Global polymer and thermoplastic micro molding market to register CAGR of over 14% by 2019

In 2012, the global polymer and thermoplastic micro molding market held a valuation of US$308 mln and is forecast to be valued at US$763.6 mln by 2019. The polymer and thermoplastic micro molding market is expected to grow at a positive CAGR of 14.2% during the period between 2013 and 2019, as per Transparency Market Research. The cost-effectiveness of these products has led to a rise in demand from the polymer and thermoplastic micro molding market. The increase in the number of minimally invasive surgeries (MIS) and advanced technologies in the fields of micro optics and micro fluids has further boosted the growth of the polymer and thermoplastic micro molding market. However, regions such as the Middle East, Southeast Asia, and Latin America may not contribute significantly to the growth of the polymer and thermoplastic micro molding market, due to the lack of awareness. The polymer and thermoplastic micro molding market is segmented depending upon the usage of micro molding products across various industries such as automotive, medical, telecom fiber optics, micro drive systems and control, and others. In 2012, the medical and healthcare industry led the demand from the polymer and thermoplastic micro molding market. 35% of the demand for polymer and thermoplastic micro molded products came from this industry. Due to the rapid growth of micro fluidics technology, this segment of the polymer and thermoplastic micro molding market is expected to grow rapidly from 2013 to 2019. The extensive use of micro molded products in the automotive industry is expected to cross the US$150 mln mark by 2019. The rising demand for micro molding products in automotive applications can be attributed to the increase in the manufacture of automobiles throughout the world. In the forecast period, the growth of the polymer and thermoplastic micro molding market in the telecom fiber optics segment will occur at a rapid CAGR of 13.8%, and the micro drive systems and control segment would grow at an even higher CAGR of 14%. Due to the high demand for micro molding products across various industries and thanks to its supportive environment for technological advancement, North America dominates the global polymer and thermoplastic micro molding market. In 2012, approximately 44% of the total revenue was contributed by North America. In Europe, Germany alone accounts for almost half of the total polymer and thermoplastic micro molding market owing to its leading position in automobile manufacturing and increasing healthcare expenditure. The polymer and thermoplastic micro molding market in Europe is forecast to grow at a CAGR of 13.5% from 2013 to 2019. By 2019, the European polymer and thermoplastic micro molding market is expected to be valued at US$219 mln. Japan dominates the global polymer and thermoplastic micro molding market in the Asia Pacific region. The polymer and thermoplastic micro molding market in Asia Pacific is expected to grow at a CAGR of 14.8% during the forecast period.