CHICAGO, March 12, 2019 /PRNewswire/ -- According to the new research report "Fiberglass Mold Market by Resin Type (Epoxy, Vinyl Ester, Polyester), End-Use Industry (Wind Energy, Marine, Aerospace & Defense, Automotive & Transportation, Construction & Infrastructure), and Region - Global Forecast to 2024", published by MarketsandMarkets™, the Fiberglass Mold Market is expected to grow from USD 309 million in 2019 to USD 468 million by 2024, at a CAGR of 8.7% during the forecast period. The Fiberglass Mold Market is witnessing a significant growth because of the growing demand from various industries such as marine, automotive & transportation, and wind energy. Fiberglass molds are helpful in providing dimensionally accurate, lightweight, and strong composite materials.
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The wind energy end-use industry is estimated to account for the largest share of the Fiberglass Mold Market in 2019.
Wind energy is an important end-use industry for a fiberglass mold. Wind blade molds are manufactured with sandwich construction with composite materials. The fiberglass molds are the most widely used molds for manufacturing composites wind blades. 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. Companies have also realized the immense potential of fiberglass molds that are used in the wind energy industry. For instance, in June 2016, Gurit Holding AG, the largest manufacturer of wind blade fiberglass mold, established a wind blade mold manufacturing facility in Szczecin (Poland). This production plant has helped the organization to cater to growing wind turbine demand in Europe.
Epoxy resin-based fiberglass molds are expected to dominate the global Fiberglass Mold Market in 2019.
Epoxy resin is widely used for fiberglass molds. The epoxy resin-based Fiberglass Mold Market is estimated to account for a major share, in terms of value and volume, of the overall market in 2019. Epoxy resins are thermoset resins known for their excellent mechanical, electrical, and high heat resistance properties. They have better physical, mechanical, and adhesion properties and low shrinkage compared to other resins.
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APAC is expected to be the largest market for fiberglass mold during the forecast period.
APAC is the largest Fiberglass Mold Market, in terms of both value and volume. China, Japan, India, South Korea, Australia are the fast-growing economies that contribute to the growth of the market in the region. The booming wind energy and automotive & transportation industries are bolstering the market for fiberglass mold in the region. APAC accounted for the largest number of wind energy installations globally in 2018, which has created demand for fiberglass molds in the region.
The major players in the Fiberglass Mold Market include 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).
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