SEATTLE--(BUSINESS WIRE)--The global glass mold market was valued at US$ 802.5 million in 2018, and is projected to exhibit a CAGR of 3.0% over the forecast period (2019–2027), in terms of revenue.
Key Trends and Analysis of the Glass Mold Market:
The glass mold market is expected to witness substantial growth over the forecast period. This is owing to increasing demand for glass molds from various end-use industries such as food & beverage, healthcare, and others. Increasing use of glass for manufacturing of durable products is also expected to aid in growth of the market.
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Demand for glass bottles is especially high for packaging of alcoholic beverages, resulting in rampant growth of the glass molding industry. This in turn is expected to aid in growth of the market. Moreover, glass is a preferred option for packaging especially in the beverage industry, as it is nonporous and impermeable, thus reducing the interaction between glass packaging and product which could otherwise affect the flavor of beverages. The use of glass molds in the beverage industry is increasing significantly.
Major players in the market are focused on adopting various business strategies to expand their product portfolio and enhance their market share. For instance, Taiwanese company JCL Engineering PTE Ltd. uses the latest CAD/CAM and CNC machine technologies, including CNC machine center, CNC mill/turn, CNC-EDM, ECM, HSM (CNC- High Speed Milling) in order to improve the lifespan, and precision of its glass molds with the help of better designing.
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Key Market Takeaways:
- The global glass mold market is expected to exhibit a CAGR of 3.0% during the forecast period in terms of revenue. The market growth is driven by increasing use of glass molds in various end-use industries such as the chemical industry. In chemical industries, production of lab-ware for research & development activities, and bottles for storing chemicals are the main applications of glass molds.
- Among regions, Asia Pacific is expected to witness major market share over the forecast period, owing to increasing demand for food & beverages products, and high usage of glass molds in manufacturing packaging components. Therefore, significant growth in food and beverage industry is expected to boost glass mold market in Asia Pacific region during the forecast period. Moreover, glass molds are used in manufacturing glass packaging products such as bottles for alcoholic and non-alcoholic beverages, jars & containers for spices, baby foods, and other food product.
- Some of the 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.
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