Fiberglass Mold Market to Worth $ 470 Million by 2024
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 Market By 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.
About TechSci
Research
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research firm publishing premium market research reports. Serving 700 global
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