Industrial Mold Global Market To Reach Value Of $38.6 Billion In 2025
22 Feb, 2021
The industrial mold market consists of sales of industrial molds by entities (organizations, sole traders or partnerships) that produce industrial molds for casting metals or forming other materials such as plastics, glass, or rubber. The industrial mold market is segmented into metal molds and other material molds.
Global Industrial Mold Market Size And Drivers:
The global industrial mold market is expected to grow from $26.21 billion in 2020 to $27.91 billion in 2021 at a compound annual growth rate (CAGR) of 6.5%. The market is expected to reach $38.62 billion in 2025 at a CAGR of 8%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges.
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Trends In The Global Industrial Mold Market
Conformal cooling designs are increasingly being used by manufacturing companies in 3D-printed molds as they provide better cooling to the molded products. Conformal designs provide better cooling molds with complicated geometric designs, intricate curves, thin walls, and tight tolerances and overcome issues like uneven cooling which adds warp. Mold manufacturing companies provide inbuilt conformal cooling design in their 3D-printed molds that reduces energy consumption and cooling cycle time from 15-60%.
Global Industrial Mold Market Segments:
The global industrial mold market is further segmented based on type, application and geography.
By Type:Metal Molds, Other Material Molds.
By Application:Manufacturing, Automotive, Others.
By End Use:Passenger Vehicle, Commercial Vehicle.
By Geography:The global industrial mold market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
Among these regions, North America is the largest region in the global industrial mold market, accounting for 41% of the total market.
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Industrial Mold Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides industrial mold market overviews, analyzes and forecasts market size and growth for the global industrial mold market, industrial mold market share, industrial mold market players, industrial mold market segments and geographies, industrial mold market’s leading competitors’ revenues, profiles and market shares. The industrial mold market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.