Covina, Oct. 02, 2023 (GLOBE NEWSWIRE) -- Industrial mold is a cavity or matrix where fluid is shaped in desired finished product in manufacturing process. They are made of alloys, aluminum, copper and steel and has different components such as bases, pins, guides, lifters, bushings, ejectors, and alignment devices.
Growing industrialization across globe has provided lucrative opportunities in target market growth. Use of industrial mold in extrusion, injection, forging, blow molding, smelting, die casting, stamping and others to obtain required products of various tools and molds is likely to propel market growth. Presence of major players and growing market consolidation activities is expected to drive the demand for Industrial Mold market growth.
Industrial Mold Market accounted for US$ 25.3 billion in 2022 and is estimated to be US$ 46.9 billion by 2032 and is anticipated to register a CAGR of 6.4%. Industrial Mold Market is segmented into Product Type, Application, and region.
Key Highlights:
- In August 2022, LS Mtron launched new AI (artificial intelligence) based smart injection molding system featured with Smart Weight Control and AI Molding Assistant. The new launched molding system help molders in improving quality of part with higher productivity, reduced costs and faster deliveries.
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Key players in the industrial mold market include:
- Amada
- TRUMPF
- DMTG
- DMG Mori
- US Industrial Machinery
Trends:
- Industry 4.0 Integration: The integration of Industry 4.0 technologies, such as IoT sensors and data analytics, enhances mold monitoring and maintenance.
- Advanced Materials: The use of advanced materials, including composites and high-performance alloys, in mold construction is on the rise.
- Sustainability: Sustainable and eco-friendly mold-making practices are gaining importance as environmental concerns grow.
- Additive Manufacturing: The utilization of additive manufacturing or 3D printing for mold prototyping and production is a growing trend.
- Digital Twins: Digital twin technology allows for virtual testing and optimization of molds before physical production.
- Collaborative Robotics: The use of collaborative robots (cobots) enhances automation in mold manufacturing and reduces production time.
- Global Supply Chains: The development of global supply chains necessitates molds that can accommodate different manufacturing locations and specifications.
- Medical Device Manufacturing: The medical device industry's growth is increasing the demand for molds used in the production of medical components.
Growth Factors:
- Manufacturing Expansion: The growth of manufacturing sectors, including automotive, aerospace, and consumer electronics, drives the demand for industrial molds.
- Rapid Prototyping: The adoption of rapid prototyping and 3D printing technologies for mold development streamlines the design and production process.
- Customization: Increasing demand for customized and complex parts in various industries fuels the need for precision molds.
- Emerging Markets: Developing countries with expanding industrial sectors offer growth opportunities for mold manufacturers.
Challenges:
- Global Economic Uncertainty: Economic fluctuations and trade tensions can impact industrial production and, consequently, the demand for industrial molds.
- Technological Advancements: The industry must continually invest in advanced mold-making technologies to meet evolving manufacturing requirements, which can be costly.
- Environmental Regulations: Compliance with environmental regulations related to materials and manufacturing processes can be challenging for mold manufacturers.
- Skilled Labor Shortages: Finding and retaining skilled mold designers and machinists is a persistent challenge in the industry.
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Analyst View:
Wide variety of applications in manufacturing, industrial and automotive sector has become a leading factor in target market growth. Technological advancement and increased use of conformal cooling designs by manufacturing companies in 3-D printed molds for better cooling to molded products has given rise in demand for Industrial Mold market growth.
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