PUBLISHER: The Business Research Company | PRODUCT CODE: 1657239
PUBLISHER: The Business Research Company | PRODUCT CODE: 1657239
Industrial molds are specialized tools used in manufacturing to shape, form, or mold raw materials into desired configurations and finished products. These molds are crucial in industries that require precision and uniformity in mass production.
The industrial mold market consists of sales, by entities (organizations, sole traders, or partnerships), of industrial molds that are used in production environments where high-volume, high-precision manufacturing is necessary. The molds serve as a critical component of processes like injection molding, blow molding, compression molding and die casting. These processes enable manufacturers to produce items ranging from automotive parts and electronic casings to bottles, containers and industrial equipment components.
The global industrial mold market was valued at $39,360.56 million in 2019 which grew till 2024 at a compound annual growth rate (CAGR) of more than 5.00%.
Strong Economic Growth
The strong economic growth supported the growth of the industrial mold market in the historical period. As economies expand, industries like automotive, aerospace, electronics, consumer goods and packaging experience growth, driving increased demand for industrial molds. These sectors rely on molds for efficient, large-scale component production. Economic growth also spurs investment in infrastructure, which require specialized molds for items like concrete panels and prefabricated structures. The construction surge linked to economic development further boosts the need for customized molds, creating a direct correlation between economic expansion and mold demand across multiple industries. For example, according to Worldometer, a US-based reference website that provides counters and real-time statistics for diverse topics, in Brazil, gross domestic product (GDP) growth rate in 2022 was 2.90%, representing a change of $53.6 billion over 2021. Further, in India, GDP growth rate in 2022 was 7.00%, representing a change of $193.4 billion over 2021. Therefore, the strong economic growth drove the growth of the industrial mold market.
Automated Solutions Are Transforming The Industrial Mold Industry
Major companies operating in the industrial mold market are focusing on integrating advanced technologies such as automated solutions to enhance production efficiency, reduce costs and improve design accuracy. Automated solutions refer to systems or technologies that leverage automation to execute tasks or processes with minimal human intervention. These solutions typically involve software, robotics, or machinery. For example, in October 2024, Fictiv, Inc., a US-based manufacturing company that specializes in custom manufacturing services for prototyping and low-volume production launched an automated design for manufacturability (DFM) tool specifically for injection molding. This advanced tool delivers engineers immediate, actionable feedback on their designs, improving product quality and accelerating time to market. By automating the design for manufacturability (DFM) process, it minimizes the need for revisions and testing, streamlining workflows and reducing costly delays. It provides color-coded analysis of draft angles, recommending adjustments to facilitate easier mold release and utilizes heat maps to identify potential wall thickness issues that may result in warping or sink marks.
The global industrial mold market is highly fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up to 2.4% of the total market in 2023.
Industrial Mold Global Market Opportunities And Strategies To 2034 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global industrial mold market as it emerges from the COVID-19 shut down.
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 history and forecasts market growth by geography. It places the market within the context of the wider industrial mold market; and compares it with other markets.