Is there a formula to calculate injection mould tooling size?

No, but I can provide you with some general guidelines and considerations:

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Part Size and Geometry: Consider features such as wall thickness, undercuts, and any special requirements like threads or inserts.

Shrinkage: Different materials have varying shrinkage rates, and this must be considered when designing the mold tooling.

Parting Line and Draft Angle: These factors influence the overall size and design of the mold tooling.

Runner and Gate System: Consider the type and size of the runner and gate system, which controls the flow of molten material into the mold cavity. This affects the mold's size and complexity.

Ejection Mechanism: The ejection mechanism should be designed to accommodate the part's geometry and ensure smooth ejection.

Keep in mind that mold tooling design is a complex process, and the expertise of a professional mold designer is invaluable to ensure the final tooling size is accurate and appropriate for the production of your desired part.