Metal Molds Market for Plastic Injection Molding Size, By Material (Steel, Aluminum), By Manufacturing Process (Standard/CNC Machining, Electric Discharge Machining), By Application (Packaging [Pharmaceutical, Beauty & Personal Care, Food & Beverage], Aut

Metal Molds Market for Plastic Injection Molding Size, 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, Growth Potential, Price Trend, Competitive Market Share & Forecast, 2023 - 2032

Global Metal Molds Market for Plastic Injection Molding is set to grow exponentially between 2023 and 2032, owing to the increasing demand from the construction industry and the rapid expansion of packaging industry.

Additionally, key operators in the market are continuously engaging in R&D activities to introduce novel solutions in the business space. To cite an instance, in September 2022, the San Francisco-based Mantle Inc. announced its patented TrueShape technology, which is a new system of 3D printing. The firm claimed that the technology can drastically reduce the cost and time required for creating injection molds. Mantle also revealed its plans to commission full production of injection molds by the first half of 2023.

Overall, the metal molds for plastic injection molding has been divided in terms of the material, manufacturing process, application, and region.

Based on material, the market is set to be characterized by the others segment, which will grow at over 3% CAGR through 2032. Some of the other types of materials or metal alloys used to produce molds for plastic injection are chromium alloys, nickel alloys, and beryllium copper alloys. Beryllium copper alloys offer excellent thermal conductivity and are resistant to corrosion and oxidation, apart from being non-magnetic, which prevents components from sticking to one another. This attribute enables the material to be used in injection molds production.

In the context of the manufacturing process, the electric discharge machining segment is set to expand rapidly through 2023-2032. The demand to produce lightweight and sustainable automotive vehicles is increasing steadily, which will drive the market positively. For instance, in the recent Automotive Ecosystem Vision Study conducted by Zebra Technologies, it was revealed that car buyers are now emphasizing on eco-friendliness and sustainability, leading to an increased interest in EVs.

In terms of application, the medical segment is set to witness robust growth through 2023-32. The segment will grow at more than 3.5% CAGR over the next ten years. The increasing geriatric population across the globe, coupled with technological advancement in the medical field is anticipated to drive market growth between 2023-2032.

From the regional point of view, the market is set to witness steady growth by 2032 in Europe, which will be primarily driven by the increasing expenditure in the healthcare sector. According to Europa statistics, the general government expenditure in the European Union on health accounted for USD 1,142 billion in 2020.