The fiberglass mold market is projected to register a CAGR of 8.7%, in terms of value between 2019 and 2024

NEW YORK, March 19, 2019 /PRNewswire/ -- "The fiberglass mold market is projected to register a CAGR of 8.7%, in terms of value between 2019 and 2024.''

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The fiberglass mold market size is estimated at USD 309 million in 2019 and is projected to reach USD 468 million by 2024, at a CAGR of 8.7% between 2019 and 2024. Fiberglass molds are used in different industries such as wind energy, construction & infrastructure, automotive & transportation, aerospace & defense, and marine industries. They are helpful in providing dimensionally accurate, lightweight, and strong composite materials. The superior offerings provided by fiberglass molds are enabling its usage in the end-use industries. However, the high cost of raw materials is one of the main factors restraining the growth of the market. The raw materials required are mainly fibers and resins that are comparatively expensive than traditional materials. Reducing the costs is not feasible, as maintaining the quality of products required for high-end applications is essential. In addition, the manufacturing process of composites is complex. Therefore, extensive R&D is also required at the micro level to achieve economies of scale.
''Epoxy resin-based fiberglass mold is projected to register the highest CAGR between 2019 and 2024 in terms of value and volume.''
Epoxy resin-based fiberglass mold holds the largest share in the global market, due to increased demand from wind energy and automotive & transportation end-use industries.Epoxy resin offers better thermal properties, high strength, and durability.

It has 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.

Wind energy is the most prominent end-use industry in the global fiberglass mold market.''
Wind energy is projected to be the fastest-growing end-use industry, in terms of both value and volume, of fiberglass mold during the forecast period.Fiberglass mold is widely used in manufacturing wind blades.

The increasing wind energy installations in APAC, Europe, and North America are bolstering the use of fiberglass molds in the wind energy industry.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.
''The fiberglass mold market in APAC is projected to register the highest CAGR, in terms of value and volume, between 2019 and 2024.
The fiberglass mold market in APAC is projected to register the highest CAGR, in terms of both value and volume, during the forecast period.This growth can be attributed to the increasing demand for fiberglass molds from wind energy, automotive & transportation, and construction & infrastructure industries.

China is one of the prominent consumers of fiberglass molds in the region. The country has become the single-largest consumer of fiberglass molds in the wind energy industry and is expected to strengthen its position further.

Breakdown of profiles of primary interviews for the report on the fiberglass mold market
• By Company: Tier 1 - 37%, Tier 2 - 42%, and Tier 3 - 21%
• By Designation: C level - 30%, Director level - 25%, and Others - 45%
• By Region: Europe - 40%, APAC -27%, North America - 20%, Latin America - 7%, Middle East & Africa - 6%

The fiberglass mold market comprises major solution providers such as 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).

The study includes an in-depth competitive analysis of these key market players, with their company profiles, recent developments, and key market strategies.

Research Coverage
The market study covers the fiberglass mold market.It aims at estimating the market size and the growth potential of this market across different segments, such as resin, end-use industry, and region.

Porter's Five Forces analysis and the key market dynamics, such as drivers, restraints, challenges, and opportunities, influencing the growth of the fiberglass mold market have been discussed in the report. The report also provides company profiles and competitive benchmarking of major players operating in the market.

Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall fiberglass mold market and its subsegments.This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.

It will also help stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.

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