Agreements, Joint Ventures, and Partnerships are the Key Development Strategies Adopted by the Leading Market Players to Drive the Closed Molding Composites Market
Closed molding composites are crucial for the aerospace & defense and automotive industries as they are lightweight and have high tensile strength. The closed molding composites market is projected to reach USD 66.58 Billion by 2021, at a CAGR of 7.45% between 2016 and 2021.
The key companies offering closed molding composites are involve in agreements, partnerships, and joint ventures to strengthen their position in the closed molding composites market. These are the key strategies that accounted for a share of 33% of all growth strategies adopted by major leading companies during 2011–2016. The leading companies adopted these strategies to improve their distribution channel, increase their presence in developed and developing countries, and meet the customer demands. Market players are also focusing on new product developments to meet the strong composite requirements in manufacturing structural parts for various end-use industries. New product launch and agreements during 2012-2016, accounted for 29% each in the closed molding composites market. The companies adopted these strategies to increase their product portfolio and gain access to new and high potential markets. The closed molding composites market witnessed merger of established companies with small companies to enhance their distribution network and diversify their product portfolio. Leading companies are acquiring small composite manufacturing companies of developing regions to expand their reach globally.
The major manufacturers profiled in this report are A. Schulman (U.S.), Continental Structural Plastics Inc. (U.S.), Core Molding Technologies (U.S.), Strongwell Corp. (U.S.), Royal TenCate N.V. (Netherlands), Menzolit GmbH (Germany), GKN Aerospace (U.K.), and Excel Composites Inc. (Finland) . These companies have adopted various organic and inorganic growth strategies such as agreements and partnerships, expansions and investments, acquisitions, and new product developments to expand their global presence and increase their penetration into the closed molding composites market.
Core Molding Technologies is one of the key manufacturers of closed molding composites that offers thermoset & thermoplastic SMC developed by the compression molding process. The company has increased investment, year-on-year, in R&D to develop new products, new production capabilities, and processes. It relies on its efficient production capacity to provide SMC to the domestic market in North America. As a part of its growth strategy, the company is focused on increasing its product portfolio and expanding its composite technology by introducing new product innovations, expansions, and acquisitions.
Saertex is a global manufacturer of closed molding composites by the RTM and infusion molding processes. It is an innovation-driven organization that has many patented products related to closed molding composites that helped it remain competitive in the market. Saertex participates in many trade fairs and trade expos, such as China Composite Expo, CXAMX, IBEX, and so on to acquire new business. It is expanding and increasing capacity to cater the increasing demand worldwide.
Continental Structural Plastics and Core Molding Technologies are also the major players having maximum number of growth strategies between 2016 and 2021 in the closed molding composites market. Continental Structural Plastics Inc. is one of the pioneers in composite material formulation and manufacturing technologies. It manufactures compression molding components and supplies it to end-use industries such as automotive, heavy truck, building & construction, and recreational.
Related Reports:
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
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