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 major restraint to market growth is due to the high technology of all-electric machines, the investment costs are high. Another disadvantage is the high maintenance cost. In case of motor failure, the entire system must be changed, which entails significantly high maintenance costs. 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.
The key market players profiled in the report include Sumitomo Heavy Industries, Arburg GmbH & Co. KG.(Germany), Engel Austria GmbH(Austria), Milacron Holdings Corp.(US), Nissei Plastic Industrial Co., Ltd.(Japan), The Japan Steel Works Ltd. (Japan), Sodick Co., Ltd.(Japan), Sumitomo Heavy Industries Ltd.(Japan), BOY Machines, Inc. (US), Wittmann Battenfeld GmbH (Austria) and Rambaldi Group (Italy).
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Players in the micro injection molding machine market are mainly concentrating on new product launches, merger and acquisitions to meet the growing demand for micro injection molding machine for various end-use industry. New product launches help companies to strengthen their product portfolio and meet the specific demands of customers.
The growth of the micro injection molding machine market has been influenced by new product launches that were undertaken between 2018 and 2021. Different companies are deploying different strategies to strengthen their position in the micro injection molding machine market. Sumitomo Heavy Industries Limited, Engel Austria GmbH, Nissei Plastic Industrial Co., Ltd. Sodick Co., Ltd., and Milacron Holdings Corp. are major players in this market. In general, these five companies are vital in their domestic markets and are exploring geographic diversification alternatives to grow their businesses. They have been focusing on increasing their market shares through partnerships and enhancing their product portfolios during the past few years.
Sumitomo Heavy Industries Limited is a heavy equipment manufacturer and operates its business through seven business segments: construction machinery, precision machinery, machinery components, industrial machinery, ships, environmental facilities & plants, and others. The company has its presence in Japan, the US, China, and Europe. It offers micro injection molding machines through the precision machinery segment. The precision machinery segment offers plastic machinery, laser processing machines, and defense equipment products.
On the other hand, Engel Austria GmbH is one of the leading manufacturers of micro injection molding machines. The company caters to five main industries: packaging, automotive, electronics, medical, and technical molding. The products manufactured by the company offer hydraulic, fully-electric, vertical, and horizontal solutions. The company has a total of nine production plants in Europe, North America, and Asia (China, Korea) and has subsidiaries in more than 80 countries. The company offers micro injection molding machines in all-electric, hydraulic, hybrid and vertical segments. These machines have clamping force ranging from 11.35 tons to 44.96 tons.
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