A new report by Reports and Data forecasts that the global fiberglass mold market will reach USD 631.8 Million by 2028. One of the major factors contributing to this growth is the increasing demand for renewable energy sources. Fiberglass is highly resistant to corrosion and stronger than other materials, making it ideal for products used outdoors, especially in areas near the ocean with high salt content in the air. Fiberglass molds can also be designed to be visually appealing while remaining structurally strong and durable, allowing for unlimited possibilities for manufacturers.
In 2018, the Asia Pacific region had the largest market share of approximately 29%, and it is expected to witness the highest CAGR of 9.4% during the forecast period. The increasing demand for fiberglass molds, along with the rising population, growing industrialization and urbanization, and expanding chemicals materials, construction, automotive, and other industries in the region, will contribute to the market's growth.
According to the report, the market can be classified into matrix and dispersed phase based on composite phases. Epoxy resins accounted for the largest market share of about 36% in 2018, while vinyl esters are expected to witness the highest CAGR of 9.5% during the forecast period. Key players in the market 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, such as mergers, acquisitions, and partnerships, to stay competitive and introduce new developments in the market. The report has segmented the global fiberglass mold market based on resin type, composite phases, industry vertical, and region.
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Fiberglass Mold Market: Drive factors
The global fiberglass mold market is expected to reach USD 631.8 million by 2028, fueled by several driving factors. One of the significant factors contributing to the growth of the market is the increasing demand for renewable energy sources. Fiberglass is a strong and corrosion-resistant material that is ideal for products used outside, in states near the ocean with high salt content in the air. Fire-retardant resins make products withstand fire, and 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.
Moreover, 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.
Furthermore, the market is classified into different composite phases, including matrix and dispersed phase. Among the product types, the epoxy resins accounted for the largest market share of ~36% in the year 2018. The vinyl ester is forecasted to witness the highest CAGR of 9.5% during the forecast period. Additionally, key participants in the market have adopted various strategies, including mergers, acquisitions, and partnerships to hold ongoing trails and come up with new developments in the market.
Fiberglass Mold Market: Notable Innovation
Innovations in the fiberglass mold market have been geared towards improving the quality and durability of fiberglass products. One notable innovation is the use of fire-retardant resins, which have significantly improved the fire resistance of fiberglass products. Other innovations include the development of new composite phases, such as the dispersed phase, which is added to bulk up the matrix without affecting the properties of the composite. Additionally, there has been a trend towards the use of vinyl ester, which is more tolerant of stretching and impact and is less likely to show stress cracking. These innovations have expanded the potential applications for fiberglass molds and reinforced their position as a durable and versatile material.
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