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Industrial Mold Global Market Report 2021: COVID 19 Impact and Recovery to 2030

·3-min read

Major companies in the industrial mold market include Amada; TRUMPF; DMTG; DMG Mori and U. S. Industrial Machinery. The global industrial mold market is expected to grow from $26. 21 billion in 2020 to $27.

New York, Jan. 21, 2021 (GLOBE NEWSWIRE) -- announces the release of the report "Industrial Mold Global Market Report 2021: COVID 19 Impact and Recovery to 2030" -
91 billion in 2021 at a compound annual growth rate (CAGR) of 6.5%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $38.62 billion in 2025 at a CAGR of 8%.

The industrial mold market consists of sales of industrial molds by entities (organizations, sole traders or partnerships) that produce industrial molds for casting metals or forming other materials such as plastics, glass, or rubber. The industrial mold market is segmented into metal molds and other material molds.

North America was the largest region in the global industrial mold market, accounting for 41% of the market in 2020. Western Europe was the second largest region accounting for 23% of the global industrial mold market. Africa was the smallest region in the global industrial mold market.

Conformal cooling design are increasingly being used by manufacturing companies in the 3D-printed molds as it provides better cooling to the molded products. Conformal provides better cooling molds with complicated geometric design and overcome issues like uneven cooling adds warp, intricate curves, thin walls, and tight tolerances. Mold manufacturing companies provide inbuilt conformal cooling design in their 3D-printed molds that reduces energy consumption and cooling cycle time from 15-60%.

The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the industrial mold market in 2020 as supply chains were disrupted due to trade restrictions and manufacturing activity declined due to lockdowns imposed by governments globally. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Industrial mold companies depend heavily on supply of raw materials, parts and components from different countries across the globe. As many governments restricted the movement of goods across countries, manufacturers had to halt production due to lack of raw materials and components. The outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the industrial mold market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.

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