Metal Molds Market Size & Share 2023 to 2032
Market Size for Plastic Injection Molding, by Material (Steel, Aluminum), by Manufacturing Process (Standard/CNC Machining, Electric Discharge Machining), by Application (Packaging, Automotive, Medical, Electronics, Construction), & Forecast.
Report ID: GMI4904
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Published Date: December 2022
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Report Format: PDF
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Authors:
Kiran Pulidindi, Hiralkumar Patel
Metal Molds Market Size
Metal Molds Market for Plastic Injection Molding size was recorded at USD 4.5 billion in 2022. Driven by increasing construction projects, the industry is anticipated to grow at more than 3% CAGR from 2023 to 2032.
Metal molding for plastic injection molding is gaining positive attention among manufacturers of consumer goods. One of the primary factors driving the market share is the mounting product demand from the healthcare industry. Metal injection molding is cheap, flexible, ideal for mass production, results in less wastage, are durable, and is reliable compared to counterparts. The growth in physical disorders and damages has raised the demand for surgical instruments and high-quality dental implants.
Moreover, the surging purchasing power of people has propelled the uptake of automobiles, which, in turn, is accelerating product penetration in the automotive sector. Metal injection molding is useful in fabricating components of automobiles, including gearboxes, steering systems, turbochargers, rocker arms, and shift levers, which are complex and high-strength engine parts. Furthermore, the role of government in the smooth functioning of the industry is also augmenting the market growth.
Stringent government regulations may restrain industry progression
Strict environmental regulations are chiefly restraining metal molds market for plastic injection molding growth. The metal casting or metal molding process emits harmful and poisonous gases, dust, and particles, and generates waste pollutants, which degrade the surrounding environment. The government has thus taken specific measures related to the metal foundries. For instance, the Occupational Safety and Health Administration has created an exposure limit for benzene to up to 1 part per million parts of air. Nonetheless, these policies also help the industry in conducting operations safely, thereby bolstering the use of metal molds for plastic injection molding.
Metal Molds Market Analysis
In terms of material, metal molds market for plastic injection molding is categorized into aluminum, steel, and others. Aluminum segment is speculated to register more than USD 1 billion in revenue by 2032. The segment is projected to witness notable growth in the coming years as aluminum molds have high thermal heat transfer ability as well as excellent conductivity, which is foreseen to bolster segment expansion.
Based on the manufacturing process, metal molds market for plastic injection molding is classified into standard/CNC machining and electric discharge machining. Standard/CNC machining segment size is foreseen to reach USD 5 billion in revenue by 2032. The high degree of axis in CNC machining is benefitting the growth of the segment. Furthermore, CNC machining can also control complex machinery, such as laths, grinders, and turning mills, which are utilized in cutting, shaping, and forming different parts and prototypes.
In terms of application, metal molds market for plastic injection molding is segregated into packaging, medical, construction, electronics, automotive, and others. Packaging application segment is primed to grow at a 3.5% CAGR from 2023 to 2032. The segment growth is attributable to various benefits of packaging products, including flexibility, lightweightness, durability, handling efficiency, and low carrying cost. Along with these, packaging products also find extensive usage in the food & beverage, consumer products, and chemicals sectors, which is poised to fuel the demand for metal molds for plastic injection molding for packaging purposes.
Asia Pacific metal molds market for plastic injection molding is set to reach a valuation of USD 3 billion by 2032. The booming infrastructure spending, together with the surging domestic automotive production and the rising demand for automobiles in the APAC region.
Metal Molds Market Share
Intertech are some of the key players of metal molds market for plastic injection molding.
These companies majorly focus on expanding their customer base & production capacity and engage in strategic partnerships, mergers, collaborations, and acquisitions to boost their business growth and stay ahead in the competitive landscape.
COVID-19 Impact
COVID-19 pandemic had a positive impact on the metal molds industry for plastic injection molding due to advancements in automation for molding components in varied industries. The production capacity of these manufacturing and molding processes became a threat to business growth as a result of labor shortage, the halt in manufacturing operations, and the reduction in demand for premium commodities. However, the high investments in technological developments towards automating plastic injection molding for the automotive, medical, healthcare, electronics, and packaging sectors has offered lucrative opportunities for market demand.
The metal molds market for plastic injection molding market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Thousand Units and revenue in USD Million from 2018 to 2032 for the following segments:
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By Material
By Manufacturing Process
By Application
By Region
Research methodology, data sources & validation process
This report draws on a structured research process built around direct industry conversations, proprietary modelling, and rigorous cross-validation and not just desk research.
Our 6-step research process
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5. Forecast model & key assumptions
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✓ Key growth drivers and their assumed impact
✓ Restraining factors and mitigation scenarios
✓ Regulatory assumptions and policy change risk
✓ Technology adoption curve parameter
✓ Macroeconomic assumptions (GDP growth, inflation, currency)
✓ Competitive dynamics and market entry/exit expectations
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Verified data sources
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