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Closed Molding Composites
“Closed Molding Composites Market: Exactitude Consultancy Research Report Offers Comprehensive industry Overview and Future Projections”
Rising demand for lightweight, durable materials in aerospace, automotive, and construction drives growth in the closed molding composites market” - Exactitude Consultancy
LUTON, BEDFORDSHIRE, UNITED KINGDOM, September 3, 2024 /EINPresswire / -- Closed Molding Composites market Overview:
Revenue from the global Closed Molding Composites Market size is estimated to reach US$ 52.10 Billion in 2023. The market has been analyzed to climb to a value of US$ 90.34 Billion by the end of 2030, expanding at a CAGR of 6.4% over the next decade.
Closed composite molding is an automated method that combines raw materials in a closed mold or vacuum bag to prevent air exposure. This approach consists of various eco-friendly processes that aid in decreasing emissions of volatile organic compounds.
The aerospace and defense industry's growing adoption of composites is a crucial factor driving market growth. Other significant factors include decreased cycle time and labor costs, a wider range of applications, benefits of closed molding composites , eco-friendly production methods, reduced emissions, increased demand, and the superior advantages of closed molding processes over traditional methods. Additionally, the growth of closed molding composites in novel uses, advances in production methods, and increased research and development will generate additional prospects for the closed molding composites market between 2024 and 2030.
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Competitive Rivalry:
The Closed Molding Composites market supports a range of applications, including supply chain analytics, risk analysis, demand forecasting, and vendor management. Solutions in this market encompass various modules such as financial surveys, real-time and batch data analysis, category management, and compliance management. Implementing these modules enhances data optimization, automates data cleansing, and facilitates sourcing category analysis.
Vital Companies Profiled in the Report are: Core Molding Technologies, Huntsman International LLC, CVC Thermoset Specialties, Teijin Limited, SGL Carbon, Royal TenCate N.V., A. Schulman, Menzolit, GKN Aerospace, SAERTEX GmbH., and others.
Industry News:
May 25, 2023: Huntsman will announce the development of innovative polyurethane, carbon nanotube and epoxy materials at The Battery Show this week, which are all designed to help improve the integration of batteries into electric vehicles and enhance their protection and performance. Targeting underbody battery protection, Huntsman offers RIMLINE® WCM system – a low viscosity liquid resin that enables the moulding of high fiber volume fraction composites under low pressure. Balancing a long working life and short cure time with easy mould release, this system can help reduce overall cycle times and is formulated for use on high pressure-mix machines.
Closed Molding Composites Market: Growth Drivers
The expansion of the worldwide closed molding composites market is driven by a rise in airplane deliveries and high-performance characteristics such as government regulations, lightweight design, superior safety, and acoustic properties. Sophisticated closed molding composites increase fatigue resistance, which, in turn, enhances the integrity of components. Nevertheless, government authorities have imposed certain limitations on aerospace manufacturers regarding the use of closed molding composites in the production of aircraft interior components and primary & secondary structures.
Market Segments by Closed Molding Composites
Closed Molding Composites Market By Fiber Type, 2020-2029, (USD Billion).
Carbon
Glass
Closed Molding Composites Market By Application, 2020-2029, (USD Billion).
Aerospace And Defense
Transportation
Construction
Wind
E And E
Closed Molding Composites Market By Process, 2020-2029, (USD Billion).
Vacuum Infusion and Bagging
Compression Molding
Pultrusion
Injection Molding
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Based on application, it is projected that aerospace & defense will dominate the market share throughout the forecast period. Due to factors such as an increase in Boeing's monthly production of the 787 from 10 to 12 aircraft. The global closed molding composites market is expected to experience a rise in demand from Boeing, as they make up around half of the structural parts in Boeing planes.
The closed molding composites market is divided into transportation, aerospace & defense, wind energy, electrical & electronics, construction, and other industries. Transportation has been divided into interiors and exteriors. Aerospace and defense has been additionally divided into interiors and exteriors. Construction has been divided into industrial, housing, and civil engineering sections. Others have been divided into marine and sporting goods categories.
On the basis of manufacturing process, During the forecast period, vacuum infusion & bagging, the most favored closed molding process for composite manufacturing, is expected to maintain the greatest market share. This is due to its usage in producing parts for aerospace & transportation, defense, and wind energy sectors. The procedure creates durable, lightweight laminates, and provides significant reductions in emissions. The need for closed molding composites produced through compression molding is on the rise in sectors such as transportation, construction, and electrical & electronics, due to their ability to offer a high-quality surface finish and resistance to corrosion.
The closed molding composites market is also segmented on the basis of fiber type into glass fiber composites, carbon fiber composites and other fiber composites. Carbon fiber composites have been further segmented into chopped carbon fiber and continuous carbon fiber. Other fiber composites have been further segmented into aramid fiber composites and natural fiber composites.
Closed Molding Composites Market Regional Insights
Asia-Pacific dominates the closed molding composites market due to rising demand from the wind energy, electrical & electronics, and construction applications along with regulatory norms requiring the use of eco-friendly materials in this region.
It is expected that the Asia Pacific region will see significant revenue growth in the global closed molding composites market in the upcoming years. The global market is anticipated to grow in the near future due to increased use of closed molding composite in industries like construction, transportation, wind energy, and electrical & electronics. China had the highest market share in closed molding composites due to rising consumption in sectors like aerospace, defense, sports, and wind energy. The wind power industry in China has experienced rapid growth and is expected to continue expanding in the coming years.
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