IMARC Group has recently released a new research study “Automotive Mold Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.
The global automotive mold market size reached US$ 36.57 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 57.49 Billion by 2027, exhibiting a growth rate (CAGR) of 7.70% during 2022-2027.
Automotive mold refers to a decorative element of an automobile comprising a contoured strip of plastic, metal, hard rubber, etc., located along with the windows and numerous elements of cars. It includes interior trim, door handles, rails, side molding, wheel trim, vents, mudflaps, window moldings, car mats, engine caps, etc. Automotive mold is specifically designed to close the gap filled with adhesive and cover areas with increased inter panel clearance as well as spaces between the glass and the body. As a result, it protects the interior of the vehicle from moisture and corrosion. Automotive mold also prevents the accumulation of dirt and dust on the bumper and wings.
Key Industry Trends and Drivers:
The escalating demand for this element to enhance backlit features, radio bezels, interior buttons, and other parts represents is among the key factors stimulating the automotive mold market. Moreover, the rising requirement for decorative elements, as they offer several benefits, including eliminating costly and solvent-based adhesives and preventing secondary labor for overlay application, is acting as another significant growth-inducing factor.
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Besides this, the introduction of innovative in-mound techniques by key market players for making the interior and exterior of vehicles attractive is positively influencing the global market. Furthermore, they are also focusing on developing virtual molding via enhanced digital software, which is propelling the market growth. Apart from this, the widespread adoption of light commercial vehicles (LCVs) with low rolling resistance tires is further bolstering the global market. Additionally, the inflating popularity of hydroforming and forging variants is anticipated to fuel the automotive mold market over the forecasted period.
For The Competitor Segment, The Report Includes Global Key Players Of The Automotive Mold Market.
Alpine Mold Engineering Limited, Amtek Plastics UK, Chief Mold USA, Flight Mold and Engineering, Gud Mould Industry Co. Ltd, JC Mould, PTI Engineered Plastics, Sage Metals Limited, Shenzhen RJC Industrial Co.Ltd, Sino Mould, SSI Moulds and Taizhou Huangyan JMT Mould Co. Ltd.
The report has been segmented the market into following categories:
Breakup by Technology:
- Casting Mold
- Injection Mold
- Compression Mold
Breakup by Application:
- Exterior Parts
- Interior Parts
Breakup by Vehicle Type:
- Passenger Car
- Light Commercial Vehicle
- Heavy Trucks
- Asia Pacific
- North America
- Middle East and Africa
- Latin America
On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.
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