The mold release agents market size is projected to reach USD 2.5 billion by 2024 from USD 1.8 billion in 2019, at a CAGR of 6.0% between 2019 and 2024. Rising growth in the automotive industry and growing demand for composite materials are driving the demand for mold release agents market. Increasing governmental regulations regarding the use of mold release agents which contain CFC and other volatile hydrocarbons are restraining the growth of the mold release agents market. On the other hand, infrastructure development in emerging economies such as China, Dubai, Myanmar, Thailand, and India, among other countries, drive the demand for mold release agents. The players in the mold release agents market are mainly concentrating on expansions, new product launches, acquisitions, and agreements to meet the growing demand in various applications. New product launches help companies strengthen their product portfolio and meet the specific demands of customers.
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The growth of the mold release agents market has been largely influenced by expansions, new product launches, acquisitions, and agreements that took place between 2015 and 2019. Chem-Trend L.P. (US), Henkel AG & Co. KGaA (Germany), Croda International Plc (UK), Shin-Etsu Chemical Co., Ltd. (Japan), and Michelman, Inc. (US) adopted expansions, new product launches, agreements, and acquisitions to remain competitive in the mold release agents market.
Chem-Trend L.P. (US) is developing its mold release agents business by launching new products, acquisition, and expanding in countries such as Germany and the US. In January 2019, the company opened an advanced research and development (R&D) laboratory space in Maisach, Germany. The expansion helped the company to enhance its existing R&D capabilities. In November 2017, the company launched Zyvax MPP 1006W, a mold release agent and Zyvax Sealer 1050 for aerospace composite molding applications. These new products broadened the company’s product portfolio. In October 2017, the company launched a water-based, silicone-free mold release agent, Zyvax 1070W, for molding composite materials for aerospace. Chem-Trend L.P. also acquired release agents business of its distribution partner, Rubio Trading & Consulting SRL (Romania), in March 2017. The acquisition helped the company to establish a strong foothold in Eastern European mold release agents market.
Henkel AG & Co. KGaA (Germany) focuses on new product launches so that it can meet the growing demand for mold release agents, globally. In January 2016, the company launched Bonderite L-CA CP release agents for the high-pressure die casting of powertrain and structural parts. The strong supply chain and distribution network help the company to have a competitive edge over its competitors.