[111 Pages Report] The Fiberglass Mold Market size is estimated to be 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. The increasing use of fiberglass mold in the wind energy and marine industries is bolstering the market, globally.
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The use of fiberglass mold is increasing due as parts manufactured it gives dimensionally accurate, lightweight, and strong composite component. Fiberglass mold offers a coefficient of thermal expansion close to the part being manufactured, making them an ideal tooling solution for composite parts which can be used in the various end-use industries including wind energy, marine, and aerospace & defense.
The fiberglass mold market on the basis of end-use industry is segmented into wind energy, construction & infrastructure, automotive & transportation, aerospace & defense, marine, and others. Wind energy is projected to be the fastest-growing end-use industry of fiberglass molds during the forecast period, in terms of both value and volume. Fiberglass mold is widely used in the manufacturing of wind blades. Compared to metal tools, composite tools offer a high coefficient of thermal expansion which makes them an ideal tooling solution for molding of strong composite parts for the wind energy industry.
The resins used in making fiberglass molds include epoxy, vinyl ester, polyester, and others that include BMI, phenolic and benzoxazine. Fiberglass molds are mainly produced using epoxy resins. Epoxy resin-based fiberglass mold holds the largest share in the global market, due to the increased demand from wind energy and automotive end-use industries. The epoxy-based fiberglass mold segment is expected to register the highest CAGR during the forecast period due to its better thermal properties, high strength, and durability compared to other resins.
The increasing demand from the APAC region is a key opportunity for fiberglass mold manufacturers. APAC is expected to register the highest CAGR, in terms of both value and volume during the forecast period. The growth of the end-use industries such as wind energy and automotive & transportation in key countries such as China, India, and Japan is expected to drive the demand for fiberglass mold in the next five years. China is one of the major consumers of fiberglass molds in the construction & infrastructure and wind energy sectors and is expected to strengthen this position further. This has led to an increase in demand for fiberglass mold in this region.
Premium Insights of the report:
- Significant Growth Opportunities in the Fiberglass Mold Market
- Fiberglass Mold Market, By Resin Type
- Fiberglass Mold Market Share, By Region and End-Use Industry
- Fiberglass Mold Market: Major Countries
- Fiberglass Mold Market, By End-Use Industry
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