Glass Forming Mold Market Size, Share, Growth, and Industry Analysis by Type (Ordinary Cast Iron Mold, Alloy Cast Iron Mold, and Other Material Mold) By Application (Beverage & Wine and Daily Chemical), Regional Forecast To 2031

Updated On: 22 April 2024

Glass Forming Mold Market REPORT OVERVIEW

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The global glass forming mold market size was USD 6909 million in 2022 and is projected to touch USD 1062.67 million by 2031, exhibiting a CAGR of 4.9% during the forecast period.

The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

Molds of various types are used to create products in the manufacturing industry. Glass, among other things, is the most common type of mold. Glass-forming molds are tools used to make glass objects. They are constructed from two pieces of glass held together by a metal or ceramic frame. The object is placed in the top half of the mold, which is then heated in the bottom half. This causes the glass to expand, forming the shape of the mold. The mold can be opened and the object removed once it has cooled.

Glass forming molds are used to produce a wide range of glass objects such as bottles, jars, and other containers. The most common reason is the growing popularity and diversity of craft beer. Glass forming molds are required in the consumer electronics industry for the production of light bulbs, glass lenses, high-pressure lamps, power insulators, and a variety of other glass products. Glass molds are used in commercial construction to make glass bricks, Borosilicate pots, and decorative glass interiors. As a result, the demand for glass bottles has increased, as has the demand for glass molds. Second, technological advancements have made it easier to manufacture high-quality glass molds. Additionally, ceramic glass molds are preferred for the production of tableware, dinnerware, and decorative objects.

COVID-19 Impact: Halt on Manufacturing Operations led to Slower Market Growth

The COVID-19 pandemic is expected to hurt the overall manufacturing market. The supply chain of glass-forming mold has been significantly disrupted as a result of the COVID-19 pandemic.  Asian countries such as China, India, South Korea, Taiwan, and Japan, which are major manufacturers of raw materials for the packaging industry, have all experienced lockdowns and disruptions in production plans. Lockdown has limited deliveries of essential goods, causing companies to revise revenue targets globally. However, with the gradual removal of the lockdown and restrictions, the glass forming mold market is expected to regain its position and show positive results in terms of demand and sales.                                                                                                                                             

LATEST TRENDS

"Advancements in Material Science to Boost Market Growth"

The glass forming mold market has seen several significant developments in recent years. The emergence of 3D printing technology, which has enabled the creation of customized molds with greater accuracy and flexibility, is one of the most important factors. Furthermore, advances in materials science have resulted in the creation of new types of glass that are better suited to specific applications. These factors have increased the demand for customized glass molds, which the industry can now meet with greater precision and efficiency. Furthermore, the glass forming mold market has seen an increase in the use of computer-aided design (CAD) software, which has allowed companies to quickly and easily create customized molds.

Glass Forming Mold Market SEGMENTATION

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• By Type Analysis

As per the type, the market is classified as follows: Ordinary Cast Iron Mold, Alloy Cast Iron Mold, and Other Material Mold. Among mold types, the ordinary cast iron mold segment accounted for the largest glass forming mold market share in 2031.

• By Application Analysis

Based on application, the market is segmented as follows: Beverage & Wine and Daily Chemicals. The beverage and wide segment will dominate the market share through 2031.

DRIVING FACTORS

"Expansion of Healthcare Sector to Facilitate Market Development "

The healthcare industry accounted for significant growth in the revenue of global glass forming mold market share. This is due to the rapid expansion of the healthcare sector Glass molds are used in the production of syringes, vials, cartridges, ampoules, and other healthcare products. As a result, the increasing use of glass forming molds in the healthcare sector is expected to drive the glass forming mold market during the forecast period.  

"Increase in Demand for Glass Forming Mold to Promote Industry Progress"

Glass forming molds are used to create various types of clean and colored bottles that are required to store fragrances, deodorants, cosmetic ampoules, perfume samplers, dropper bottles, and various other products. As more products requiring glass-forming molds are developed, the demand for these specialized tools rises. Increasing demand for bottle wares is expected to drive growth in the glass forming mold market during the forecast period. The increased demand for glass-forming molds has also increased their price, making them less affordable for some buyers.

RESTRAINING FACTORS

"High Cost of Raw Material to Hinder Market Growth"

The availability of skilled labor, the cost of materials, and the need for capital investment all limit the market for glass-forming molds. The most skilled workers are in high demand and can be difficult to find. The cost of raw materials can be significant, especially for precision molds made from expensive alloys. Finally, the cost of manufacturing a mold can be significant, especially if it is a custom design. These factors are limiting the global glass forming mold market growth.

Glass Forming Mold Market REGIONAL INSIGHTS

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"Increase in Demand to Propel Market Progress in North America"

North America held the largest market share in the global glass forming mold market owing to the region's strong pharmaceutical industry growth. Pharmaceuticals, according to the International Trade Association, are one of the largest and most R&D-intensive industries in the U.S. Each year, the research-based industry invests more than 15-20% of total revenue in R&D. Rising research & development in the pharmaceutical sector and the increasing burden of various health conditions will propel the regional market forward.

"Market Players Focus on New Product Launches to Strengthen Market Position"

Leading players in the market are adopting various strategies to expand their presence in the market. These include R&D investments and the launch of new, technologically-advanced products in the market. Some companies are also adopting strategies such as partnerships, mergers, and acquisitions to strengthen their market position.   

LIST OF MARKET PLAYERS PROFILED

• Omco International (Germany)
• JIANHUA MOUD (China)
• ORI Mould (China)
• Jinggong Mould (China)
• RongTai mould (China)
• Weiheng Mould (China)
• Brother-mould (China)
• Perego (Italy)
• Donghai Glass Mould Co. (China)
• Xinzhi Industry (China)
• HEBEI ANDY MOULD (China)
• JCL Engineering Pte. Ltd. (Singapore)
• FUSO MACHINE & MOLD MFG.CO.LTD (Japan)
• INHOM 98 Ltd. (Bulgaria)
• Strada (Italy)
• Toyo Glass Machinery Co., Ltd. (Japan)

REPORT COVERAGE

The report covers overall market aspects, including the market segmentation based on its type and application. The report depicts a diverse group of participants that includes the market and the potential market leaders. Major factors that are expected to drive major growth in the market. The factors anticipated to expand the market share are also included in the report to offer market insights. The estimated growth of the market in the forecast period is also included in the report. The regional analysis is completed to explain the region's dominance in the global market. The factors hindering the growth of the market are discussed in detail. The SWOT analysis of the market is depicted in the report. It contains all-inclusive market details.