Industrial Mold Market 2024 : Size, Growth Rate, Business Module, Product Scope, Regional Analysis And Expansions 2033

The Industrial Mold Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Industrial Mold Global Market Report 2024, 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.

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.

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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

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.

The industrial mold market report table of contents includes: