According to the new market research report ‘Industrial Mold Global Market Report 2021 – COVID-19 Impact And Recovery’ published by The Business Research Company, the 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 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. The market is expected to reach $38.62 billion in 2025 at a CAGR of 8%.
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.
Trends In The Global Industrial Mold Market
Conformal cooling designs are increasingly being used by manufacturing companies in 3D-printed molds as it provides better cooling to the molded products. Conformal provides better cooling molds with complicated geometric design and overcome issues like uneven cooling adds warp, intricate curves, thin walls, and tight tolerances. 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 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, the North American industrial mold market accounts for the largest share in the global industrial mold market.