(EMAILWIRE.COM, April 06, 2023 ) The market size of micro injection molding machine was USD 381 million in 2021 and is projected to reach USD 609 million by 2026, at a CAGR of 9.8% between 2021 and 2026. The major drivers of this market are growth in automotive sector and rising demand from medical application. The shift towards nanotechnology and miniaturization in medical industry is driving the demand of highly precise molds which are efficient to perform medical procedures. In addition, the ongoing automation in vehicles and introduction of electric vehicles is further increasing the demand of high-precision parts to enhance the performance. 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.

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Based on type, the micro injection molding machine market is segmented as 0-10 tons, 10-30 tons and 30-40 tons. The 30 to 40 tons clamping force segment is expected to dominate the micro injection molding machine market during the forecast period. The demand for micro molded plastic parts in automotive, electronics and medical application is driving the demand for micro injection molding machine with clamping force 30 to 40 tons. However, micro injection molding machine with clamping force 0 to 10 tons is expected to grow at highest CAGR during the forecast period. The shift towards nanotechnology in every sector including medical, automotive, fiber optics, electronics and others is increasing the necessity of smaller high-precision parts.

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Based on application, the micro injection molding machine market has been segmented into medical, automotive, fiber optics, electronics and others. Medical accounted for the largest market share in micro injection molding machine market. 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 their patients. Intensive R&D is further increasing the demand for medical micro parts, thus, increasing the demand for micro injection molding machine in medical application. Automotive is the second-largest application of micro injection molding machine market. The ongoing automation and adoption of electric vehicles is increasing the demand for precision parts in automotive industry.

On the basis of region, APAC is the fastest-growing micro injection molding machine market. 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 machine 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 automotive and electronics industry in the region.

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The key players in this market are Sumitomo Heavy Industries Limited (Japan), Engel Austria GmbH (Austria), Nissei Plastic Industrial Co., Ltd. (Japan), Sodick Co., Ltd. (Japan), and Milacron Holdings Corp (US). They have adopted strategies such as and new product launches, acquisitions, and collaboration in order to gain an advantage over their competitors.

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