GLASS MOLD MARKET ANALYSIS

The glass mold market was valued at US$ 859.7 million in 2022 and is expected to register a CAGR of 4.55% in terms of revenue over the forecast period (2023 – 2030), to reach US$ 1,227.1 million by 2030. 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 for bott\le wares is expected to boost the growth of the 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 alloys.

Glass Mold Market: Growth drivers

Technological development and collaborations

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 the highest level of in-house services for the production of blow molds.

Increasing demand for glass molds

As more and more products are created that require glass molds, the demand for these specialized tools increases. Companies that produce glass molds need to be able to keep up with the growing demand, which often requires them to invest in new technology and expand their production facilities. The increasing demand for glass molds has also led to a rise in the price of these products, making them less affordable for some buyers.

Glass Mold Market: Market Restraints

Availability of skilled labor, the cost of materials, and the need for capital investment

The market for glass molds is constrained by the availability of skilled labor, the cost of materials, and the need for capital investment. The most skilled workers are in high demand and are often difficult to find. The cost of raw materials can be substantial, particularly for precision molds made from expensive alloys. Finally, the cost of manufacturing a mold can be significant, particularly if it is a custom design. These factors limit the revenue growth of the global glass molds market.

Figure 1. Glass Mold Market, By End use industry 2022

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Among mold type, the ordinary cast iron mold segment accounted for the largest market share in 2022, 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 the glass from sticking to the mold. Silicon carbide ceramic glass molds can be used for shaping Pyrex glass without an anti-sticking agent. Among end use industry, the healthcare segment accounted for a significant market revenue share in the glass mold market in 2022. This is owing to the significant growth of the healthcare sector. Therefore, significant growth in the healthcare sector is expected to boost the 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, the increasing use of glass molds in the healthcare sector is expected to contribute to the growth of the glass mold market over the forecast period.

Glass Mold Market: Regional Analysis

North America accounted for the largest market share in the glass mold market in 2022, due to the 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. Asia Pacific is expected to witness the fastest growth in the 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.

Figure 2. Glass Mold Market, By region 2022

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Glass Mold Market: Recent Developments

• In 2021, Hekuma GmbH, a Germany-based automation technology provider, announced the expansion of its production capacity for glass molds by opening a new manufacturing facility in China. The company aims to meet the increasing demand for glass molds in the Asia-Pacific region.
• In 2021, Molde Azul, a Brazilian-based glass mod manufacturer, announced the expansion of its production capacity by opening a new manufacturing facility in Mexico. This expansion allows the company to meet the growing demand for glass molds in the Latin America Market.

Glass Mold Market: Key Companies

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.

Definition: Glass is used for manufacturing bottles, containers, vials, syringes, and ampoules among others. Glass molds play an important role in the manufacturing of glass products such as ampoules, syringes, and vials. Glass is preferred for these applications as it tends to not react with the contents that are present in the package, thereby maintaining the life of the chemical or medicine. Hence, manufacturers are looking at glass packing solutions to improve the shelf life of the product.