The global thermoplastic micro molding market is anticipated to positively grow over the forecast period owing to extremely high demand from major end-use industries. Increasing infrastructure spending and rising automotives demand is expected to be beneficial for the overall market. Rising disposable income coupled with shifting consumer preference towards fine living is estimated to enhance the global automotive market over the forecast period. These moldings are used for precision and robust parts production in automotives. Micro switches industry is an important end-use application. These thermoplastics are used as building precision products. Telecom industry has witnessed brisk growth over the last few years and is one of the most important end-use industries. This industry is anticipated to have an approximate growth rate of over 14%. This product is used in precision optical fiber cables production. Growing demand for thermoplastics in numerous end-use industries is anticipated to have positive impact on the overall market. These thermoplastics moldings are used as enhancer during plastic production. Health care industry has witnessed brisk growth over the last five years. Thermoplastic micro molding is used for production of precision based machine parts in healthcare is used. Health care industry has approximately accounted for over 35% of the overall end-use application market. Rise in minimally invasive surgery (MIS) is further expected to beneficial for the healthcare industry and drive the overall thermoplastic micro molding market. Other applications include micro optics, micro fluids, hot embossing, injection molding, reaction injection molding, thermoforming, injection compression molding and design engineering. Volatile raw material prices of the industry may create certain restraints such as supply demand imbalance for the market growth over the next seven years. Stringent regulatory norms in major developed economies may cause hindrance to the regional market demand.
Low technological awareness among consumers in the developing nations is estimated to hamper the overall thermoplastic micro molding market over the forecast period. Industry participants have invested heavily in R&D to develop superior thermoplastic micro molding technologies. This step is anticipated to create ample opportunities for the overall market.
North America thermoplastic micro molding market was the most dominant and engaged major revenue share in 2014. This can be credited to the constantly increasing demand in the medical industry, automotive industry and telecom industry. Europe has narrowly followed North America with regards to expanding demand for micro optics based applications and micro fluids based applications. Countries such as The Netherlands, Italy, France, UK and Germany are estimated to guide the overall regional market. Asia Pacific is also expected to observe significant growth over the forecast period on account of high demand in medical and telecom industry. Japan has governed the overall regional market owing to extremely strong presence of automotive and healthcare industry. Countries such as India, Korea, Malaysia and Indonesia are also estimated to witness significant development over the next seven years. Middle East and African thermoplastic micro molding market is predicted to observe growing demand over the forecast period on account of rising demand in healthcare industry, automotive industry and micro switches industry. Central & South American market is expected to come across brisk market expansion over the forecast period.
Scattered presence of various large thermoplastic manufacturers in the industry makes the industry highly fragmented in nature. Lower switching cost poses ample threat from the major buyers. However, renovation in products and technological developments are strong R&D initiatives to gain market revenue in the industry. Prominent industry participants include ACCU Mold LLC, ALC Precision (American Laubsher Corp) NY, Makuta Technics Inc. Other companies include Micro Molding Solutions Inc., Stack Plastics Inc., Stamm AG, Sovrin Plastics, Preci Mold Inc., Rolla AG, Micro Molding Solutions, Rapid Werks and American Precision Products.
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The COVID-19 pandemic is expected to restrain the manufacturing industry growth in the near future, which in turn is expected to result in checkered growth for machinery manufacturing companies. Furthermore, end-user companies have put on hold the existing orders until the time the lockdown situation is lifted. The report will account for Covid19 as a key market contributor.