According to a new research report by Global Market Insights Inc., the Metal Molds Market for Plastic Injection Molding size will exceed USD 5.5 billion by 2027. Soaring demand for automotive will positively influence the industry growth.
The growing demand from the expanding automotive, electronics, construction, and medical industries will fuel metal molds market growth for plastic injection molding in the near term. The revenue generation is mainly attributed to the product’s cost-effective manufacture of high-volume parts, wide range of master alloys and pre-alloys available, minimum finishing operations, and equivalent properties as that of wrought alloys which increases its use across various applications.
Furthermore, it offers minimal material waste, superior mechanical properties to castings and high toughness. Metal molds market for plastic injection molding helps in achieving large production quantities with minimum errors. Some components are produced at rates exceeding 200,000 per day.
Favorable trends associated with the medical industry is expected to drive product demand in the coming years. Metal molds for plastic injection molding is used in medical devices industry owing to its ability to produce complex parts as easily as simple parts. The process is usually best suited to parts measuring less than 6mm thick and not weighing more than 100 grams. However, newer binder removal technique allows to produce parts with cross section up to 12.5 mm and up to 400 grams. Medical industry is growing at a significant rate in emerging nations as compared to developed nations.
Rising income levels, ageing population, and growing health awareness in developing nations are major factors supporting the growth of the medical industry. In addition, increasing joint ventures coupled with growing expenditure on research & development will pave way for the medical sector growth in the future. This, in turn, will spur metal molds market for plastic injection molding during the forecast time period.
The coronavirus pandemic will negatively impact the metal molds market for plastic injection molding for short term. It will cause reduce production output, supply chain disruptions, and fluctuations in the prices of raw materials. Moreover, the demand from key end-user sector, such as packaging, automotive, medical, construction, electronics, etc. will decline significantly. However, this impact is anticipated to last for a short duration and the industry is expected to return to normalcy by the end of study timeframe.
Browse key industry insights spread across 190 pages with 248 market data tables & 24 figures & charts from the report, “Metal Molds Market For Plastic Injection Molding, By Material (Steel, Aluminum), By Manufacturing Process (Standard/CNC Machining, Electric Discharge Machining), By Application (Packaging [Pharmaceutical, Beauty & Personal Care, Food & Beverage] Automotive; medical, Electronics, Construction), Industry Analysis Report, Regional Outlook, Application Growth Potential, Price Trends, Competitive Landscape & Forecast, 2021 – 2027” in detail along with the table of contents: https://www.gminsights.com/industry-analysis/metal-molds-market-for-plastic-injection-molding
Aluminum will witness around 4% CAGR in metal molds market for plastic injection molding. It has five times better thermal heat transfer along with better conductivity, the position and number of water lines are less critical, which allows for placement of ejector pins wherever needed. It has also demonstrated productivity improvement of more than 30% in cycle time savings.
Aluminum has excellent polishing and machining characteristics. When compared with other metals aluminum alloys, have machining ratings as high as eight times faster than steel. Moreover, stress relieving, or heat treating is not required for aluminum as all this is carried out during the manufacturing process.
Electrical discharge machining will witness over 3.5% CAGR in metal molds market share for plastic injection molding. It is a controlled metal removal process which is used to remove metal via electric spark erosion. In this technique an electrical spark is utilized as a cutting tool to erode the workpiece to produce finished parts of desired shape. Growth in this segment can be attributed to growing demand to produce lightweight automotive vehicles. Moreover, rising demand from medical devices industry will further have a positive impact on the electrical discharge machining market size.
Increasing automotive production will benefit industry expansion
Automotive sector will account for over 2.5% CAGR and is anticipated to grow at a significant rate due to its use in production of lightweight automotive. The growing demand for lightweight automotive can be attributed to automotive manufacturers reducing vehicle weight due to consumer desire for fuel efficiency. Replacing traditional components made from iron and steel with plastic and other polymer composites, can minimize vehicle weight and aid in fuel efficiency. The product is generally used in automotive industry as it offers viable solution for mass producing consistent and high-quality automotive parts and components.
In 2020, Europe held over 20% share in metal molds market for plastic injection molding industry and is attributed to rising beauty and personal care industry in the region. The vast majority of the European population of 500 million consumers use beauty & personal care products every day to protect their health and to boost their self-esteem and enhance their well-being. Ranging from fragrances, antiperspirants, shampoos and make-up, to soaps, toothpastes and sunscreens, cosmetics industry play an essential role in all stages of life.
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