Closed Molded Composites Market: An Eco-friendly and Cost-effective Solution
- Increase in global population calls for smart mobility, smart architecture, and smart energy solutions. Rise in the demand for industry solutions which combine resilience with lower maintenance and high performance is likely to be a key factor propelling the demand for closed molded composites in the near future.
- Composites can be strong without being heavy. Metals are strong in all directions equally. On the other hand, composites can be engineered and designed to be strong in a specific direction. Also, in a closed molding production process, the resin is not in direct contact with the workshop air, but it is processed only when the mold is tightly closed. This is to ensure that no volatile organic compounds (VOCs) or styrene is released in the air. Closed molded composites thus serve as an eco-friendly alternative for several metals and alloys.
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- Closed molded composites are likely to be a material of choice by 2027, owing to their unique characteristics. For instance, closed molded composites feature high strength?to?weight ratio, complex design capability, and high impact strength.
- Parts consolidation and easy restyling are other crucial aspects of closed molded composites. A single piece made of composite materials is capable not only to replace an entire assembly of metal parts, but to undergo redesigning, owing to lower tooling costs associated with composites.
- Closed molding processes are expected to replace open molding processes in the global composites industry by 2027, due to environment-related and quality issues associated with open molding manufacture. Increasing preference for use of eco-friendly processes to manufacture composites by market players are likely to propel the global closed molded composites market in the next few years.
Key Drivers of Closed Molded Composites Market
- Composites beat aluminum on several fronts such as tooling costs, resistance to dent and corrosion, and design capability. Closed molded composites can be as lighter as 40% than a steel part. They offer performance and efficiency equivalent to a steel part. Composites can flow over the molds and into complex shapes, which is not feasible in case of most metals. Closed molded composites are estimated to witness high demand from the automotive industry between 2019 and 2027.
- Exceptional resistance to weather and chemicals offered by closed molded composites is likely to propel the demand for these composites during the forecast period
- Increase in the demand for techniques to shorten the production cycle time, reduce labor costs, and prolong the life of structures is likely to boost the demand for closed molded composites from 2019 to 2027
- A damaged composites part is four times less expensive to replace or repair as compared to a metal part. Reduced repair costs and easy serviceability of closed molded composites are likely to drive the demand for these composites during the forecast period.
Carbon Fibers to be the Key Fiber Type Segment; Vacuum Infusion and RTM to be the Key Manufacturing Process Segments
- Based on fiber type, the global closed molded composites market can be divided into: carbon fibers, glass fibers, aramid fibers, and natural fibers. The carbon fibers segment is likely to hold a major market share during the forecast period, due to wide applicability and unique performance characteristics of carbon fibers.
- Based on manufacturing process, the market can be segregated into injection molding, resin transfer molding (RTM), vacuum infusion, vacuum bagging, pultrusion, compression molding, and others. Vacuum infusion and RTM processes are likely to witness higher demand than other processes during the forecast period.
Significant Growth Potential in Automotive, Aerospace and Wind Energy Industries
- Based on end-use industry, the global closed molded composites market can be divided into: automotive, aerospace & defense, electrical & electronics, wind energy, construction & infrastructure, and others
- Closed molded composites provide high fatigue tolerance that helps in producing strong and lightweight components in the aerospace industry. Increasing demand for lightweight materials for improving the aircraft fuel efficiency as well as overall performance is likely to boost the global closed molded composites market from 2019 to 2027.
- Automotive manufacturers have been substituting metal parts with composites in order to achieve weight reduction. The automotive industry, especially in the U.S. and the EU, has been facing stringent regulations pertaining to vehicular weight reduction. Vehicle weight and fuel consumption are co-related; for instance, every single 100-kg saving in vehicle weight can result in the reduction of fuel consumption by around 0.4L/100km. Hence, closed molded composites are anticipated to witness significant demand from the automotive sector during the forecast period.
- Rise in the demand for renewable energy sources for generating electricity and sluggish decrease in the cost of wind energy are anticipated to boost the installation of wind turbines during the forecast period. Rise in the demand for larger wind turbine blades and increasingly efficient wind farm configurations are projected to be key factors propelling the global closed molded composites market during the forecast period.
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North America to be a Key Market for Closed Molded Composites
- In terms of region, the global closed molded composites market can be divided into five regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Demand for closed molded composites is anticipated to be high in North America during the forecast period, particularly for use in wind energy applications. Wind power accounts for more than 5% of the total electricity generation in the U.S. It is likely to be the most rapidly expanding form of renewable energy in the U.S. in the near future, thereby creating substantial potential for the closed molded composites market in the country.
- Increase in the demand for components made of composites to replace metal parts in the automotive industry and expansion of the manufacturing base are estimated to augment the closed molded composites market in Asia Pacific from 2019 to 2027.
Key Manufacturers Operating in the Market
The global closed molded composites market was highly fragmented in 2018. Key manufacturers operating in the global market include:
- Chomarat Group
- Molded Plastic Industries, Inc.
- KraussMaffei Group
- New Boston RTM
- Royal TenCate N.V.
- GKN Aerospace
- Scott Bader Company Ltd
- LyondellBasell Industries Holdings B.V.
- STRONGWELL CORPORATION
- TEIJIN LIMITED
- Excel Composites
- OWENS CORNING COMPOSITE MATERIALS, LLC
- Core Molding Technologies
- MENZOLIT GmbH