According to a new research report published by Transparency Market Research (TMR), the global polymer and thermoplastic micro molding market had reached a value of US$308 million in the year 2012. It is estimated that this market will reach a value of US$763.60 million by the end of 2019, increasing at a compound annual growth rate of 14.2% between 2013 and 2019.
The research report, titled “Polymer and Thermoplastic Micro Molding Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019”, has been prepared after extensive study of the polymer and thermoplastic micro molding industry and presents a quantitative as well as qualitative analysis of the market. The market study provides detailed information about the past performance, current condition, and future prospects of the global market for polymer and thermoplastic micro molding.
Micro molding is a process that requires a particular molding machine with specific shot control, high speed and injection pressure, and extremely fine resolution to mold tiny devices, parts, and tools. This technology is used for the growth of micro products that need precision. Micro injection molding is generally done for parts designed to be of a size less than one millimeter and weight less than one milligram. Utilization of this technique is not only limited to tiny pieces of a device but may also be used for larger products that need micro-sized elements such as diameter hole and thickness.
The polymer and thermoplastic micro molding market report includes application analysis and regional market evaluation for both polymer micro molding market and thermoplastic micro molding market.
Medical and healthcare applications led the global market for thermoplastics micro molding and held around 35% of the overall market share in 2012. The speedy growth of micro fluidics technology, specifically in North America and Europe, is likely to trigger the micro molding industry in medical and healthcare sector during the period of 2013 to 2019. Telecom fiber optics is likely to generate US$95 million by the year 2019.
Micro molding industry is estimated to develop at an anticipated CAGR of approximately 14% between 2013 and 2019 owing to the increase in demand for micro molding used for the manufacture of connectors, micro switches, and airbag sensors. The global demand for thermoplastic micro molding in drive systems and control is likely to attain around US$89 million by the end of 2019.
North America has dominance over the polymer micro molding industry and is likely to develop at an estimated CAGR of 14.5% during the period of 2013 to 2019. Europe emerged as the second-largest market in the polymer micro molding industry. It is likely to hold around 36% of the total market share in 2019. The Asia-Pacific region is estimated to develop at an expected CAGR of 14.6% between 2013 and 2019.