Will the Lightweight Trend affect Automotive Molding Market?
Arizton’s recent market research report on the global automotive molding market provides comprehensive industry analysis, trend forecasts, and competitive analysis. The research study segments the market by technology (casting mold, injection mold, compression mold, and others), application (exterior parts (grilles, bumpers, doors, taillights, and headlights) and interior parts (inner panel for doors, armrests, and engine components)), vehicle type (passenger cars, light commercial vehicles, and heavy trucks), and geography (APAC, Europe, Latin America, MEA, and North America).
The global auto molding market is expected to grow at a CAGR of over 7% during the forecast period 2018-2024.
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Auto mold remains crucial parts of the automobile production process. In 2018, the APAC region dominated the auto molding market due to the large-scale automotive production, the increased number of vendors in the automotive mold market, and the growth of the automotive industry in two key countries - India and China. With the increased focus on maintaining fuel efficiency, the production of lightweight material is expected to increase significantly and is likely to emerge as a key trend in the market.
The leading drivers and trends propelling the growth of the global auto molding market are discussed below:
Growth in Brand Competitiveness
Leading brands catering to the automotive industry, ranging from Audi, Jaguar, Ford, and Land Rover have been competing primarily on the factor of design. The design of a new car/vehicle plays a vital role in setting up the demand for mold makers. Additive manufacturing techniques have the capability to deliver components with a few restrictions. Rapid prototyping and design enhancement remain priorities for automotive majors in the tight market. Brand differentiation plays a vital role in the automotive industry, thus capitalizing over the same remains a crucial aspect of consideration for vendors catering to the market. Consistent product launches and growing global competitiveness are the key factors driving the auto molding market.
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Emergence of Lightweight molds
One of the significant changes in the automotive industry is the emergence of lightweight molds in the market. A key factor driving this trend across major markets such as the US and China is the need for environmental protection and energy saving by automotive OEMs. A reduction of more than 9% in vehicle weight can result in 6–8% fuel economy that can turn out to be a major factor for the growth of the market. With the lightweight trend penetrating quickly in the market, vehicle manufacturers can demand for lightweight component moldings. Therefore, the trend of being lightweight remains relevant both for new-energy vehicles and internal combustion engine vehicles.
Software Integration in Auto Molding Market
The automotive industry comprises several complexities and technicalities, which push vendors to adopt several digital software for an enhanced production process. Over the years, the requirement of automotive molds for 3D CAD design software is growing. This transformation is not just paving the way for the future but has also resulted in enhanced quality and manufacturing efficiency of automotive molds. Digital systems thus being adopted tend to streamline the entire process. The auto molding market has been driven consistently by innovations and strategic collaborations amidst intense competition. Thus, capitalizing on digital opportunities remains imminent for vendors.
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Gud Mould Industry Co., JC Mould, JMT Mould, and Shinelong Automotive Lightweight Application are identified as the prominent vendors in the global auto molding market.
The complete overview of the latest market research report on the global auto molding market by Arizton is now available.
The report offers a detailed study of major trends, drivers, challenges and provides market sizing and forecast for major geographical regions and key countries.
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