• Thailand is rich in culture and economic dynamism. Amidst this industrial landscape, mold & die industry plays an important role in driving the GDP.

• As the world increasingly embraces sustainability, Thailand's mold & die industry is adapting and reinventing itself to accommodate the new global environmental standards by adopting sustainable approaches to minimize ecological impacts while maintaining its competitiveness.

• The growth of various key industries is a supporting factor that shines the light on the future of Thailand’s mold and die industry.

Thailand's mold and die industry is thriving in terms of innovation and adaptability. Thai mold makers are utilizing advanced technology and skilled craftsmanship to develop components and products for key industries from automotive to electronics and beyond. However, this success has not been achieved without challenges because traditional production processes often prioritize efficiency over sustainability. This leads to environmental concerns and wastage of resources that need rectification.

In the past few years, there have been major paradigm shifts in the global market. Sustainability is no longer just a dictionary term as it has become a basic requirement for every industry around the world. Thailand's mold and die industry is no exception. Demand for environmentally friendly practices, recycled materials and energy saving processes have served as catalysts for the sector to transition towards sustainability through various approaches. Such approaches include technological innovation, compliance, and industry cooperation. 

Thai mold makers have embraced this shift by investing in cutting-edge technologies such as 3D printing and computer-aided design (CAD) software. These advances have not only increased accuracy and efficiency, but also reduces material waste and energy consumption. The adjustment of the production process also helps reduce unnecessary inventory and improve workflows, thereby increasing overall productivity while minimizing environmental impact. At the same time, many companies are exploring alternative materials with a lower environmental impact, such as biodegradable polymers, bio-available and recycled plastics. These materials not only reduce dependency on limited resources, but also helps reduce pollution and waste.

As for the size of the mold & die market in Thailand, it is expected to grow at a compound annual growth rate (CAGR) of 8.69% between 2022 and 2027, with an estimated value of USD 472.34 million. The growth of this market depends on several factors. For example, the transformation of the manufacturing sector in Thailand towards greater sustainability, and the status of Thailand as a production hub for many top automotive companies such as Toyota, Honda, and Ford, with state-of-the-art production facilities which have created a high demand for automotive parts and components. However, precision molds and dies are required to produce high quality automotive parts which later results in the boom of the mold and die market in Thailand along with the establishment of production bases for Chinese EV brands such as BYD, GWM, Changan, GAC AION, SAIC Motor (MG), NETA, Foton and, most recently, Cherry.

In addition, other favorable factors supporting the growth of Thailand’s mold & die industry include the size of Thailand’s electronics and electrical appliances (E&E) sector, the increasing support from the government for the development of the mold and die industry, as well as the increasing demand for customized products from consumers.

Join us in discovering the world of mold and die making at InterMold Thailand 2024, the Most Comprehensive Exhibition on Mold & Die Components Making Technology which will take place during 19 - 22 June 2024 at BITEC, Bangkok. Also, keep up to date with the mold & die industry from InterMold Blogs where RX Tradex will regularly deliver the hottest industry news and development right to your inbox. 

Sources

• Thailand - Dies and Molds Market by Application and End-user - Forecast and Analysis 2023-2027
  https://www.technavio.com/report/thailand-dies-and-molds-market-analysis
• How does mold industry approach sustainability and green practices?
  https://www.linkedin.com/pulse/how-does-mold-industry-approach-sustainability-7qgjc?trk=public_post_main-feed-card_feed-article-content#:~:text=Recycling%20and%20Reusing%3A%20The%20mold,reduce%20waste%20and%20conserve%20resources.
  
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• https://www.amarintv.com/spotlight/corporate/detail/56302
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• https://www.thansettakij.com/business/economy/594141
• Thailand - Dies and Molds Market by Application and End-user - Forecast and Analysis 2023-2027
  https://www.technavio.com/report/thailand-dies-and-molds-market-analysis