Fiberglass Mold Market Size is projected to reach 468 Million USD By 2024 with market leaders & competitive landscape
[111 Pages Report] The Fiberglass Mold Market is projected to
grow from USD 309 million in 2019 to USD 468 million by 2024, at a CAGR of 8.7%
between 2019 and 2024. The market is growing due to the high demand from wind
energy, construction & infrastructure, automotive & transportation,
aerospace & defense, and marine industries.
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Wind
energy is expected to the largest end-use industry of fiberglass mold market
between 2019 and 2024.
Wind blade molds are manufactured with sandwich construction
with composite materials, such as glass fiber composites, carbon fiber
composites, and aramid fiber composites, which provide high tensile strength
and high bending stiffness-to-weight ratios. The fiberglass molds are the most
widely used molds for manufacturing wind composite wind blades. Fiberglass
molds are helpful in providing dimensionally accurate, lightweight, and strong
composite materials. Component fabricators around the world are constantly
looking for molds that exhibit tighter tolerances and longer life. This factor
drives the demand for fiberglass mold in the wind energy end-use industry.
Also, the increasing demand for renewable energy sources for generating
electricity and falling wind energy costs are expected to increase the
installation of wind turbines during the forecast period. The increased demand
for wind turbine installation is expected to boost the demand for fiberglass
molds for blade manufacturing further.
Epoxy resin
accounted for a major share in the fiberglass mold market, in terms of both
value and volume during the forecast period.
Epoxy-resin-based fiberglass mold is expected to be a
promising market during the forecast period. The epoxy-resin-based fiberglass
molds offer high heat resistance and excellent mechanical properties. They have
better physical, mechanical, and adhesion properties and low shrinkage compared
to other resins. These properties enable the epoxy-resin-based molds to be
widely used in the various end-use industries.
APAC is
expected to lead the fiberglass mold market during the forecast period.
APAC is a key fiberglass mold market. The booming industries
including wind energy, automotive & transportation, and construction &
infrastructure are responsible for the growth of the fiberglass mold market in
the region. China is one of the prominent consumers of fiberglass mold in the
region. The country has become the single-largest consumer of fiberglass mold
in the wind energy industry and is expected to strengthen its position further.
APAC has a presence of major fiberglass mold manufacturers such as Gurit
Holding AG and Shandong Shaungyi Technology Co., Ltd.
The major fiberglass mold manufacturers are Gurit Holding AG
(Switzerland), Dencam Composites (Denmark), Norco Composites & GRP (UK),
Janicki Industries (US), TPI Composites (US), SCHÜTZ GmbH & Co. KGaA
(Germany), Indutch Composites Technology (India), Shandong Shaungyi Technology
(China), EUROS GmbH (Germany) and Molded Fiber Glass Companies (US). These
players have adopted various growth strategies, such as expansion &
investment and agreement & contract to expand their presence in the global
market further. Expansions & investment is the dominating strategy adopted
by the major players from 2014 to 2019, which helped them innovate their
offerings and broaden their customer base.
TPI Composites is among the major manufacturers and producers
of fiberglass molds, globally. It has focused mainly on expansions as its major
growth strategy. The company opened a new R&D facility in Kolding (Denmark)
in order to enhance its technical expertise. This investment has helped the
company to offer cost-effective solutions and strengthen technical and
engineering resources.
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630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: 1-888-600-6441
sales@marketsandmarkets.com
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