According to the report published by Zion Market Research, global demand for closed molding composites market was valued at approximately USD 57.25 Million in 2019, and is expected to generate revenue of around USD 93.15 Million by end of 2026, growing at a CAGR of around 7.2% between 2020 and 2026.
Global Closed Molding Composites Market: Overview
Carbon fibers possess many properties such as highest rigidity, electrical conductivity, high-temperature tolerance, temperature performance, high tensile strength, high chemical resistance, and lightweight as compared to others fibers. Owing to these properties, it is suitable for aerospace & defines applications. Carbon fibers are enough strong than traditional materials such as aluminium, iron, and steel. The most preferred process in the closed molding composites market is vacuum infusion & bagging owing to its environment-friendly nature rather than other closed molding processes. Injection molding is another process which is widely used in the electrical & electronics and transportation applications, mainly in the production of enclosures for medical devices, bumpers for vehicles, motor housings, enclosures for medical devices, panels for electrical equipment, and others.
Global Closed Molding Composites Market: Growth Factors
The growth factor of the global closed molding composites market includes increase in a number of airplane deliveries and high-performance properties that comprise of government regulations, lightweight, excellent safety, and acoustic features. Advanced closed molding composites enhance fatigue tolerance and that will improve the structure of components. However, some restrictions put by the government authorities on aerospace manufacturers using closed molding composites in the manufacturing of interior components of aircraft and primary & secondary structures.
Global Closed Molding Composites Market: Segmentation
The global closed molding composites market is bifurcated on the basis of the manufacturing process, fiber type, application, and geography. The manufacturing processes include continuous lamination, reaction injection molding, resin transfer molding (RTM), vacuum infusion & bagging, light RTM, injection molding, centrifugal casting, compression, VARTM, and others. The fiber segment is further sub-segmented as natural fiber composites, chopped carbon fiber, glass fiber composites, and other fiber composites including carbon fiber composites, aramid fiber composites, and continuous carbon fiber. Furthermore, the application segment includes aerospace & defines, civil engineering, electrical & electronics, exteriors, marine, interiors, industrial, transportation, housing, construction, wind energy, sporting goods and others. Of these, aerospace & defines sector is the fastest growing segment, which contributed for the largest market share. These sectors need composite parts of high strength and which are lightweight. The closed molding composite reduces the weight of aircraft that enhances fuel the efficiency of airplanes.
Global Closed Molding Composites Market: Regional Analysis
Asia Pacific is anticipated to experience enormous growth in terms of revenue in the global closed molding composites market in the next few years. Consumption of the closed molding composite in a number of industries such as construction, transportation, wind energy, electrical & electronics, and so on is expected to boost the global market in the near future. China contributed for the largest market share in the closed molding composites market owing to the increased consumption in this region in the aerospace & defines industries, sporting goods, and wind energy. The wind energy sector has exponentially grown in China and is anticipated to witness growth in the future.
Global Closed Molding Composites Market: Competitive Players
Key players in the global closed molding composites market are Polynt S.p.A, Menzolit GmbH, Continental Structural Plastics Inc., A. Schulman, and Excel Composites Inc. Other key players influencing the global market are Core Molding Technologies, Strongwell Corporation, GKN Aerospace, and Royal TenCate N.V.
Closed Molding Composites Market: Regional Segment Analysis
Owing to increased urbanisation around the globe the automotive industry has seen a strong demand for panels and other components for automotive vehicles. The use of composite materials in the industry was motivated by this.
According to Zion Market Research, global demand for closed molding composites market is expected to generate revenue of around USD 93.15 Billion by end of 2026, growing at a CAGR of around 7.2% between 2020 and 2026.
The Asia Pacific closed molding composites market is projected to hold the largest share globally in the future. Sustainable energy demand is rising. The wind energy sector is, thus, driving the global demand for closed moulding composites. In addition, the market for lightweight long wind turbine blades is rising, generating opportunities for carbon fibre composites.