The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Fiberglass Mold Market.
It was estimated prior to this unanticipated outbreak that the Fiberglass Mold Market was expected to grow at a CAGR of 8.7% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
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Fiberglass molds are used to make duplicate copies of various parts or components with complex shapes. These materials are inexpensive, easy to make, can last up to many years, and can be used to produce hundreds of parts.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
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Based on the resin type, the market is segmented as epoxy, vinyl ester, polyester, and others. The epoxy resin segment held the largest share of the market in 2019, and is likely to lead the market in the coming years as well, due to its various properties, such as high heat resistance and excellent mechanical properties. Also, as compared with other resins, it has better physical, mechanical, and adhesion properties.
Based on the end-use industry type, the fiberglass mold market is segmented as wind energy, marine, aerospace & defense, automotive & transportation, construction & infrastructure, and others. Wind energy industry is likely to lead the market during the forecast period. As fiberglass molds provide dimensionally accurate, lightweight, and strong composite materials, they are widely used in manufacturing of wind composite wind blades.
In terms of regions, Asia-Pacific is estimated to govern the market during the forecast period, driven by the high growth of various end-use industries, such as automotive & transportation, wind energy, and construction & infrastructure with the presence of major fiberglass mold manufacturers in the region with China and India being the major countries offering lucrative growth opportunities over the forecast period.
Some of the major fiberglass mold manufacturers are-