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) published by Coherent Market Insights.
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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