Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Global Glass Mold Market – Insights
The growth of glass mold market is attributed to increasing demand for glass products such as bottles, jars, vials, and glass lab-wares for application in various end-use industries such as chemical, food & beverages, healthcare, consumer electronics, and cosmetics. Increasing demand for glass molds from end-use industries is expected to propel growth of the global glass mold market.
Among mold type, the ordinary cast iron mold segment accounted for the largest market share in 2018, in terms of revenue owing to increasing demand for ordinary cast iron molds in manufacturing various glass products and glass accessories. Furthermore, ceramic glass molds are preferred for manufacturing tableware, dinnerware, and decorative objects. The main advantage of using ceramic molds is their safe reusability. Ceramic molds don’t need any coating in order to prevent glass from sticking to the mold. Silicon carbide ceramic glass molds can be used for shaping Pyrex glass without an anti-sticking agent.
Moreover, glass molds are used to make different types of clean & colored bottles which are required to store fragrances, deodorants, cosmetic ampoules, perfume samplers, dropper bottles, and various other products. Increasing demand of bottle wares is expected to boost growth of glass mold market during the forecast period. Furthermore, Borosilicate glass molds are preferred for specific applications such as precision glass molding due to their limited thermal stability as compared to metals or alloy.
Among end-use industry, the healthcare segment accounted for significant market revenue share in the global glass mold market in 2018. This is owing to significant growth of the healthcare sector. Therefore, significant growth in healthcare sector is expected to boost glass mold market during the forecast timeframe. For instance, according to India Brand Equity Foundation, India experienced 22-25% growth in medical tourism and the industry doubled its size from 2017 US$ 3 billion to US$ 6 billion in 2018. Glass molds are used to manufacture syringes, vials, cartridges, ampoules, and various other healthcare products. Therefore, increasing use of glass molds in the healthcare sector is expected to contribute to growth of the glass mold market over the forecast period.
Manufacturers also produce molds specific to the requirement of end users, thus resulting in no scope for reusing the molds for other applications. The glass mold industry is facing rapid changes in recent times. With recent technological advancements glass mold manufacturers need to make use of new technologies such as the latest Computer-Aided Design (CAD)/Computer-Aided Manufacturing (CAM) and CNC machine technologies, including CNC machine center, CNC mill/turn, CNC-EDM (Electro-Discharge Machining), (Electrochemical Machining) ECM, HSM (Hardware Security Module) (CNC - High Speed Milling). However, these technologies are very expensive and often make it difficult for smaller players to survive in the market.
Figure 1. Global Glass Mold Market Share, By Region, 2018
Source: Coherent Market Insights, 2018-19
The global glass mold market was valued at US$ 802.5 million in 2018, and is expected to register a CAGR of 3.0% in terms of revenue over the forecast period (2019 – 2027), to reach US$ 1,042.0 million by 2027.
North America accounted for the largest market share in the global glass mold market in 2018, due to favorable growth of the pharmaceutical industry in the region. According to International Trade Association, pharmaceuticals is one of the largest, R&D intensive industries in the U.S. The research-based industry invests over 15-20% of the total revenue generated on R&D per year (over US$ 50 Billion in 2016). Moreover, total sales of pharmaceuticals in Canada are expected to increase to US$ 20.3 billion by 2020.
In consumer electronics industry, glass molds are required for production of light bulbs, glass lenses, high pressure lamps, power insulators, and various other glass products. Glass bricks, Borosilicate pots, and decorative glass interiors are produced by glass molds and are used in commercial construction.
Figure 2. Global Glass Mold Market Share, By End-use Industry, 2018
Source: Coherent Market Insights, 2018-19
Asia Pacific is expected to witness the fastest growth in the global glass mold market over the forecast period. Government authorities such as Environmental Protection Agency (EPA), AFS, and others have implemented stringent regulations on effluents released during glass mold manufacturing.
Major players operating in the glass mold market include, Omco International N.V., Changshu Weiheng Mould Manufacture Co. Ltd., Changshu Jianhua Mould Technology Co. Ltd., Rayotek Scientific Inc., Jinggong Mould Manufacturing Co. Ltd., Rochester Precision Optics LLC., Razi Glass Group, Kopp Glass Inc., G. M. Engineers & Fabricators Private Limited, Slumpy's -The Glass Mold Company, and others.
Furthermore, key players in the market are focused on adopting strategies such as technological development and collaborations in order to strengthen their footprint in the global glass mold market. Leading manufacturers of glass mold products are focused on deploying advanced software that will allow easy customization of glass wares and put together complex geometries. For instance, UniMould a leading manufacturer of glass mold products, deploys Pro-engineer design software, which provides highest level of in-house services for production of blow molds.