The global fiberglass
mold market is forecast to reach USD 530.2 Million by 2026, according
to a new report by Reports and Data. The growing demand for renewable energy
sources is one of the significant factors contributing to the growth of the
market. Fiberglass is stronger and has a high resistance to corrosion. The
materials are ideal for products used outside, in states near the ocean, with a
high salt content in the air. Fire-retardant resins make products withstand
fire. There are very few limitations with molding fiberglass, providing
unlimited possibilities for manufacturers. This makes it possible to design
visually appealing ones that are still as structurally strong and durable.
The Asia Pacific region held the
largest market share of ~29% in the year 2018 and is anticipated to witness the
highest CAGR of 9.4% during the forecast period. The rapid growth in the demand
for fiberglass mold will contribute to the growth of the market in the region.
The rising population, growing industrialization, and urbanization, coupled
with the expanding chemicals & materials, construction, automotive, and
other industries in the region will also escalate the growth of the market.
Further key findings from
the report suggest
- By composite phases, the market can be classified
into matrix and dispersed phase. Fiber-reinforced composites usually
consist of a continuous phase. This continuous phase is also known as the
matrix, and the material that is distributed through the matrix is known
as the dispersed phase. The dispersed phase, also called a reinforcement,
is added for other purposes, such as, to bulk up the matrix at low cost
without affecting the properties of the composite. There may also be a
phase to create a bond between layers and phases, sometimes called the
interface.
- Among the product types, the epoxy resins accounted
for the largest market share of ~36% in the year 2018. The main
characteristics of epoxy resin after curing are voltage resistance, water
absorption, strength, heat & temperature resistance, chemical
resistance, elongation, shrinkage coefficient, thermal conductivity,
induced rate, and others.
- The vinyl ester is forecasted to witness the highest
CAGR of 9.5% during the forecast period. Vinyl esters are more tolerant of
stretching than polyesters. This makes them able to absorb impact,
reducing the damage caused, and are less likely to show stress cracking.
Vinyl esters shrink less on curing, which means that the 'pre-release' of
a laminate from a mold is less significant.
- Key participants include Dencam Composites, Gurit
Holding AG, Janicki Industries, Norco Composites & GRP, SCHÜTZ GmbH
& Co. KGaA, TPI Composites, Shandong Shaungyi Technology, Indutch
Composites Technology, EUROS GmbH, and Molded Fiber Glass Companies, among
others.
- The companies have adopted various strategies, including
mergers, acquisitions, and partnerships to hold ongoing trails and come up
with new developments in the market.
To identify the key trends in
the industry, click on the link below:
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