Global Fiberglass Mold Market - 2022-2029

Global Fiberglass Mold Market - 2022-2029

Market Overview

The global fiberglass mold market has reached US$ XX million in 2021 and is expected to reach US$ XX million by 2029, growing at a CAGR of XX% during the forecast period 2022-2029.

A mold is a hollowed-out block of plastic, metal, glass or ceramic raw material filled with a liquid or malleable substance. The liquid inside the mold hardens or sets, forming the mold's shape. Fiberglass molding is a process that uses fiberglass resin to create complicated and elaborate pieces. The cost of the materials, durability, ease of production and replicability are the most compelling reasons for producing parts and components from fiberglass.

Further, fiberglass mold is a low-cost way of producing long-lasting and robust products and parts compared to other composite products. Fiberglass is stronger and more durable than certain metals, is non-conductive, can be molded into intricate and complex shapes, and is chemically inert. Therefore, it is employed in various sectors, from recreational products to passenger aircraft.

Market Dynamics

An increase in installed wind energy units drives the global fiberglass mold market. However, safety concerns related to the fiberglass molding process are expected to impede the market.

An increase in installed wind energy units

According to China Wind Power's Future of Wind, global wind power is expected to expand tenfold by 2050, reaching over 6000 GW. Wind energy might provide one-third of the world's electricity by 2050. Besides, according to the report of Global Wind Energy Council, in 2020, unprecedented growth was fueled by a spurt of installations in China and U.S., the world's two largest wind power markets, which combined installed about 75% of new installations and represent more than half of the world's total wind power capacity.

Fiberglass mold has been employed in lightweight constructions for the rapidly growing global wind energy industry, where they have been integrated into a variety of applications. The growing demand has led companies to invest in technology to meet the demand. For instance, in October 2021, LM Wind Power, a GE Renewable Energy company, announced the opening of its second 107-meter wind turbine blade mold in Cherbourg, France, to meet the industry's demand for offshore wind turbine blades.

In addition, GE Renewable Energy plans to invest further in the plant's upgrade. The company intends to expand the facility by building an additional hall for finishing blades (post-molding) before shipping them. The Cherbourg factory has created the world's first offshore wind turbine blade longer than 100 meters, a 107-meter blade for GE's Haliade-X offshore wind turbine.

Safety concerns related to the fiberglass molding process

Fiberglass comprises extremely small glass threads and chemicals known as fibrous glass, wool and glass fibers. It produces dangerous dust that contains fibers that can go on the skin and into the eyes when sanded, cut or trimmed, putting workers' health at risk. As a result, fiberglass product manufacturers should be well aware of the risks associated with their goods' production and take all necessary precautions to safeguard the safety and well-being of their employees.

Moreover, the Occupational Safety and Health Administration's office has produced guidelines for handling and producing fiberglass. In addition, the Environmental Protection Agency (EPA) regulates the installation and use of fiberglass products and pollutants released during production.

COVID-19 Impact Analysis

The composite industry is changing due to COVID-19, with varied impacts in different market areas. The aerospace industry is currently experiencing the greatest impact, with Boeing and Airbus suffering significantly due to the overall decline in travel and legislative limitations. The industry will still be unable to achieve the same sales levels as before the crisis in the next 6 to 7 years.

Moreover, the automotive market has also suffered greatly and it is expected that the automotive market category in composites to be 20% lower than last year. In addition, they are often influenced by the shift to increased e-mobility, which has resulted in numerous drawbacks and decreased sales.

Segment Analysis

Based on end-user, the global fiberglass mold market is segmented into automotive & transportation, construction & infrastructure, electrical & electronics, pipe & tank, wind, aerospace & defense and marine.

With the demand for fuel economy, fiberglass has become a key component in the planning and design of automobiles. Furthermore, fiberglass can be molded and configured into any shape. Thus, it has provided vehicle designers with a versatile tool for creating one-of-a-kind and complicated designs. Custom and replacement parts and the construction of historical designs are all simple to replicate. Another significant benefit is the lower tooling cost, as metal presses are far more expensive to run. Fiberglass part manufacture is faster, more efficient and generates more durable parts, a requirement in today's market.

As a result, with the growing demand to lighten vehicles to improve gas efficiency, fiberglass molded components and parts have become indispensable in the design and manufacture of automobiles. Several sections of a car's body are fiberglass, including hoods and other panels. Engineers and designers benefit greatly from fiberglass' capacity to be molded into a wide variety of shapes.

Geographical Analysis

Based on geography, the global fiberglass mold market is segmented into North America, Europe, South America, Asia-Pacific and Middle East & Africa.

Asia-Pacific is anticipated to dominate the market due to the highly developed construction and electronics sectors and ongoing investments in the wind energy industry. For instance, according to an estimate from the International Renewable Energy Agency, Asia's contribution to onshore wind could increase from 230 GW in 2018 to over 2600 GW by 2050. By that time, the region would have surpassed U.S. as the global leader in wind energy, with more than 60% offshore and 50% onshore wind capacity deployed.

The growing demand has led companies to invest in the business and expand their product line to meet the demand. For instance, in June 2020, the glass fiber production line, which has an annual output of 150,000 tons in China JUSHI New Material Intelligent Manufacturing Base, was successfully fired, marking the start of China Jushi Intelligent Manufacturing's new journey and the next step in the grand blueprint of creating another Jushi.

Competitive Landscape

The global fiberglass mold market is competitive and moderately consolidated with multinational and local brands. Major companies include Gurit Holding AG, Norco Composites & GRP, Dencam Composites, TPI Composites, SCHÜTZ GmbH & Co. KGaA, Indutch Composites Technology, Janicki Industries, Shandong Shaungyi Technology, EUROS GmbH and Molded Fiber Glass Companies, among others. The companies have implemented several growth strategies to increase their market position. For instance, expansion, collaboration, acquisition, and merger are the companies' growth methods to address the growing demand for fiberglass mold.

Gurit Holding AG

Overview: Gurit Holding AG is a Switzerland-based firm that develops, manufactures and markets innovative composite materials with specialized physical and chemical properties. Composites are the only business segment in which the company works. Fiber-reinforced glass and carbon prepregs, gel coatings, adhesives, structural core products, consumables, resins and automobile body panels are all part of the company's product line.

Product Portfolio: Gurit Holding AG offers high-quality mold with outstanding dimensional control for every blade manufacturing process, including infusion and prepreg. Further, the company manufactures mold with or without gelcoat.

Key Development:

In October 2019, Gurit Holding AG announced to expand its aerospace prepreg production facility in Kassel, Germany, as part of a multi-year commitment to increase manufacturing capacity and improve its technology program.

Why Purchase the Report?

To visualize the global fiberglass mold market segmentation by glass type, resin type, method, end-user and region and understand key commercial assets and players.

Identify commercial opportunities in the global fiberglass mold market by analyzing trends and co-development.

Excel data sheet with numerous data points of fiberglass mold market-level with four segments.

PDF report consisting of cogently put together market analysis after exhaustive qualitative interviews and in-depth market study.

Product mapping available in excel consists of key products of all the major market players

The global fiberglass mold market report would provide approximately 69 tables, 69 figures and almost 204 pages.

Target Audience 2022

Service Providers/ Buyers

Industry Investors/Investment Bankers

Fiberglass Manufacturers

Research Professionals

Industrial Business

Raw Material Suppliers