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The Thailand - Dies and Molds Market size is estimated to grow by USD 562.6 million, at a CAGR of 9.45% between 2023 and 2028. The manufacturing sector in Thailand is experiencing significant growth, making it an attractive destination for businesses seeking to expand their operations. One industry that is particularly thriving in Thailand is the dies and molds industry. The Thai government has recognized the potential of this sector and has increased its support through various initiatives, such as tax incentives and funding for research and development. This government backing, coupled with the rising demand for custom-designed products, has led to a surge in the production of dies and molds in Thailand. Companies in this industry are leveraging advanced technology and skilled labor to deliver high-quality products to both local and international markets. The future looks bright for the dies and molds industry in Thailand, with continued growth expected in the coming years.
Thailand Dies and Molds Market Forecast 2024-2028
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The market is crucial for manufacturing automobile body parts and metal forms using advanced technologies like stamping, sheet metal, and tool steels. Processes such as grinding and electrical discharge machining ensure precision in creating intricate three-dimensional shapes essential in modern CAD designing and 3D printing. Mold and die technology plays a pivotal role in the production chain, facilitating the creation of resin molds and dies for discrete parts, subassemblies, and assemblies. Rapid prototyping and rapid tooling techniques expedite part design and process modeling, supported by peripheral equipment and holders. The market is driven by innovation in technology and process design, supported by die and mold makers specializing in efficient and cost-effective manufacturing solutions. Our researchers studied the data for years, with 2023 as the base year and 2024 as the estimated year, and presented the key drivers, trends, and challenges for the market.
The automotive industry is one of the most prominent contributors to Thailand's expanding manufacturing sector. In addition. Thailand has become a production hub for several prominent automotive companies including Toyota, Honda, and Ford, with state-of-the-art production facilities. As a result, it has led to an increase in demand for automotive components and parts, necessitating precision dies and molds to produce high-quality vehicle components which subsequently resulted in Thailand - dies and molds market expansion.
Moreover, the electronics and electrical appliances industry is another significant sector contributing to the growth of Thailand's manufacturing sector. There is a strong presence of companies such as Samsung and LG fuelling the exports of consumer electronics and electrical goods. Hence, such factors are expected to positively impact the Thailand - dies and molds market. Therefore, it is expected to drive Thailand's dies and molds market growth during the forecast period.
The extensive use of high-performance materials in dies and molds is a primary trend in the Thailand dies and molds market. For example, the increasing use of advanced alloys and superalloys for dies and molds is a prime example of high-performance materials. Some of the properties of these high-performance materials include exceptional strength, temperature resistance, and wear resistance.
Moreover, there is an increasing adoption of dies and mold manufactured from nickel-based superalloys in the aerospace industry in order to shape critical components including turbine blades and engine parts. The main advantage of these materials is that they can withstand the extreme conditions experienced during aircraft operation, making them vital for precision manufacturing. Hence, such factors are expected to positively impact the market. Therefore, it is expected to drive Thailand dies and molds market growth during the forecast period.
There is a growing concern regarding certain cost pressures within the Thailand Dies and Molds Market, as competition is severe, and manufacturers strive to maintain both quality and affordability in their precision tool manufacturing. For instance, the cost pressure in this industry is highly influenced by the procurement of high-quality raw materials, especially specialized steel alloys required for mold and die production.
Moreover, several premium tools including H13 or P20 are very costly and can significantly impact the production cost. As a result, it has become a significant challenge for manufacturers to balance the need for top-quality materials with cost-effectiveness which limited the Thailand - dies and molds market growth. Hence, such factors are negatively impacting the market. Therefore, it is expected to hinder Thailand dies and molds market growth during the forecast period.
The casting segment is estimated to witness significant growth during the forecast period. There is an increase in the adoption of casting dies and molds in the metal casting process to create complex metal parts and components. The casting segment comprises different types of casting processes, including sand casting, investment casting, and die casting. One of the significant consumers of casting in Thailand is the automotive industry.
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The casting segment was the largest segment and was valued at USD 342.80 million in 2018. There is an increase in the adoption of casting in the automotive industry as casting dies and molds are essential in manufacturing a wide range of metal components used in vehicles. For example, engine blocks, cylinder heads, transmission housings, and various chassis parts are produced using casting dies and molds. These tools facilitate the precise shaping of molten metal into intricate and durable components. As Thailand is a regional automotive manufacturing hub, it has resulted in an increase in demand for high-quality casting dies and molds, as both domestic and international automotive manufacturers seek to manufacture parts efficiently and to exact specifications. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the Thailand dies and molds market growth during the forecast period.
By End-user
Based on the end-user, the segment is classified into automotive, construction, electronics, machine tools, and others. One of the major consumers of dies and molds in Thailand is the automotive industry. Thailand is one of the largest automotive hubs in Southeast Asia with a well-established ecosystem of domestic and international automakers. Dies and molds play an essential role in the manufacturing of different automotive components, contributing to the growth and competitiveness of the sector. The production of engine components is one of the primary applications of dies and molds in the Thai automotive industry. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the Thailand dies and molds market growth during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Acme International Thailand Ltd: The company offers dies and molds such as Crack Checking System, using vision is the easiest and simplest way to inspect the defective area. The solution is suitable for penetration to seep into the cracks and crevices.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
Dynacast, EXEDY Corp., Jet Industries Thailand Co., KANSEI CO. LTD., Keiteq Co. Ltd., KIKUWA Corp., KYOWA CASTING Thailand Co. Ltd., Malaplast Co. Ltd., Mazak Thailand Co. Ltd., Mitsui Chemicals Inc., Mitsuwa Electric Co. Ltd., Molder Enterprise Co. Ltd., Newton Co. Ltd., Panasonic Holdings Corp., Ryobi Ltd., Thai Mikami Co. Ltd., Thai Rung Union Car Public Co. Ltd., TTS Plastic Co. Ltd., and Thai Auto Tools and Die Public Co. Ltd.
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion " for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
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The market leverages materials such as carbon, chromium, die steel, high-speed steel, and cemented carbide to produce precision components using advanced techniques like machining centers and NC machining tools. Innovations in 3D printers facilitate rapid prototyping, reducing lead times in production processes. Techniques like high-speed cutting and hard machining enhance efficiency in tooling and mold production, supported by machinery and cutting-edge surface coating technologies for durability and performance. Repair services, including ECM (Electrochemical Machining), ensure longevity and reliability of molds and dies. Ongoing research in CIRP and Production Engineering Research drives continuous improvement and innovation in the field, meeting the evolving demands of manufacturing industries worldwide. Ceramics are used extensively in the manufacturing industry, particularly in the development of cutting tools optimized for high speed cutting through precise tool path generation.
Market Scope |
|
Report Coverage |
Details |
Page number |
137 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 9.45% |
Market growth 2024-2028 |
USD 562.6 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
8.42 |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Acme International Thailand Ltd., Dynacast, EXEDY Corp., Jet Industries Thailand Co., KANSEI CO. LTD., Keiteq Co. Ltd., KIKUWA Corp., KYOWA CASTING Thailand Co. Ltd., Malaplast Co. Ltd., Mazak Thailand Co. Ltd., Mitsui Chemicals Inc., Mitsuwa Electric Co. Ltd., Molder Enterprise Co. Ltd., Newton Co. Ltd., Panasonic Holdings Corp., Ryobi Ltd., Thai Auto Tools and Die Public Co. Ltd., Thai Mikami Co. Ltd., Thai Rung Union Car Public Co. Ltd., and TTS Plastic Co. Ltd. |
Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for market forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by End-user
8 Customer Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
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