Global Fiberglass Mold Market Size to Reach USD 925.79 Million in 2032 | Emergen Research
Rising demand for manufacturing cost intensive light weight automotive components is a key factor driving Fiberglass Mold market revenue growth
Vancouver, Oct. 10, 2023 (GLOBE NEWSWIRE) — The global Fiberglass Mold Market size was USD 396.87 Million in 2022 and is expected to register a steady revenue CAGR of 8.8 % during the forecast period, according to latest analysis by Emergen Research. Rising demand for fiberglass mold to create various lightweight automotive components for both Original Equipment Manufacturers (OEMs) and the aftermarket segment is a key factor driving market revenue growth. Globally, several automotive OEM and aftermarket companies are highly using fiberglass mold technology in producing components including body panels, bumpers, interior parts, and custom grilles, owing to factors such as exceptional durability, resistance to corrosion, and the ability to support high-cost manufacturing processes. In addition, Integration of fiberglass molds in design and manufacturing wind turbine blades is another key factor driving revenue growth of the market. Fiberglass mold is a prominent technology used for designing and manufacturing wind turbine blades owing to their high strength, durability, and lightweight properties.
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However, rising cost of raw materials and manufacturing is a key factor, which could restrain market revenue growth. Development and production of fiberglass molds requires utilization of various types of resins, including polyester resin, vinyl ester resin, epoxy resin, and other high-cost raw materials, that are derived from petrochemicals and by-products of petroleum processing. Globally, prices of these material are increasing owing to geopolitical tensions between Russia and Ukraine.
Scope of Research
| Report Details | Outcome |
| Market Size in 2022 | USD 396.87 Million |
| CAGR (2023–2032) | 8.8 % |
| Revenue Forecast To 2032 | USD 925.79 Million |
| Base Year Of Estimation | 2022 |
| Historical Data | 2019–2021 |
| Forecast Period | 2023–2032 |
| Quantitative Units | Revenue in USD Million and CAGR in % from 2023 to 2032 |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments Covered | Resin type, mold type, end-use, and region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Country Scope | U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa |
| Key Companies Profiled | Dencam Composite A/S, CRP TECHNOLOGY S.R.L., Toray Industries, Inc., Norco GRP, Molded Fiber Glass Companies, KraussMaffei Technologies GmbH, BÜFA Composite Systems GmbH & Co. KG, TPI Composites, Inc., and BLG Fiberglass Manufacturing |
| Customization Scope | 10 hours of free customization and expert consultation |
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Major Companies and Competitive Landscape
The global fiberglass mold market is fragmented, with several key players accounting for the majority of market revenue. Major players are deploying various strategies, entering mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing new products and solutions. Some major players included in the fiberglass mold market report are:
- Dencam Composite A/S
- CRP TECHNOLOGY S.R.L.
- Toray Industries, Inc.
- Norco GRP Ltd.
- Molded Fiber Glass Companies
- KraussMaffei Technologies GmbH
- BÜFA Composite Systems GmbH & Co. KG
- TPI Composites, Inc.
- BLG Fiberglass Manufacturing
Strategic Development
- On 17 November 2023, LTA Manufacturing, an automotive aftermarket component manufacturer company launched fiberglass Injection molded truck cap. The company introduced a novel approach involving manual fiberglass layering. PET foam is custom molded to provide reinforcement. In this process, a sealed mold is meticulously assembled, eliminating any surrounding air, before resin injection and curing take place.
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Some Key Highlights From the Report
- The open mold segment is expected to account for largest revenue share in the global fiberglass mold market over the forecast period. This is due to increasing use of open molds in the production of a wide range of parts or components because of their higher surface polish. Open molds can be manually placed with layers of fiberglass cloth or mat reinforced with resin. Industries are adopting this process to reduce cost of manufacturing new molds and fiberglass mold components manufacturing process in injection molding is cost intensive in some applications.
- The epoxy resin segment is expected to register steadily fast revenue growth rate in the global fiberglass mold market over the forecast period. This is due to rising demand for fiberglass molds are for the design and production of various epoxy composite products and components. Epoxy resins outperform polyester resins in terms of part strength, dimensional stability, and adhesion. vehicle OEM and aftermarket firms are implementing fiberglass mold technology in the production of numerous vehicle components such as body panels, hoods, and interior trim.
- The North America market accounted for largest revenue share in the global fiberglass mold market during the forecast period. This is due to increasing need for lightweight and durable fiberglass molds in automotive aftermarket body parts, bumpers, interior components, underbody shields, and other components. In addition, rising demand for Electric Vehicle (EV) and Plug-in Hybrid Electric Vehicle (PHEV) is also expected to drive market revenue growth of this region during the forecast period. According to the U.S. Department of Energy (DOE), sales of new light-duty plug-in EVs and PHEVs more than quadrupled from 308,000 in 2020 to 608,000 in 2021.
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For the purpose of this report, Emergen Research has segmented the global fiberglass mold market on the basis of resin type, mold type, end-use, and region:
- Resin Type Outlook (Revenue, USD Million; 2019-2032)
- Polyester Resin
- Vinyl Ester Resin
- Epoxy Resin
- Phenolic Resin
- Others
- Mold Type Outlook (Revenue, USD Million; 2019-2032)
- Open Mold
- Closed Mold
- Injection Mold
- Others
- End-use Outlook (Revenue, USD Million; 2019-2032)
- Automotive
- Furniture
- Marine and Boat
- Household
- Electronics and Electrical
- Others
- Regional Outlook (Revenue, USD Million; 2019–2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of Middle East & Africa
- North America
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