The micro molding materials market is estimated to be valued at US$ 1.27 Bn or in 2023 and is expected to exhibit a CAGR of 11.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Micro molding is a process involves molding of plastic materials into miniature components and parts mostly having dimensions in millimeters or micrometers range. Micro molding materials are plastics like polyamide (nylon), polyester (PET), polycarbonate (PC), polyetherimide (PEI), liquid crystal polymers (LCP), and cyclic olefin copolymer (COC) which are molded into miniature parts using micro-injection molding and micro-transfer molding processes. The miniature plastic components manufactured using micro molding find applications in industries like medical devices, micro-optics, microfluidics, telecommunications and more. Advancements in medical device miniaturization is driving demand for micro molding materials.
The micro molding materials market growth is expected to be driven by rising demand for miniature medical devices. Advancements in micro-fabrication technologies have enabled miniaturization of medical devices used for minimally invasive surgeries, implantable devices and more. Micro components manufactured using micro molding materials are key enablers for developing such miniature medical devices having dimensions in sub-millimeter range. Growing geriatric population and associated rise in chronic diseases is augmenting demand for miniature medical devices thus benefiting micro molding materials market. Another driver is increasing demand for miniature electronics components in industries like communications and consumer electronics. Micro molded plastic components are replacing traditionally used materials like metals to optimize performance in smaller form factors.
Strength: Micro molding materials have high precision and accuracy which allows for miniaturization. They offer complex features and geometries which are not possible through other molding processes. Their use reduces production costs and leads to smaller product sizes.
Weakness: Micro molding requires specialized facilities and equipment which increases initial investment costs. Materials used have limitations regarding maximum part size. Process optimization is challenging.
Opportunity: Growth of industries like medical devices, electronics and automotive provides opportunities for use of micro molding materials. increasing demand for miniaturization of products drives the market.
Threats: Availability of alternative miniaturization techniques like 3D printing poses threat to micro molding materials. Volatility in raw material prices can negatively impact the market.
The global Micro Molding Materials market is expected to witness high growth, exhibiting a CAGR of 11% over the forecast period, due to increasing demand for miniaturization of electronic components.
Regional analysis – North America dominates the market currently owing to sizeable electronics industry in the region. Asia Pacific exhibits fastest growth led by countries like China, Taiwan and South Korea.
Key players – Precimold Inc., Accumold, Micromold Inc., Stack Plastics, American Precision Products, ALC Precision, Micro Molding Solutions, Micro Precision Products dominate the market.