Closed Molding Composites Market Growth to Spur on the Back of Rising Demand for Lightweight Components in the Transportation Sector

Market Snapshot

Fact.MR’s closed molding composites industry analysis shows that the global market was valued at US$ 55 Bn in 2020, and is projected to top US$ 90 Bn by 2031, expanding at a CAGR of 6%. Demand for glass fiber composites is projected to surge and reach a valuation of US$ 45 Bn by 2031.

Key Points Covered in Closed Molding Composites Industry Survey:

• Market Estimates and Forecasts (2016-2031)
• Key Drivers and Restraints Shaping Market Growth
• Segment-wise, Country-wise, and Region-wise Analysis
• Competition Mapping and Benchmarking
• Brand Share and Market Share Analysis
• Key Product Innovations and Regulatory Climate
• Assessment by Product Grade / Purity / Formulation Standards
• Assessment of Import Price, Bulk Price, Contractual Price, Producer / Distributor Price
• COVID-19 Impact on Sales of Closed Molding Composite and How to Navigate
• Recommendation on Key Winning Strategies

Closed Molding Composites Consumption Analysis from 2016-2020 Vs Future Market Outlook for 2021 to 2031

As per Fact.MR – a market research and competitive intelligence provider, over the last 5 years, the global market for closed molding composites expanded at close to 3% CAGR. In 2020, the market was valued at around US$ 55 Bn.

Closed molding composites are produced as a result of an automated heavy-set method of combining raw materials that are inserted in a vacuum bag or a closed mold. These vacuum bags or closed mold seals them off the air. Closed molding composites are mainly used in infusion or vacuum bagging as they are more environment friendly.

Closed molding methods have replaced open molding methods, as the former inherit environmental and quality issues. Compared to open molding, closed molding processes enable manufacturers to develop parts faster and with consistency.

The growing urbanization across the world, rising applications from industry, growing number of multinational corporations, outlets and native supply chains, improvement of productivity through innovative engineering approach, minimization of energy consumption, and reduction of emission levels are a variety of the factors which may likely to strengthen the expansion of the market.

Overall, the closed molding composites market is expected to top a valuation of US$ 90 Bn by 2031.

What are the Main Factors Stimulating Demand for Closed Molding Composites?

Growing demand of lightweight components in the transportation sector, shift towards renewable energy, and recycling of materials are some factors driving the use of closed molding composites in different applications.

Closed molding composites possess many properties such as high rigidity, electrical conductivity, high-temperature tolerance, temperature performance, high tensile strength, high chemical resistance, and lightweight as compared to others composites. Owing to these properties, they are suitable for aerospace and defense applications.

Demand for closed molding composites manufactured by the compression molding process is increasing in applications such as transportation, construction, and electrical & electronics, as they require good surface finish and non-corrosive properties, which are provided by these composites.

Why is Demand for Closed Molding Composites Getting Hampered?

Increased installation & set-up costs and rising fluctuation and high cost of raw materials required for the processing and production through this method are the major factors acting as restraints. Rising need for reducing cost of carbon fiber will further challenge closed molding composite manufacturers over the coming years.

Which Region Offers the Largest Opportunity for Closed Molding Composites?

The Asia Pacific (APAC) region dominates the market with a share of around 50%. The economy of APAC is mainly influenced by the economic dynamics of countries such as China and India, but with growing foreign direct investment for economic development of South East Asia, the current scenario is changing. Countries in South East Asia are witnessing high growth in the automotive sector.

There is high demand from 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 has raised demand for producing lightweight closed molding composites. Growing demand of long blades in the production of wind turbines is creating opportunities for closed molding composites.

Country-wise Analysis

What is the Closed Molding Composites Demand Outlook for the U.S.?

The market in the U.S was valued at over US$ 15 Bn in 2020. Economic development and substantial infrastructure development have constituted regional revenue generation. Further, patterns associated with domestic production, import and export, and consumption have helped market participants analyze and capitalize on potential opportunities.

The U.S. is the growth engine of the market, owing to the world’s highest defense spending, significant investment in research & development, and presence of a large number of closed molding composite suppliers.

What are the Growth Opportunities for Closed Molding Composite Providers across China?

By 2031, China is expected to have a market worth roughly US$ 19 Bn. The construction sector drives the market in the country to a great extent.

China contributes to the largest market share in the closed molding composites market owing to increased consumption by aerospace & defines industries, sporting goods, and wind energy. The wind energy sector has exponentially grown in China and is anticipated to witness higher growth in future.

Category-wise Insights

How are Glass Fiber Composites Stimulating Market Growth?

Glass fiber composites are projected to reach around US$ 45 Bn by 2031. Glass fiber composites are a type of fiber-reinforced polymer composites. Glass fiber composites hold good properties such as low density, high strength, and easy processing, and are widely used in aerospace, automotive, and construction industries.

Combining glass fiber with other fibers into a single polymer matrix results in the development of hybrid glass fiber composites. Hybridization in glass fiber composites raises new ideas for future in the field of closed molding composites.

Why are Closed Molding Composites Gaining Immense Popularity in the Aerospace & Defense Industry?

Composites find different applications and are continuing to replace other materials such as metals in the aerospace and defense industry, which are being replaced by closed molding composites as a result of increased demand for lightweight aircraft components to enhance fuel efficiency.

Composites are light in weight compared to most woods and metals. Some modern airplanes are built with more composites than metals, including the new Boeing 787 Dreamliner. Carbon fiber composites have a higher strength-to-weight ratio than conventional materials. This increase in demand for composites in the aerospace and defense industry is driving the global market.

How Has COVID-19 Impacted Demand for Closed Molding Composites?

The outbreak of COVID-19 has had effects on many aspects, like flight cancellations, travel bans and quarantines, restaurants closed, and indoor/outdoor events restricted. Over forty countries declared a state of emergency, with massive slowing of the supply chain, stock market volatility, falling business confidence, growing panic among the population, and uncertainty about the future.

COVID-19 has not only ceased the movement of people but also negatively affected production and trade. This has put a leash around the growth of the market for closed molding composites.

Countries have effectively shut down their production units, putting a strain on equipment manufacturers. Major countries such as the U.S. and India procure raw materials and electronic components from China, and the supply chain of many equipment and product manufacturers has been affected. 2021 is projected to be better, with the market regaining its original traction by 2022.

Competitive Landscape

Major players with a prominent share in the market are focusing on expanding their customer base.

• Growing popularity of composite liftgates has led to the development of a new primerless structural adhesive by Ashland LLC. It is mainly formulated for low-modulus/high-elongation properties and is said to be ideal in handling coefficient of linear thermal expansion (CLTE) mismatches in hybrid-material systems; for instance, bonded liftgate panels.

Closed Molding Composites Market Report Scope

Key Segments Covered in Closed Molding Composites Industry Research

• Fiber

  • Glass Fiber Closed Molding Composites
  • Carbon Fiber Closed Molding Composites
  • Natural Fiber Closed Molding Composites
  • Aramid Fiber Closed Molding Composites

• Process

  • Vacuum Infusion & Bagging
  • Compression Molding
  • Injection Molding
  • Resin Transfer Molding

• Application

  • Closed Molding Composites for Transportation
  • Closed Molding Composites for Aerospace & Defense
  • Closed Molding Composites for Wind Energy
  • Closed Molding Composites for Electrical & Electronics
  • Closed Molding Composites for Construction