Global Compression Molding Market: Overview
Compression molding is a process used to manufacture a wide range of composite products. It is a closed molding process with high pressure application. During the process of molding, a preheated polymer is placed into an open, heated mold cavity. The mold is then closed and is compressed so that material to be molded, touches all the areas of the mold. The compression molding process is used to produce various parts with wide range of complexities, lengths, and thicknesses. The obtained products offer characteristics such as high strength, higher automation, shorter time cycles, good reproducibility, and better dimensional stability. Thus, it is an important process that is used for a number of industries. Compression molding is suitable for mass production and is not economical for production of small parts or for prototyping applications. Along with that, the process requires lower cost of maintenance. Additional features of the process include higher rate of production, good surface finish, and high uniformity of parts. Thermoset composites such as polyesters, phenolic, melamines, and other resin systems are the commonly used materials in compression molding.
Manufacture of various parts of automotive and electronic products has increased due to the rise in demand for automotive and electrical products, particularly mobile phones and tablets. Compression molding process is primarily used in fabrication of these parts. This is expected to boost the demand for compression molding market during the forecast period. However, the initial capital investment is anticipated to be high due to high cost of machinery and parts. This can hamper the compression molding market across the globe.
Global Compression Molding Market: Key Segments
Based on the end-use, the global compression molding market can be segmented into automotive, aerospace, medical, electrical & electronics, construction, and others. Automotive and electrical & electronics segments are likely to be dominants end-users of compression molding. Compression molding is used in the production of cars parts such as panels, roofs, battery trays, fenders, hoods, bumpers, and recreational vehicle body panels in automobile applications. Compression molding is employed in the manufacture of electrical and electronic equipment such as electrical wall receptacles, circuit breakers, television cabinets, radio cases, electric plugs and sockets, electrical switches, fuse boxes, and electricity meter housing.
Global Compression Molding Market: Regional Analysis
In terms of region, the global compression molding market can be segregated into North America, Latin America, Asia Pacific, Europe, and Middle East & Africa. Asia Pacific is likely to be the major consumer of compression molding due to the increase in demand for automobiles across the region. Rise in per capita income and increase in spending power of the people is also estimated to augment the demand for automotive across the region. This, in turn, is anticipated to boost the demand for fabrication of automotive parts, wherein the compression molding production technique is employed. The compression molding market in North America and Europe is expected to expand at a rapid pace, owing to the rise in number of government programs to raise awareness about the benefits of electric vehicles, wherein the compression molding is employed.
Global Compression Molding Market: Key Players
Prominent players operating in the global compression molding market include Tung Yu Hydraulic Machinery Co., LTD, PAN STONE HYDRAULIC INDUSTRIES CO., LTD., and LONG CHANG MECHANICAL INDUSTRIAL CO., LTD. These players engage in research & development activities, strategic alliances, and mergers & acquisitions to gain higher share of the market.
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