PUBLISHER: The Business Research Company | PRODUCT CODE: 1435417
PUBLISHER: The Business Research Company | PRODUCT CODE: 1435417
Industrial molds are matrices or cavities used to shape plastics or fluids into finished products.
They mainly come in metal molds and other variants, wherein metal molds are utilized in metal casting processes. Materials used include plastics, glass, and rubber, finding applications across manufacturing, automotive, and other industrial sectors.
The industrial mold market research report is one of a series of new reports from The Business Research Company that provides industrial mold market statistics, including industrial mold industry global market size, regional shares, competitors with an industrial mold market share, detailed industrial mold market segments, market trends and opportunities, and any further data you may need to thrive in the industrial mold industry. This industrial mold market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The industrial mold market size has grown strongly in recent years. It will grow from $48.49 billion in 2023 to $52.2 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth observed in the historic period is attributed to several factors, including the expansion of manufacturing, growth in the automotive industry, the impact of globalization on supply chain dynamics, the surge in consumer electronics demand, advancements in plastic injection molding, and the increased adoption of precision machining techniques.
The industrial mold market size is expected to see strong growth in the next few years. It will grow to $68.42 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. Forecasted growth is driven by advanced materials, eco-friendly molding, precise design/simulation, global manufacturing shifts, and high-performance aerospace materials. Key trends include micro-molding, Industry 4.0 integration, mold simulation, customization/rapid tooling, and robotics/automation.
The anticipated growth in the manufacturing and production industry is poised to be a significant catalyst for the expansion of the industrial mold market. Spanning a diverse range of activities related to the creation and assembly of goods, the manufacturing and production sector stands to benefit from the versatility of industrial molds. These molds serve as indispensable tools, facilitating cost-effective, precise, and scalable production across various industries. As evidenced by statistics from the Office for National Statistics in July 2023, the UK manufacturing sector reported a substantial total product sales value of approximately $579.5 billion (£429.8 billion) in 2022. This marked a noteworthy growth of $38.3 billion, representing a 7% increase compared to the figures recorded in 2021. Consequently, the expansion of manufacturing and production sectors is expected to be a driving force behind the growth of the industrial mold market.
The surge in automobile manufacturing is anticipated to be a key driver for the industrial mold market. Automotive manufacturers leverage injection molding with industrial molds to produce components, thereby reducing vehicle assembly time and fostering design innovation. Notably, data from the International Organization of Motor Vehicle Manufacturers reveals a global increase in the production of vehicles. From January to September 2021, the total number of vehicles produced worldwide rose to 57.2 million units from 52.1 million units in 2020 during the same period. This substantial uptick in global vehicle production is poised to propel the industrial mold market forward, underscoring the critical role of these molds in the automotive manufacturing process.
The outbreak of the COVID-19 disease had a profound and adverse impact on the industrial mold market in 2020. The pandemic acted as a significant restraint, disrupting supply chains due to trade restrictions and causing a decline in manufacturing activity as governments globally imposed lockdowns. COVID-19, characterized by flu-such as symptoms such as fever, cough, and breathing difficulties, emerged in 2019 in Wuhan, Hubei province of the People's Republic of China, spreading globally to regions including Western Europe, North America, and Asia. Industrial mold companies, heavily reliant on the global supply of raw materials, parts, and components, faced challenges as many governments imposed restrictions on the movement of goods across borders. Consequently, manufacturers had to halt production due to a lack of essential raw materials and components. The ongoing impact of the outbreak was expected to persist throughout 2020 and into 2021, exerting a negative influence on businesses. However, despite the significant disruptions caused by the pandemic, it is anticipated that the industrial mold market will gradually recover from this unprecedented shock over the forecast period. The unique nature of the COVID-19 pandemic is characterized as a 'black swan event,' signifying an unforeseen occurrence with widespread consequences. Importantly, the challenges faced by the industrial mold market are not attributed to underlying or fundamental weaknesses within the market or the global economy.
Leading companies in the market are strategically emphasizing collaborations and partnerships as a key approach to enhance their product offerings and gain a competitive edge. Collaborations and partnerships involve cooperative agreements and relationships forged between two or more entities, be it companies, organizations, or individuals, with the shared goal of working together on specific projects, initiatives, or objectives. A noteworthy example occurred in September 2022 when X2F, a US-based molding technology firm, joined forces with Covestro AG, a Germany-based plastic component manufacturer. This collaboration aimed to develop an innovative thermally conductive automotive heat sink incorporating in-mold electronics, leveraging X2F's advanced controlled viscosity molding technology. The resultant product presents automotive OEMs and processors with an appealing alternative to traditional cast aluminum heat sinks, offering both cost savings and reduced weight. X2F's process allows for the insertion molding of delicate electronics, facilitating functional integration, improved heat management, modularity, and miniaturization.
Manufacturing companies are increasingly adopting conformal cooling designs in 3D-printed molds to enhance cooling efficiency for molded products. These designs offer improved cooling to molds with intricate geometric structures, addressing challenges such as uneven cooling, warping, intricate curves, thin walls, and tight tolerances. Mold manufacturing companies incorporate built-in conformal cooling designs in their 3D-printed molds, leading to a significant reduction in energy consumption and cooling cycle time, ranging from 15% to 60%. This innovation underscores the industry's commitment to optimizing manufacturing processes and improving overall efficiency through the adoption of advanced cooling technologies.
Major companies operating in the industrial mold market report are BASF SE; The Dow Chemical Company; Qingdao Haier Technology Co. Ltd.; The Cannon Group Inc.; Toshiba Machine Co. Ltd.; Berry Global Inc.; Amcor PLC; Eastman Chemical Company; HyundaiWia Co.Ltd.; Sumitomo Heavy Industries Ltd.; Silgan Holdings Inc.; The TRUMPF Group; UbeIndustries Ltd.; AptarGroup Inc.; VitroS.A.BdeC.V.; DMG Mori Co. Ltd.; ENGEL Austria GmbH; Haitian International Holdings Ltd.; Milacron Holdings Corp.; MaxellHoldings Ltd.; Stratasys Ltd.; Proto Labs Inc.; Nissei Plastic Industrial Co. Ltd.; Takween Advanced Industries; Husky Injection Molding Systems Ltd.; ALPLA India Pvt. Ltd.; Dalian Machine Tool Group Corporation; Amada Pvt. Ltd.; US Industrial Machinery; Arburg GmbH + Co KG; KraussMaffei Group GmbH; StackTeck Systems Ltd.; Rosti Group AB; Sino Mould Co. Ltd.; Apex Plastics
North America was the largest region in The industrial mold market in 2023. Western Europe was the second largest region of the industrial mold market. The regions covered in the industrial mold market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the industrial mold market report are Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa.
The industrial mold market consists of sales of compression molding, melt molding, transfer molding, injection molding. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Industrial Mold Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on industrial mold market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for industrial mold ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The industrial mold market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.