October 23, 2023 09:43 ET | Source: Research and Markets Research and Markets
Dublin, Oct. 23, 2023 (GLOBE NEWSWIRE) -- The "Automotive Mold Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering. Packaging Mold
The global automotive mold market has experienced substantial growth, reaching a market size of US$ 39.6 billion in 2022. According to market analysts, this upward trend is expected to continue, with the market projected to reach US$ 61.2 billion by 2028, demonstrating a robust Compound Annual Growth Rate (CAGR) of 7.4% during the forecast period from 2023 to 2028.
Automotive mold refers to a decorative element of automobiles, consisting of a contoured strip made from materials such as plastic, metal, or hard rubber, which is positioned along the windows and various parts of the vehicle. It includes components such as interior trim, door handles, side molding, wheel trim, vents, mudflaps, window moldings, car mats, and engine caps. Automotive mold serves to close gaps filled with adhesive, covering areas with increased inter-panel clearance, as well as spaces between the glass and the vehicle body. It provides protection against moisture and corrosion for the vehicle's interior, preventing the accumulation of dirt and dust on bumpers and wings.
The global automotive mold market is currently witnessing increased demand for decorating backlit features, radio bezels, interior buttons, and other parts. These applications are among the primary factors driving market growth. Automotive mold offers several advantages, including the elimination of costly and environmentally unfriendly solvent-based adhesives, the prevention of secondary labor for overlay application, the ability to incorporate multiple colors and 3D graphics, all of which contribute to the market's growth.
Leading market players are focusing on introducing innovative in-mold techniques to enhance the aesthetics of both interior and exterior automotive components. These innovations include virtual molding through advanced digital software. Additionally, the market is benefiting from the growing demand for light commercial vehicles (LCVs) equipped with low rolling resistance tires worldwide. The expansion of the automotive industry is further propelling market growth.
The rising adoption of compression molds in manufacturing cockpits, air outlet grilles, and mirror shells is contributing to market expansion. Moreover, the increased use of hydroforming and forging molds, driven by the growing demand for lightweight automotive components, is positively influencing market growth.
The report provides a comprehensive analysis of key trends within each sub-segment of the global automotive mold market, with forecasts at the global, regional, and country levels for the period from 2023 to 2028. The market is categorized based on technology, application, and vehicle type.
The report thoroughly examines the competitive landscape of the industry, featuring profiles of key players such as 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.
For more information about this report visit https://www.researchandmarkets.com/r/3kei4n
Automotive Plastic Mold About ResearchAndMarkets.com ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.