Industrial Mold Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032
The Business Research Company’s Industrial Mold Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032
— The Business Research Company
LONDON, GREATER LONDON, UK, December 4, 2023 /EINPresswire.com/ — The global industrial mold market witnesses substantial growth, escalating from $23.62 billion in 2022 to $25.36 billion in 2023 at a commendable compound annual growth rate (CAGR) of 7.4%. Projections indicate a continued upward trajectory, with the market size expected to reach $32.29 billion by 2027, sustaining a robust CAGR of 6.2%.
Driving Force: Automotive Manufacturing Expansion
The surge in automotive manufacturing emerges as a pivotal driver propelling the industrial mold market forward. Automobile manufacturers extensively utilize injection molding with industrial molds to produce components, thereby reducing vehicle assembly time and fostering design innovation. Statistics from the International Organization of Motor Vehicle Manufacturers reveal a notable increase in global vehicle production, reaching 57.2 million units from January to September 2021, compared to 52.1 million units in the same period of 2020. This surge in global vehicle production is anticipated to fuel the growth of the industrial mold market.
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Key Market Players Shaping the Industry Landscape
Major players influencing the dynamics of the industrial mold market include Qingdao Haier Co. Ltd., Hyundai Wia Co Ltd., Ube Industries Ltd., Maxell Holdings Ltd., and Vitro S.A.B de C.V.
Technological Advancements: Conformal Cooling Designs
Manufacturing companies increasingly adopt conformal cooling designs in 3D-printed molds, providing enhanced cooling for molded products. Conformal cooling excels in molds with intricate geometric designs, 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, contributing to reduced energy consumption and shortened cooling cycle times by 15-60%.
Regional Dominance and Market Segmentation
In 2022, North America claimed the largest share in the industrial mold market, with Western Europe securing the second-largest position. The comprehensive market analysis spans regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Market Segmentation Details
The global industrial mold market is segmented –
•By Type: Metal Molds, Other Material Molds
•By Material: Plastics, Glass, Rubber
•By Application: Manufacturing, Automotive, Other Applications
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Industrial Mold Global Market Report 2023 from TBRC covers the following information:
•Market size date for the forecast period: Historical and Future
•Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
•Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Industrial Mold Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on industrial mold market size, industrial mold market drivers and trends, industrial mold market major players, competitors’ revenues, industrial mold market positioning, and industrial mold market growth across geographies. The industrial mold market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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