Artificial Intelligence Is Fastest Growing Segment Fueling The Growth Of Micro Molding Materials Market

 

The global Micro Molding Materials Market is estimated to be valued at US$ 1.27 Bn 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.

Market Overview:

Micro molding materials are very small plastic components molded to very precise tolerances and small size for applications like medical devices, electronics, sensors and more. They offer advantages like miniaturization, precision and complex geometries not possible with other processes.

Market key trends:

Adoption of artificial intelligence and IoT: There is an increasing integration of advanced technologies like artificial intelligence and IoT in various industries. This is driving the need for smaller, precise plastic components in miniature sensors, medical devices and more. Micro molding materials allow creation of such intricate parts and thus seeing increased demand to support advancement of new technologies like AI and IoT. Another key trend fueling growth is the rising demand for miniaturized medical devices needing complex micro parts molded with accuracy.

Segment Analysis

The micro molding materials market is segmented by material type and application. Based on material type, the thermoplastic segment dominates the market and accounts for around 60% share. Thermoplastics such as polycarbonate, polypropylene, polyoxymethylene, and liquid crystal polymer are widely used in micro molding due to their excellent mechanical properties, durability, and chemical resistance.

Key Takeaways

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 from the medical sector.

Regional analysis

Asia Pacific dominates the global micro molding materials market and accounted for over 35% of the global revenue share in 2022. The presence of a large number of end-use industries such as medical, electronics, automotive and industrial manufactures is driving the demand for micro molding materials in the region. China is the largest market in the Asia Pacific region owing to rapid industrialization and growing manufacturing sector in the country.

North America is the second largest regional market for micro molding materials owing to well-established medical device industry in the US. Stringent regulations regarding use of tiny precision parts in medical implants are also supporting growth of micro molding materials in the region.

Key players

Key players operating in the micro molding materials market are Precimold Inc., Accumold, Micromold Inc., Stack Plastics, American Precision Products, ALC Precision, Micromolding Solutions, Micro Precision Products, American Precision Products, Stamm, Makuta Technics, Sovrin Plastics, Rolla AG, and Rapidwerks. Precimold Inc. and Accumold collectively account for over 25% of the global revenue share.

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