The report "Closed Molding Composites Market by Fiber Type (Carbon, Glass), Application (Aerospace & Defense, Transportation, Construction, Wind, E&E), Process (Vacuum Infusion & Bagging, Compression Molding, Pultrusion, Injection Molding) - Global Forecast to 2021", The closed molding composites market is projected to reach USD 66.58 Billion by 2021, registering a CAGR of 7.45%, between 2016 and 2021.
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The closed molding manufacturing processes, such as RTM and vacuum infusion, have enhanced the development of eco-friendly and reliable molding processes. These processes help in reducing volatile organic compound (VOC) emissions (styrene vapors) and, therefore, are increasingly used to manufacture closed molding composites. This demand is further driven by regulatory norms emphasizing on the use of lightweight and fuel-efficient materials.
Glass fiber composites comprise a major share in the closed molding composites market, in terms of value and volume
Glass fiber composites have the highest market share in the closed molding composites market owing to their use in construction, wind energy, and transportation applications. This is backed by their superior physical and mechanical properties such as strength, flexibility, durability, stability, and lightweight, as well as resistance to heat, temperature, and moisture.
Aerospace & defense is the largest application segment of the closed molding composites market, in terms of value
Closed molding composites find high usage in the aerospace industry, with 50% of aircraft materials being manufactured using closed molding composites. Vacuum infusion & bagging, compression molding, VARTM, and RTM are generally used for manufacturing composites used in this industry. The use of closed molding composites lowers the weight of aircraft, which helps improve their fuel efficiency. These factors increase the demand for improving the efficiency of closed molding composites used in aircraft, thus increasing their consumption in the industry.
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Asia-pacific accounts for a major share in the closed molding composites market
Asia-Pacific accounts for the largest share in the closed molding composites market owing to high demand from the wind energy, electrical & electronics, and construction applications in this region accompanied by regulatory norms requiring the use of eco-friendly materials. Growth of the wind energy industry in this region has increased the demand for producing lightweight closed molding composites. . The construction sector also drives the market, especially, in China and Japan. India is expected to become an important market for closed molding composites in the next five years due to growth of the end-use industries such as infrastructure, wind energy, transportation, and electrical & electronics.
Some of the key global players of the closed molding composites market are Continental Structural Plastics Inc. (U.S.), Core Molding Technologies (U.S.), Strongwell Corporation (U.S.), Royal TenCate N.V. (Netherlands), Menzolit GmbH (Germany), GKN Aerospace (U.K.), and others. These players have adopted various organic and inorganic developmental strategies in the past five years to maintain its position in the closed molding composites market.
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