The fiberglass mold market size is USD 309 million in 2019 and is projected to reach USD 468 million by 2024, at a CAGR of 8.7% between 2019 and 2024. The major factor driving the market is growing demand from APAC and the emerging wind energy industry.
The major fiberglass mold manufacturers are Gurit Holding AG (Switzerland), Dencam Composites (Denmark), Norco Composites & GRP (UK), Janicki Industries (US), TPI Composites (US), SCHÜTZ GmbH & Co. KGaA (Germany), Indutch Composites Technology (India), Shandong Shaungyi Technology (China), EUROS GmbH (Germany) and Molded Fiber Glass Companies (US). These players have adopted various growth strategies, such as expansion & investment and agreement & contract to expand their presence in the global market further. Expansions & investment is the dominating strategy adopted by the major players from 2014 to 2019, which helped them innovate their offerings and broaden their customer base.
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Gurit Holding AG is an established company in the global fiberglass mold market. The company is constantly engaged in providing high-grade fiberglass molds. As a part of its growth strategy, it is highly focused on investment and acquisitions. For instance, in September 2017, the company acquired PH Windsolutions Inc. (Canada) to strengthen its expertise in fiberglass mold manufacturing. PH Windsolutions is an expert in the wind blade mold automation systems, which has helped Gurit Holding AG to enhance its service capability, market presence, and addressable customer base.
TPI Composites is among the major manufacturers and producers of fiberglass molds, globally. It has focused mainly on expansions as its major growth strategy. The company opened a new R&D facility in Kolding (Denmark) in order to enhance its technical expertise. This investment has helped the company to offer cost-effective solutions and strengthen technical and engineering resources.
Fiberglass Mold Market by Resin Type (Epoxy, Vinyl Ester, Polyester), End-Use Industry (Wind Energy, Marine, Aerospace & Defense, Automotive & Transportation, Construction & Infrastructure), and Region - Global Forecast to 2024
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