Industrial Mold Market Trends 2024-2033: Size, Share and Growth Analysis Report

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 in the historic period can be attributed to manufacturing growth, automotive industry expansion, globalization and supply chain dynamics, consumer electronics boom, plastic injection molding advances, increased adoption of precision machining.

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%. The growth in the forecast period can be attributed to advanced materials and alloys, sustainability and eco-friendly molding, precision mold design and simulation, global shifts in manufacturing hubs, high-performance aerospace materials. Major trends in the forecast period include micro-molding technology, industry 4.0 integration, mold simulation and virtual prototyping, customization and rapid tooling, robotics and automation integration.

Market Overview -
The industrial mold refers to a matrix or cavity, in which a plastic substance or fluid is shaped into a desired finished product.

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Industrial Mold Market Growth Driven By Expanding Manufacturing And Production Sectors
The growing manufacturing and production industry is expected to fuel the growth of the industrial mold market going forward. The manufacturing and production industry encompasses a wide range of activities related to the creation and assembly of goods and products. Industrial molds are versatile tools that enhance the manufacturing and production processes by enabling the cost-effective, precise, and scalable production of a wide range of products across multiple industries. For instance, in July 2023, according to the Office for National Statistics, a UK-based statistics authority, UK manufacturers achieved a total product sales value of approximately $579.5 billion (£429.8 billion) in 2022, reflecting a growth of $38.3 billion, or a 7% increase compared to the $541.2 billion (£401.5 billion) recorded in 2021. therefore, The expansion of the manufacturing and production sectors will drive the growth of the industrial mold market.

Competitive Landscape -
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

Strategic Collaborations And Partnerships Drive Innovation And Competitive Edge In The Market
Major companies in the market are focused on collaborations and partnerships to enhance their product offerings and gain a competitive advantage. Collaborations and partnerships refer to cooperative agreements and relationships formed between two or more entities, such as companies, organizations, or individuals, to work together on a specific project, initiative, or objective. For instance, in September 2022, X2F, a US-based molding technology firm, partnered with Covestro AG, a Germany-based plastic component manufacturer, to create an innovative thermally conductive automotive heat sink featuring in-mold electronics, utilizing X2F's advanced controlled viscosity molding technology. This novel product offers automotive OEMs and processors an attractive alternative to traditional cast aluminum heat sinks, providing both cost savings and reduced weight. X2F's process allows for the insertion molding of delicate electronics, enabling functional integration, enhanced heat management, modularity, and miniaturization.

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Key Segments -
The industrial mold market covered in this report is segmented -
1) By Type: Metal Molds, Other Material Molds
2) By Material: Plastics, Glass, Rubber
3) By Application: Manufacturing, Automotive, Other Applications

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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