Increasing use of lightweight and precision molds for composite components to boost global fiberglass mold market through 2024
According to a report released at TechSci Research, “Global Fiberglass Mold MarketBy Resin Type, By End-Use Industry, By Region, Competition, Forecast & Opportunities, 2024” global fiberglass mold market is anticipated to witness healthy growth during forecast period of 2019-2024, with a projected revenue of $ 470 million by 2024. Notably, growing use of lightweight and precision molds for composite components are anticipated to drive the market for fiberglass mold. However, high R&D and high cost involved in the manufacturing of fiberglass molds are anticipated to hinder the growth of the fiberglass mold market. Fiberglass molding is a process in which fiberglass reinforced resin plastics are formed into useful shapes. This process usually involves first making a mold and then using the mold to make the fiberglass component.
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Global fiberglass mold market is broadly segmented into resin type, end-use industry and region. Based on resin type, the market has been segmented into vinyl ester, epoxy, polyester and others. Among these, epoxy resin-based fiberglass molds are anticipated to dominate the global fiberglass mold market during forecast period as these resins are extensively used for fiberglass molds. The market for epoxy resin-based fiberglass mold is expected to account for a significant share of the overall market during forecast period. Further, based on end-use industry, the market is categorized into marine, aerospace & defense, wind energy, automotive & transportation, construction & infrastructure and others. Among these, wind energy end-use industry is anticipated to account for the largest share in global fiberglass mold market during forecast period. Notably, wind blade molds are manufactured with sandwich construction with various composite materials in which fiberglass molds are extensively used. Growing demand for renewable energy sources for generating electricity and declining wind energy costs are anticipated to increase the installation of wind turbines during the forecast period, which, in turn, is anticipated to drive the demand for fiberglass molds for blade manufacturing.
Based on region, the market is segmented into North America, South America, Europe, Asia-Pacific and Middle East & Africa. Among these regions, Asia-Pacific is the largest fiberglass mold market. In the region, countries like China, India, Japan, South Korea and Australia are witnessing swift growth in fiberglass mold market. Moreover, thriving wind energy and automotive & transportation industries are further driving the market for fiberglass mold in Asia-Pacific.
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“Raw materials required for fiberglass mold comprise fibers and resins that are comparatively expensive than conventional materials. However, cost reduction is not feasible, as maintaining the quality of products required for high-end applications is crucial. Additionally, the manufacturing process of composites is complex. Thus, extensive R&D is required at the micro level to attain economies of scale.” stated Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Fiberglass Mold Market By Resin Type, By End-Use Industry, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global fiberglass mold market and provides statistics and information on market structure, size, share and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment decision. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in the global fiberglass mold market.
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