NEW YORK, Jan. 25, 2023 (GLOBE NEWSWIRE) — A new IndexBox report on the US industrial mold market provides some interesting insights.
US Industrial Mold Market Forecast
The US industrial mold market is expected to rise from $12B in 2022 to $15B in 2030, expanding at a CAGR of 2.8% during the forecast period. The major growth drivers are surging demand from the automotive, electronics and packaging industries, as well as an increasing need for miniaturization of products. Rising adoption of injection molding and blow molding technologies by small- and medium-sized enterprises in order to reduce production costs is expected to fuel market expansion.
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Industrial molds offer several benefits over traditional manufacturing methods, such as improved accuracy, shorter lead times, and lower production costs. In addition, they can be reused multiple times, which reduces waste and helps to save on raw materials.
One of the key trends observed in the market include the increasing adoption of 3D printing technology and smart molds. 3D printing helps in reducing lead times and costs associated with traditional manufacturing methods. Smart molds are equipped with sensors that can monitor various parameters, such as temperature, pressure, speed, etc., during the molding process. This helps in optimizing the process and reducing scrap rates.
Types of Industrial Molds
Injection molds are the most common type. They are made by placing molten plastic into a mold cavity. The advantage of such molds is that they can be made very quickly and cheaply.
Compression molds are made by pressing a heated block of plastic into a mold cavity. This type is typically used for larger parts such as car fenders.
Transfer molds are made by moving molten plastic from a hot chamber to a cold one. This type is applied to small parts such as electronic components.
Blow molds are made by compressing air into molten plastic to form a bubble and are used for hollow parts such as bottles or tubing.
Market Challenges
Despite the numerous benefits that industrial molds offer, there are several challenges that the market faces.
1. High initial investments. This can be a deterrent for small and medium enterprises who might be interested in venturing into this market.
2. Lack of skilled labor available for operating industrial molding machines. This can lead to production delays and ultimately, higher costs.
3. Long lead times exceeding 12 weeks. This can be a problem for companies who need the mold urgently for their production processes.
4. Limited design options and increasing complexity of molds. This can make it difficult to produce custom parts or components.
Volatile raw material prices and high cost of molding equipment, and competition from other countries, especially from China, could also decelerate the US market expansion rate. Chinese manufacturers have become increasingly competitive in recent years, offering lower prices and shorter lead times. This has put pressure on mold makers in developed countries such as the US and Europe, who must now compete on both price and quality.
About IndexBox
IndexBox is a market research firm developing an AI-driven market intelligence platform that helps business analysts find actionable insights and make data-driven decisions. The platform provides data on consumption, production, trade, and prices for more than 10K+ different products across 200 countries.
Companies Mentioned in the Report
In Mold Label, Progressive Molding Technologies, Helman Mould Technology, Progressive Components, DME Company, Hasco America Inc., Mold-Masters Technologies Limited, JSW Plastics Machinery Inc., Yushin Precision Equipment Co. Ltd., Husky Injection Molding Systems Ltd., Mitsubishi Heavy Industries Plastic Technology Co. Ltd.
Sources
U.S. – Industrial Mold – Market Analysis, Forecast, Size, Trends and Insights
CONTACT: Contact Information Mekhrona Dzhuraeva Editor media@indexbox.io
