New York, NY – The global mold release agents market was valued at USD 2,027.78 million in 2022 and is expected to grow at a CAGR of 5.5% during the forecast period according to Polaris Market Research.
The rapid surge in the organic growth of various end-user industries including automobile, aerospace, and office equipment, among others, and the extensive rise in the number of construction activities coupled with the growing proliferation of mold-release coated plastics and high expenditure on research & development related activities are primary factors driving the demand and growth of the global market. The use of these agents helps to significantly reduce the operational cost and time and further provide a greater surface finish and eliminate the issue of porosity.
Moreover, such a product has found extensive application in the building & construction industry as it prevents the adhesion of concrete to the molding surfaces like steel, aluminum, and plywood. These agents are very crucial and essential in architectural forming where superior finishing is highly required. Thus, the rise in construction industry has fueled the demand for such agents globally & likely to contribute positively to the market over the coming years.
The rapid emergence of the deadly coronavirus has resulted in a temporary shutdown and closure of manufacturing and production facilities among various industries as a result of imposed lockdowns by several countries. Construction-related activities were also on hold during the pandemic period, which directly affect the demand for mold release agents.
Rapid growth in the automotive & construction industries across the globe & high usage of mold release agents in a variety of applications in the automotive industry & production of the metal body parts of vehicles with the help of die casting is primary key factors influencing the market. The extensive rise in the worldwide to cater to the growing demand in both developed and developing nations, and fueling the growth of the market.
Moreover, the increase in the demand for mold release agents from the chemical industry of countries like the United States, Germany, China, and Canada and expansion in the application areas for catalyst regeneration and high adoption of the non-stick coating is likely to be another key factor boosting the demand.
The water-based segment is anticipated to register the fastest growth over the forecasted period. Growth is attributed to its wide range of beneficial properties including non-flammable, easy dilution, and enabling shipment in concentrated form. Moreover, the growth of water-based mold release agents is likely to gain high traction and grow rapidly over the coming years owing to the various stringent policies and regulations on the use of solvent-based release agents, as it is free of chemicals and VOCs, that make them environmentally friendly.
However, the solvents-based segment held a considerable market share, in 2022, which is mainly accelerated by its ability to facilitate films and easy adjustment of evaporation rate, and availability of simpler technology that makes it easier to manufacture and apply. In addition, it has a wider application temperature range and does not cause rust formation, and is comparatively higher effective at keeping the concrete from sticking to formwork, which is another factor boosting the segment market.
The die-casting segment accounted for a significant market share in 2022 and is likely to retain its position over the projected period. Wide utilization of die-casting to manufacture small parts through lower melting metals and alloys like zinc for the casting of large parts including engine blocks and increasing demand for metals such as aluminum and magnesium worldwide are major factors driving the demand and growth of the market. Integration of this technology in numerous industries or sectors including automobile, home appliances, marine, industrial machinery, building hardware, aerospace, and office equipment is further creating growth opportunities for the market over the coming years.
Furthermore, the concrete segment is anticipated to exhibit the highest market growth during the projected period owing to a rapid increase in the adoption of concrete bricks for the construction of both residential and commercial buildings, especially in developing countries like India, China, and Indonesia. Mold release agents are known to facilitate the easy release of concrete materials from molds and allow them to maintain the texture of concrete bricks without any kind of damage.
The external segment led the industry with a holding of significant market share in terms of revenue in 2022, on account of the rise in the usage of these agents to prevent warpage that causes during the release of products from the mold that could damage or alter the shape of the object. Moreover, a surge in the penetration for products manufactured basically from castling or molding such as plastics, rubber, and cement and expansion of automotive and construction industries across the globe is also augmenting the growth of the market at a rapid pace in the coming years.
Asia Pacific region dominated the market in 2022 with a healthy market share and is anticipated to maintain its dominance over the study period. The growth of the regional market is mainly driven by the rapidly growing rate of urbanization and increased prevalence and need for commercial & residential buildings, consumer durables, furniture, and automobiles in countries like China, South Korea, Malaysia, India, and Indonesia.
North America is projected to register the fastest growth rate over the anticipated period. Increasing focus on the expansion of production facilities and the launch of more developed and innovative products into the market by key companies in the region are primary factors influencing the market growth. Early adoption of advanced production technologies and implementation of several regulatory norms undertaken by government bodies across the region are opening new market growth opportunities.
Some of the major players operating in the global market include Henkel AG, Croda International, Freudenberg Group, Shin-Etsu Chemical, Daikin Industries, Marbocote, Miller-Stephenson, Mcgee Industries, LANXESS, Kao Group, Moresco Corporation, Parker-Hannifin Corporation, Sumico Lubricant, Tag Chemicals, Dow Inc., Cresset Chemical, and Ampacet Corporation.