Global polymer and thermoplastic micro molding market was valued at USD 308.0 million in 2013 and is expected to reach USD 763.6 million by 2019, growing at a CAGR of 14.2% from 2013 to 2019.
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Growing demand for micro molded products from various end use industries such as medical, automotive and telecom coupled with cost advantage offered by polymers used for micro molding is expected to drive the market over the forecast period. The rapid development of micro fluidics and micro optics technologies mainly in the U.S. and Europe are also expected to augment the market. In addition, the growing number of MIS (minimally invasive surgeries) which extensively use micro molding is expected to boost the market for thermoplastic micro molding over the forecast period. However, the lack of awareness in developing regions such as Latin America, South East Asia and Middle East is expected to hinder the market growth.
Medical and healthcare emerged as the leading market for micro molding and accounted for 35% of the total thermoplastic micro molded products in 2013. It is also expected to be the fastest growing market for micro molded thermoplastics over the forecast period. Automotive application is expected to exceed USD 151 million by 2019. The growing production of automotives across the globe is expected to drive the market for micro molding over the forecast period. Telecom fiber optics and micro drive systems and control are expected to grow at an estimated CAGR of 13.8% and 14% respectively, from 2013 to 2019.
North America has been dominating the polymer micro molding market with high consumption of small sized products in several end-use industries and accounted for nearly 44% of the total revenue in 2013. Growing awareness of micro molding and early adoption of the technology in Europe are expected to lead high growth in the demand for micro...