Growing demand for lightweight & smaller automotive parts along with rising demand for electronics & other electronic components is driving the metal molds market growth, says this report.
SELBYVILLE, Del., January 21, 2021 (Newswire.com) – Based on Global Market Insights Inc., report, the global Metal Molds Market for plastic injection molding size was estimated at $4.16 billion in 2020 and is slated to surpass $5.5 billion by 2027, registering a CAGR of 3.5% from 2021 to 2027. The report provides a comprehensive analysis of the top winning strategies, wavering industry trends, drivers & opportunities, top investment avenues, competitive scenarios, market estimations & size.
Growing demand for packaging products from the pharmaceutical, food & beverage, and beauty and personal care industry will positively influence the metal molds market revenue generation.
There are primarily two types of steel to choose from for plastic injection molding namely hardened steel and pre-hardened steel. The most used hardened tool steel is S-7, H-13, and 420 stainless steel. While pre-hardened tool steels contain P-20 and mod pre-hardened stainless steel
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Others material segments will witness revenue growth of around 3% CAGR during the forecast time period. Other types of metal alloys used in plastic injection molding include beryllium copper (BeCu) and copper, nickel, silicone, and chromium (CuNiSiCr) alloys. The CuNiSiCr based alloy system has a widespread application in the plastic injection mold industry with the introduction of a copper alloy that contains both chromium and nickel silicide.
With a two-stage aging process, this CuNiSiCr alloy provides hardness which exceeds 92 HRB and conductivity of more than 200 W/m/K. The growing construction industry in emerging countries such as China, India, Brazil, Malaysia will further propel the metal molds market growth for plastic injection molding.
Standard/CNC machining will reach around USD 4.5 Billion by 2027. Standard machining requires the use of lathes, drill presses and milling machines. But, with advanced technology, CNC machining is rapidly becoming the predominant means for creating more accurate and complex molds, although still using the standard machining methods. CNC machining uses computers to control the operation and movements of the lathes, mills and other cutting machines.
The medical sector will witness significant growth in the metal molds market for plastic injection molding. Growth in the medical industry can be attributed to the rising prevalence of chronic diseases such as cancer and diabetes. According to the United Nations (UN), the proportion of the global burden of chronic diseases is anticipated to reach about 60% by 2030. Limited physical activity, sedentary lifestyle, and unhealthy food habits are some of the major causes of chronic diseases like diabetes and cancer.
Chronic diseases also increase the vulnerability to other infections such as coronavirus infection which significantly damages a patient’s lungs. This will lead to the growing demand for medical devices used in the prognosis, diagnosis, and treatment of various diseases, boosting the medical industry for the projected time period.
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North America will hold around a 15% share in the metal molds market for plastic injection molding industry. The region will witness steady growth owing to the presence of advanced medicinal product manufacturers focusing on high value-added equipment with specialized packaging needs. Stringent government regulations coupled with the increase in healthcare spending will drive the growth of the medical device packaging market. According to the Center for Medicare & Medicaid Services, the U.S., healthcare spending grew by 4.6% in 2019 reaching USD 3.8 trillion. The growing healthcare industry will have a positive impact on the metal mold for the plastic injection molding market.
Key manufacturers of the metal molds industry include MSI Mold Builders Inc, Enko AS, ERMO S.A., Bunty LLC, The Rodon Group, Colonial Machine, Engel Austria GmbH, Intertech, Jade Group INTL, Forum Plastics LLC, Accede Mold & Tool Co., Inc.
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