Dublin, Oct. 23, 2023 (GLOBE NEWSWIRE) -- The "Automotive Mold Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global automotive mold market has experienced substantial growth, reaching a market size of US$ 39.6 billion in 2022. According to market analysts, this upward trend is expected to continue, with the market projected to reach US$ 61.2 billion by 2028, demonstrating a robust Compound Annual Growth Rate (CAGR) of 7.4% during the forecast period from 2023 to 2028.
Automotive mold refers to a decorative element of automobiles, consisting of a contoured strip made from materials such as plastic, metal, or hard rubber, which is positioned along the windows and various parts of the vehicle. It includes components such as interior trim, door handles, side molding, wheel trim, vents, mudflaps, window moldings, car mats, and engine caps. Automotive mold serves to close gaps filled with adhesive, covering areas with increased inter-panel clearance, as well as spaces between the glass and the vehicle body. It provides protection against moisture and corrosion for the vehicle's interior, preventing the accumulation of dirt and dust on bumpers and wings.
Key Market Trends:
The global automotive mold market is currently witnessing increased demand for decorating backlit features, radio bezels, interior buttons, and other parts. These applications are among the primary factors driving market growth. Automotive mold offers several advantages, including the elimination of costly and environmentally unfriendly solvent-based adhesives, the prevention of secondary labor for overlay application, the ability to incorporate multiple colors and 3D graphics, all of which contribute to the market's growth.
Leading market players are focusing on introducing innovative in-mold techniques to enhance the aesthetics of both interior and exterior automotive components. These innovations include virtual molding through advanced digital software. Additionally, the market is benefiting from the growing demand for light commercial vehicles (LCVs) equipped with low rolling resistance tires worldwide. The expansion of the automotive industry is further propelling market growth.
The rising adoption of compression molds in manufacturing cockpits, air outlet grilles, and mirror shells is contributing to market expansion. Moreover, the increased use of hydroforming and forging molds, driven by the growing demand for lightweight automotive components, is positively influencing market growth.
Key Market Segmentation:
The report provides a comprehensive analysis of key trends within each sub-segment of the global automotive mold market, with forecasts at the global, regional, and country levels for the period from 2023 to 2028. The market is categorized based on technology, application, and vehicle type.
Breakdown by Technology:
- Casting Mold
- Injection Mold
- Compression Mold
- Others
Breakdown by Application:
- Exterior Parts
- Interior Parts
Breakdown by Vehicle Type:
- Passenger Car
- Light Commercial Vehicle
- Heavy Trucks
Breakdown by Region:
- North America
- Asia-Pacific
- Europe
- Latin America
- Middle East and Africa
Competitive Landscape:
The report thoroughly examines the competitive landscape of the industry, featuring profiles of key players such as Alpine Mold Engineering Limited, Amtek Plastics UK, Chief Mold USA, Flight Mold and Engineering, Gud Mould Industry Co. Ltd, JC Mould, PTI Engineered Plastics, Sage Metals Limited, Shenzhen RJC Industrial Co.Ltd, Sino Mould, SSI Moulds, and Taizhou Huangyan JMT Mould Co. Ltd.
Key Questions Answered:
- How has the global automotive mold market performed, and what are the growth prospects for the coming years?
- What is the impact of COVID-19 on the global automotive mold market?
- Which regions are the key markets for automotive mold?
- How is the market segmented by technology, application, and vehicle type?
- What are the factors driving and challenging the industry?
- Who are the key players in the global automotive mold market?
- What is the competitive landscape of the market?
- What are the stages in the industry's value chain?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 140 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $39.6 Billion |
| Forecasted Market Value (USD) by 2028 | $61.2 Billion |
| Compound Annual Growth Rate | 7.5% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/3kei4n
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