Selbyville, Delaware , Sept. 26, 2023 (GLOBE NEWSWIRE) -- Mold Release Agents Market size is estimated to be valued at USD 3.6 billion by the end of 2032, as per a recent study by Global Market Insights Inc.
The expanding automotive sector worldwide and the rising precise production of various automotive components including intricate plastic parts as well as composite materials is likely to surge the demand for mold release agents. The extensive application of lightweight materials in the automotive sector for improved fuel efficiency and enhanced safety features has led to the increased utilization of complex molds and dies. Moreover, the globally surging rate of electric vehicle manufacturing and the dire need for specialized components in automobiles will also influence the market growth. For instance, in 2022, more than 10 million EVs were produced worldwide.
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Semi-permanent mold release agents to gain significant traction
Based on type, the semi-permanent mold release agents market is estimated to witness high demand between 2023 and 2032. This is owing to their ability to provide clean, residue-free releases in several industries for ensuring the integrity of the surface finish of the molded parts. To that end, the growing efforts by market players on significant investments to expand their product portfolio and strengthen their ability to meet the ever-changing end-user demands will propel the segment growth. For instance, in August 2023, Münch Chemie International teamed up with Fusoni for introducing an innovative semi-permanent release agent to offer ultrafast evaporation particularly designed for releasing thermoset resins.
Polyurethane materials to depict high demand
Based on material, the mold release agents market from the polyurethane segment is expected to amass substantial revenue by the end of 2032. Polyurethane molds require specific formulations of release agents to ensure smooth and defect-free demolding processes. These agents not only prevent adhesion but also contribute to the overall quality and finish of polyurethane components. The widespread adoption of polyurethane materials has also surged the demand for specialized mold release agents that are tailored to specific needs. In addition to conventional polyurethane applications, the expanding usage of polyurethane in emerging sectors, such as healthcare and electronics will further fuel the market growth.
Plastic molding application segment to record significant growth
The plastic molding application segment is set to hold considerable share of the mold release agents market by 2032 driven by higher adoption in a wide range of industries, such as automotive, electronics, consumer goods and packaging. The increasing adoption of plastic molding techniques to create intricate and customized components is contributing to the rising demand for specialized mold release agents tailored to various plastic types. The burgeoning demand for plastic components is another important factor driving the segment expansion in the forecast time.
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Asia Pacific to emerge as a lucrative market destination
Asia Pacific accounted for sizable share of the global mold release agents market in 2022 and is estimated to expand at notable CAGR from 2023-2032. The growth can be attributed to the strong presence of automotive manufacturing powerhouse in countries, including China, Japan, Thailand, South Korea, and India. For instance, Thailand has provided incentives to customers and subsidies to manufacturers to produce more EVs domestically, attracting an upsurge of investments in local production by Chinese automakers. The surging rate of automotive manufacturing will thereby lead to the increased demand for mold release agents, favoring the regional market growth.
Mold Release Agents Market Participants
Some of the major companies operating in the mold release agents industry are AXEL Plastics Research Laboratories, Inc., Marbocote Ltd., Chem-Trend L.P., Michelman, Inc., Daikin Industries, Ltd., LORD Corporation, Chemlease, Shin-Etsu Chemical Co., Ltd., Zyvax, Inc., Croda International Plc, Henkel Corporation, REXCO, and Cresset Chemical Company among others. These industry contenders are involved in strategic initiatives, such as partnerships and acquisitions to strengthen their market position. To cite an instance, in July 2023, Croda International Plc acquired Solus Biotech, a leading biotechnology-derived active ingredients producer for beauty care and medicines, after receiving unconditional permission from South Korean regulatory authorities.
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
