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Mold Release Agents Market - Global Forecast to 202
The mold release agents market size is projected to reach USD 2.5 million by 2024 from USD 1.8 million in 2019, at a CAGR of 6.0%. Mold release agents provide a critical barrier between the molding surface and substrate and facilitate the easy separation of molded parts from the mold. Mold release agents enhance productivity, extend the life of die or mold, improve the surface quality of molded products, and reduce scrap and defect rates in the molded products.
On the basis of product type, mold release agents are segmented into water-based mold release agents, solvent-based mold release agents, and others. The water-based mold release agents segment accounted for the largest share, in terms of value, in 2018. The dominance is attributed to the growing demand for environmentally friendly products. In addition, less cost of water-based mold release agents than that of solvent-based mold release agents acts as a driver.
On the basis of application, the mold release agents market is segmented into die-casting, polyurethane (PU) molding, rubber molding, composite molding, plastic molding, wood composite & panel pressing, concrete, and others. The others segment comprises paper, mining, and electronics. PU application accounted for the largest share of the market in 2018, in terms of value. This is because the demand for PU is growing, which in turn is driving the demand for mold release agents. Mold release agents are used to manufacture flexible PU foams which are used in automotive seating; rigid PU used in pipe sections, high density molded articles, and discontinuous sandwich panels; and PU soles used in footwear.
APAC is estimated to be the largest market for mold release agents during the forecast period, in terms of value. The growing demand for die-casting of aluminum, zinc, and magnesium in China, Japan, and India; the rise in production of PU in countries such as China, Japan, and South Korea; growing production of natural and synthetic rubber production in countries such Thailand, Indonesia, Malaysia, India, and China; and growing production of concrete in China have driven the demand for mold release agents in all these applications in the region. In addition, rapid industrialization and urbanization in countries such as China and India are driving the growth of the construction and automotive industries, which in turn is increasing the demand for mold release agents in the region.
Chem-Trend L.P., Henkel AG & Co. KGaA, Croda International Plc, LANXESS Group, Shin-Etsu Chemical Co., Ltd., Daikin Industries Ltd., Michelman, Inc., Marbocote Limited, McGee Industries, Inc., Miller-Stephenson, Inc., TAG Chemicals GmbH, and LORD Corporation are the leading manufacturers of mold release agents. These players are focusing on new product launches to cater to specific demands of end customers and expansions to increase their geographic reach. Besides, they have adopted the strategy of acquisitions to increase their market reach, enhance their product portfolio, and strengthen their market positions.
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