As frontier technologies rapidly evolve, India’s DeepTech sector has experienced significant growth in recent years. To rank among the top three global DeepTech ecosystems, patient capital for scaling, robust R&D collaborations with academia for cutting-edge innovation, and enhanced market access through ecosystem connections are crucial. To foster this growth, nasscom has launched the 8th edition of its flagship InnoTrek program from September 17-26, 2024, in the U.S., connecting India’s DeepTech ecosystem to the world.
InnoTrek 2024 offers a ten-day immersive experience across multiple US cities (New York, New Jersey, Chicago and San Fransisco), connecting 35 Indian DeepTech startups with leading tech giants, investors, and mentors. The program includes pre-event virtual sessions on crucial topics like go-to-market strategies and funding opportunities in the US, along with a dedicated ‘India Deep Tech Day Confluence’ showcasing the transformative potential of the Indian deeptech industry.
The program will offer exclusive networking reception with prominent investors, venture capitalists, and potential clients from across industries, customer connect session, pre-arranged connect & pitch session with Tech experts and investors at prominent corporates campuses such as Plug and Play, Western Digital and Cognizant along with a visit to Stanford University campus for tech/GTM collaboration. InnoTrek 2024 will also host a welcome reception with the Indian embassy representatives and program partners and introductions to key stakeholders in the Silicon Valley ecosystem.
Speaking on the programme, Kritika Murugesan, Senior Director- Deep Tech & Startups at nasscom, said, “India’s technology landscape is undergoing a profound transformation, driven by the rapid rise of DeepTech startups. Over the years, InnoTrek has built a strong legacy of empowering startups, offering unparalleled opportunities to connect with leading technology disruptors, venture capitalists, accelerators, and partners. nasscom InnoTrek 2024 is tailored to equip Indian DeepTech startups with the insights and tools needed to navigate the dynamic global DeepTech ecosystem.”
An invite-only delegation, InnoTrek connects Indian tech and DeepTech startups with the tech, business, and investor ecosystems globally, offering the chance to engage with leading technology disruptors, venture capitalists, accelerators, and partners. The program offers critical insights into international expansion, funding opportunities, and the role of DeepTech in shaping a sustainable future. Serving as a platform for knowledge exchange, strategic partnerships, and market access, InnoTrek empowers startups to scale on the global stage. Over its seven editions, InnoTrek has impacted more than 200 startups, connecting them with over 250 speakers, mentors, and investors from Silicon Valley and the Middle East.
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The report “Thermo Compression Forming Market by Foam Type (Thermoplastic Foam, Needle-Punch Nonwovens, Light Weight Glass Mat Thermoplastic), End-use Industry (Automotive, Aerospace, Construction, Medical, Electrical & Electronics) – Global Forecast to 2029″, is projected to reach a market size of USD 13.37 billion by 2029 from USD 11.00 billion in 2024, at a CAGR of 4.0%. North America is the one of the largest markets for compression molded components. The demand for foams used in thermo compression forming is experiencing significant growth across various industries, including automotive, construction, medical, aerospace, electronic & electronics, and more. Emerging nations such as US, Canada, Germany, UK, China and Mexico are expected to play a crucial role in driving the global thermo compression forming market forward.

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Thermoplastic Foams by type segment dominate the market by highest share of the thermo compression forming market during the forecasted period.
Thermoplastic Foams are dominating because of their balanced mechanical qualities and excellent performance-to-cost ratios. These foams have many beneficial applications because of their unique properties, low density and high strength-to-weight ratio. Because of their flexibility and durability, they can be employed in a variety of industries, including the automotive, construction, and medical sectors. Additionally, thermoplastic foams are extensively employed, especially for high performance and cost effectiveness, due to their lower cost as compared to needle-punch nonwovens and lightweight glass mat thermoplastic.
With ongoing technological advancements and innovations in thermoplastic foams, coupled with expanding applications in emerging industries, the segment is expected to experience robust growth in the forecast period.
Automotive by end-use industry segment dominate the market by one of the highest share of the thermo compression forming market during the forecasted period.
The thermo compression forming market is benefitting from the increase in the car production as car makers seek lighter materials in order to improve fuel economy and meet legislated CO2 emission values. Thermo compression forming enables the creation of lightweight and high strength materials such aluminium carbon fibre reinforced plastics and glass fibre reinforced plastics which are crucial in cutting down the overall weight of vehicles. In addition, the new trend on electric vehicles (EVs) requires the utilization of durable, thermally stable, and lightweight material, and thermo compression forming becomes pivotal to form parts such as battery enclosures and exterior panels.
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North America region is likely to be the fastest growing thermo compression forming market during the forecast period.
Rapid industrialization and urbanization in the North America region are driving demand across various sectors including automotive, Aerospace, construction, and medical industry. With expanding manufacturing activities in countries like US, Canada, and Mexico there’s a rising need for compression molded components for various applications. Moreover, ongoing infrastructural development projects, particularly in Canada and Mexico, are boosting demand in the construction sector for lightweight and durable comonents such as roofing panels and door frames. Advancements in thermo compression forming techniques tailored to diverse industrial needs are poised to further stimulate market growth in the region.
Key Players
FLEXTECH (US), Janco, Inc. (US), Formed Solutions (US), Core Molding Technologies (US), UFP Technologies Inc. (US), Ray Products Company Inc. (US), Engineered Plastic Products Inc. (US), Present Advanced Composites Inc. (US), and Tooling Tech Group (US) are the key players in the global thermo compression forming market.
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Browse Adjacent Market: Advanced Materials Market Research Reports
Related Reports:
Injection Molding Machine Market Global Forecast to 2027
Metal Injection Molding Market – Global Forecast to 2022

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AIRS Medical has partnered with MXR Imaging, the largest independent distributor of medical imaging equipment in the United States, to deliver SwiftMR to more than 300 radiology practices nationwide. This partnership empowers diagnostic imaging centers to enhance efficiency and expand patient access to care.
A shared mission
Launched in Korea in 2021 and introduced to the United States in 2023, SwiftMR is an award-winning1 artificial intelligence (AI) solution for magnetic resonance imaging (MRI). By reducing MRI scan times by up to 50%2 and generating clearer images, SwiftMR transforms the operational efficiency and diagnostic accuracy of radiology centers.
In partnering with MXR Imaging, AIRS Medical is furthering its mission to deliver top-tier preventive healthcare to all. “At AIRS Medical, we strive to increase access to preventive healthcare and create a healthier future for everyone,” commented AIRS Medical CEO Hyeseong Lee. “Expanding SwiftMR to over 300 U.S. locations is a major step toward achieving that goal.”
As an industry leader in diagnostic imaging sales and service, MXR Imaging shares a mission to increase patient access to care. “MXR Imaging focuses on improving our customers’ ability to deliver medical imaging solutions and our partnership with AIRS Medical will certainly help customers get more out of their MRI systems,” said Shelby Lemler, Executive Vice President at MXR Imaging. “SwiftMR not only improves patient comfort, but it also enables radiology centers to enhance efficiency and provide care for more patients.”
SwiftMR benefits
SwiftMR offers several key advantages:

Access to care: Shorter scan times enable centers to accommodate more patients, including urgent cases.
Diagnostic accuracy: Sharper images allow radiologists to more effectively diagnose abnormalities.
Enhanced patient experience: Reduced scan times can provide a better experience for patients with anxiety, claustrophobia, or physical limitations.
Operational efficiency: AI-powered image reconstruction allows for increased scan volume without extending operating hours.
Potential for additional revenue: Efficiencies can lead to revenue growth.

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