: Grand View Research