The global Glass Mold Market was valued at US$ 859.7 million in 2022, 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, Latin America, Asia Pacific, Europe, and Middle East & Africa).
The global glass mold market is projected to reach US$ 1,227.1 million by 2030, exhibiting a CAGR of 4.55% during the forecast period (2023-2030). Glass is 100% recyclable and considered to be an eco-friendly material. Therefore, it is widely accepted by various end use industries for the packaging of products. The increasing demand for glass bottles for packaging alcoholic beverages is subsequently impacting the growth of the glass molding industry positively.
Significant growth in the 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 specific customer requirements. For instance, Gerresheimer AG group, a packaging company, has its own in-house mold engineering department 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 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 downtime 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 2030.
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 include ceramic glass molds and borosilicate glass molds.
- In 2022, 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 applications, and more generally for the production of high-quality glass. Ordinary cast iron strengthens mechanical and thermal stresses and is commonly used for the high-speed production of glass. Such factors are projected to drive the growth of this segment over the forecast period.
- Among end use industry, food & beverage accounted for the largest revenue share in the global glass mold market in 2022. Increasing demand for glass molds in food & beverage product packaging is expected to moderately impact the growth of the glass mold market. According to the 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 2022, Asia Pacific accounted for the largest revenue share of around 44.30% in the glass mold market. Major factors driving the growth of the 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 beer include T.C. 26-19.5 m.m. H 135 and T.C. 26-18.5 m.m. H 148 among others.
