Press release
Industrial Mold Market Size Projected To Reach $71.18 Billion By 2034 With A Cagr Of 6.9%
Industrial Mold Market Size
What Is the Industrial Mold Market Size and Projected Growth Rate?
In the past few years, there has been a significant expansion in the size of the industrial mold market. The market is projected to escalate from $50.61 billion in 2024 to $54.49 billion in 2025, with a compound annual growth rate (CAGR) of 7.7%. Factors contributing to the growth during the historical phase include manufacturing development, enlargement of the automotive industry, effects of globalization and supply chain movements, surge in consumer electronics, advancements in plastic injection molding, and the growing use of precision machining.
The market size for industrial mold is anticipated to experience significant expansion in the forthcoming years, escalating to $71.18 billion in 2029, with a compound annual growth rate (CAGR) of 6.9%. Factors contributing to this projected growth during the forecast period include development in materials and alloys, promotion of sustainable and environmentally friendly molding, accuracy in mold design and simulation, worldwide transitions in manufacturing centers, and the adoption of superior aerospace materials. Key emerging trends for the forecast period entail developments in micro-molding technology, the incorporation of industry 4.0, simulating molds and virtual prototyping, customization coupled with speedy tooling, and the integration of robotics and automation.
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What Are the Major Segments in the Industrial Mold Market?
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
Subsegments:
1) By Metal Molds: Steel Molds, Aluminum Molds, Copper Molds, Other Metal Molds
2) By Other Material Molds: Plastic Molds, Composite Molds, Silicone Molds, Glass Molds
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What Are The Driving Industrial Mold Market Evolution?
The expansion of the manufacturing and production industry is anticipated to accelerate the growth of the industrial mold market. This sector involves a myriad of operations associated with the crafting and assembling of products and goods. Industrial molds, which are adaptable instruments, augment these processes by allowing for cost-efficient, accurate, and flexible production of diverse products across numerous industries. For example, in July 2023, UK manufacturers reported total product sales of about $579.5 billion (£429.8 billion) in 2022, as per the UK's Office for National Statistics. This represents an increase of $38.3 billion, or 7% compared to the $541.2 billion (£401.5 billion) acknowledged in 2021. Hence, the growth in the manufacturing and production sectors will likely bolster the industrial mold market.
Which Firms Dominate The Industrial Mold Market Segments?
Major companies operating in the industrial mold market include BASF SE, The Dow Chemical Company, The Cannon Group Inc., Toshiba Machine Co. Ltd., Berry Global Inc., Amcor PLC, Eastman Chemical Company, 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., Stratasys Ltd., Proto Labs Inc., Nissei Plastic Industrial Co. Ltd., Takween Advanced Industries, Husky Injection Molding Systems Ltd., ALPLA India Pvt. Ltd., 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
What Trends Are Expected to Dominate the Industrial Mold Market in the Next 5 Years?
In a bid to enrich their product portfolios and secure a competitive edge, prominent companies in the market have turned their focus towards forming collaborations and partnerships. Such cooperative agreements and relationships are often established between two or more entities including organizations, individuals, or companies, to jointly embark on specific projects or initiatives. As a case in point, X2F, an American molding technology company, forged an alliance with Covestro AG, a German plastic component manufacturer, in September 2022. The alliance's goal was to devise an innovative thermally conductive automotive heat sink that includes in-mold electronics. This was achieved by leveraging X2F's refined controlled viscosity molding technology. The unique end product offers a desirable alternative to conventional cast aluminum heat sinks for automotive OEMs and processors. It delivers both cost efficiency and a decrease in weight. X2F's method permits the insertion molding of fragile electronics, thereby facilitating functional integration, improved heat control, modularity, and miniaturization.
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Which Is The Largest Region In The Industrial Mold Market?
North America was the largest region in The industrial mold market in 2024. 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Industrial Mold Market?
2. What is the CAGR expected in the Industrial Mold Market?
3. What Are the Key Innovations Transforming the Industrial Mold Industry?
4. Which Region Is Leading the Industrial Mold Market?
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