The global glass mold market was valued at US$ 802.5 million in 2018, according to Glass Mold Market Report, by Mold Type (Alloy Cast Iron Mold, Ordinary Cast Iron Mold, and Others), by End-use Industry (Chemical, Food & Beverage, Healthcare, and Others), and by Region (North America, South America, Asia Pacific, Europe, and Middle East & Africa).
The global glass mold market is projected to reach US$ 1,042.0 million by 2027, exhibiting a CAGR of 3.0% during the forecast period (2019-2027). Glass is 100% recyclable and considered to be an eco-friendly material. Therefore, it is widely accepted by various end-use industries for packaging of products. The increasing demand for glass bottles for packaging alcoholic beverages, is subsequently impacting the growth of glass molding industry positively.
A significant growth in food and beverage industry is expected to boost the glass mold market during the forecast period. Some of the glass manufacturers have their own in house glass molding technologies in order to meet the specific customer requirements. For instance, Gerresheimer AG group a packaging company has their own in-house mold engineering department in order to manufacture syringes, vials and other pharmaceutical products. A variety of glass mold products are manufactured using materials such as cast iron, metal alloys, ceramics, and various others which offer excellent machinability, wear & tear resistance, and durability. Moreover, stringent quality control is ensured throughout the production process in order to meet superior mold quality. In glass manufacturing industries, long lasting, superior quality molds are preferred to save costs in the long-run, and to avoid costly production down-time as a result of using molds of inferior quality.
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Browse 39 market data tables* and 27 figures* on "Glass Mold Market” - Global forecast to 2027.
Key Takeaways of the Market:
- Based on mold type, the glass mold market is segregated into alloy cast iron, ordinary cast iron, and others. Other mold types includes ceramic glass molds, and borosilicate glass molds.
- In 2018, the ordinary cast iron mold segment held a dominant position in the market, in terms of revenue. Leading manufacturers of cast iron molds offer different solutions based on chemical compositions such as laminar graphite, spheroidal graphite, vermicular graphite, and various others. Each solution is designed for specific applications. For instance, spheroidal graphite glass molds are especially suitable for pharmaceutical and cosmetics application, and more generally for production of high quality glass. Ordinary cast iron strengthens mechanical and thermal stresses, and is commonly used for high speed production of glass. Such factors are projected to drive growth of this segment over the forecast period.
- Among end-use industry, in 2018, the food & beverage accounted for the largest revenue share in the global glass mold market. Increasing demand for glass molds in food & beverages product packaging is expected to moderately impact growth of the glass mold market. According to Department of Statistics, Ministry of Trade & Industry, Republic of Singapore, the food & beverage sector generated a revenue of US$ 814 million in 2018 and is expected to reach US$ 862 million in 2019.
- In 2018, Asia Pacific accounted for the largest revenue share of around 44.30% in the glass mold market. Major factors driving growth of market in the region include increasing demand for glass mold from the chemical industry in countries such as China, Japan, India, and South Korea.
- Major players operating in the global 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.
- Key players in the market are focused on increasing research and development (R&D) investments in order to enhance their product offerings. For instance, Razi Glass Group has a strategic alliance with Behin Pooyan Sanat, a glass mold manufacturing company established in 2002. The company provides Razi Glass Group with molds that are used in the manufacturing of beer bottles. Products of Razi that are used for packaging of beer include T.C. 26-19.5 m.m. H 135 and T.C. 26-18.5 m.m. H 148 among others.