Fiberglass Mold Market Brief Analysis By Regions, Top Key Players & Forecast Until 2027

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3D Printing to Provide Opportunities to Fiberglass Mold Market

• Of late, fiberglass has been the major constituent of the composites industry owing to its unique characteristics such as lightness of weight, thermal stability, corrosion resistance, chemical resistance, and low lifecycle costs. Fiberglass molds are used to manufacture composite products involving complex designs.
• Fiberglass mold provides high dimensional stability, smooth surface, and complex shapes to composite materials. Fiberglass mold has longer shelf life compared to other molds. Fiberglass is regarded as green, sustainable, and energy-efficient material. Its demand is expected to rise significantly in various industries such as wind energy, automotive, and marine in the near future.
• 3D printing technology is expected to appeal to fiberglass mold manufacturers, as it is a less expensive way to develop an otherwise expensive technology. 3D printing of the fiberglass mold eliminates the need for a plug, and is estimated to offer a broad scope of design innovations during forecast period.

Key Drivers and Restraints of Fiberglass Mold Market

• Increase in global population calls for smart architecture, smart mobility, and smart energy solutions. Fiberglass is anticipated to emerge as a high strength and lightweight solution for these purposes.
• Wind energy is anticipated to offer strong potential for fiberglass mold by 2027. Rise in demand for larger wind turbine blades and increasingly efficient wind farm configurations are projected to be the key factors propelling the fiberglass mold market.
  Rise in demand for renewable energy sources for generating electricity and slow decrease in cost of wind energy are anticipated to boost the installation of wind turbines during the forecast period. This, in turn, is estimated to drive the demand for fiberglass molds in the manufacture of wind blades.
• Increase in demand for techniques to shorten the production cycle time and elongate the lifecycle of fiberglass molds is likely to boost the demand for adoption of innovative processing techniques such as 3D printing, thereby improving the economies of scale for fiberglass the mold industry
• Fiberglass based manufacturing processes involve high volumes of manufacturing scrap. Stringent conventions regarding landfill disposal may hamper the market to some extent during forecast period.

• Based on resin type, the market can be divided into vinyl ester, epoxy, polyester, polyurethane, and phenolic resins. The epoxy segment held dominant share of the global fiberglass mold market in 2018 owing to its physical, mechanical, high temperature resistance, and adhesion properties; and low shrinkage compared to other resins.
• Demand for vinyl ester based fiberglass molds is expected to increase in the marine industry in the near future, owing to the exceptional chemical resistance characteristics of vinyl ester
• Fiberglass mold is extensively used to manufacture wind blades with sandwich construction of various composite materials. These materials include glass fiber composites, carbon fiber composites, and aramid fiber composites, which possess high tensile strength, bending strength, and high stiffness-to-weight ratio.

Wind Energy to be the Prominent End-use Industry

• Based on end-use industry, the global fiberglass mold market can be segregated into marine, aerospace, wind energy, automotive, construction, and others. Innovation in design and manufacture of wind power generation components continues to be critical. The wind energy segment is projected to constitute major share of the global fiberglass mold market during the forecast period.

Asia Pacific to be Key Region of Global Fiberglass Mold Market

• In terms of region, the global fiberglass mold market can be split into five regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
• Abundant availability of raw materials, favorable manufacturing regulations, rise in government initiatives, rapid growth in population, and expansion in various industries (including automotive and construction) are key factors anticipated to augment the demand for fiberglass mold in Asia Pacific by 2027
• China and India are the prominent countries projected to constitute large share of the fiberglass mold market in Asia Pacific during the forecast period
• Increase in demand for technical components to replace metal parts in the automotive industry and rise in manufacturing base are estimated to augment the fiberglass mold market in Asia Pacific
• Demand for fiberglass mold is anticipated to be high in North America during the forecast period, particularly for wind energy applications. Wind power provides more than 5% of the total electricity generation in the U.S. It is likely to be the fastest growing form of renewable energy in the U.S. in the near future, providing substantial potential for fiberglass mold market.