Composite tooling is a soft tooling; easily constructed as compared to metal tools because of composite materials. It plays important role in automotive, aerospace, wind, and many other industries. Increasing demand for strong and rigid composite components followed by enhanced quality is expected to drive the composite tooling industry over the coming years. Rising demand for manufacturing complex and textured parts, shapes, and designs are further expected to increase market concentration over the forecast period.
The global composite tooling market revenue was valued at >USD 450 Million in 2019. This can be attributed to increasing demand for composite materials coupled with need for precision and light weight tooling. Corrosion resistance, enhanced performance, and lightweight materials has increased popularity of composite materials over the past few years and the trend is expected to continue over the coming years.
Key Segments of the Global Composite Tooling Market
Resin Type Overview, 2018-2028 (USD Million) (Tons)
Fiber Type Overview, 2018-2028 (USD Million) (Tons)
- Glass Fiber
- Carbon Fiber
End User Overview, 2018-2028 (USD Million) (Tons)
Regional Overview, 2018-2028 (USD Million) (Tons)
- Rest of Europe
- Rest of Asia-Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Rest of South America
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global composite tooling market. Benchmark yourself against the rest of the market.
- Ensure you remain competitive as innovations by existing key players to boost the market.
What does the report include?
- The study on the global composite tooling market includes qualitative factors such as drivers, restraints, and opportunities
- The study covers the competitive landscape of existing/prospective players in the composite tooling industry and their strategic initiatives for the product development
- The study covers a qualitative and quantitative analysis of the market segmented based on resin type, fiber type, and end user. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
- This study is suitable for industry participants and stakeholders in the global composite tooling market. The report will benefit: Every stakeholder involved in the composite tooling market.
- Managers within the composite tooling industry looking to publish recent and forecasted statistics about the global composite tooling market.
- Government organizations, regulatory authorities, policymakers, and organizations looking for investments in trends of global composite tooling market.
- Analysts, researchers, educators, strategy managers, and academic institutions looking for insights into the market to determine future strategies.
Owing to notable advantages such as weight reduction, high performance, and corrosion resistance, composite materials have increasingly been embraced by various industries. Tooling materials used for the manufacture of composite parts are crucial elements for achieving the desired quality, shape, design and mechanical performance. The tooling cost increases with the rise in size, the partial surface finish, the ability of the mould to withstand repeated manufacturing cycles, dimensional accuracy and the ability of the mould to withstand integrated heating under autoclave or oven healing. The final selection of the composite tooling materials is completely dependent on several factors such as coefficient of thermal expansion, cost of the material, size and shape to be formed, required mechanical properties, required longevity, and curing temperature.
Resin Type Segment
Based on the resin type, the market is segmented into epoxy, BMI, and others. The epoxy resin segment leads the market growth in 2019 and it is anticipated to hold its position during the forecast years. The market growth of this segment is mainly attributed to the growing application in automotive and aerospace industries by virtue of its high temperature resistance and high electrical and mechanical properties. Apart from epoxy resins, BMI resins accounted for second highest market share in composite tooling market in 2019. High curing temperature as compared to other resins coupled with composite tooling design flexibility is expected to increase its market concentration over the forecast period.
Fiber Type Segment
In terms of the fiber type, the market is segmented into glass fiber, and carbon fiber. In 2019, glass fiber accumulated the major market share and it is expected to do so over the forecast years. According to the American Composites Manufacturers Association, in 2017, the glass fiber composite material production was valued at nearly 2.5 billion pounds and carbon fiber composite material production was 75,000 tons in the same year. Increasing carbon fiber composite material consumption in mainly automotive and aerospace industry in order to reduce the overall weight of the product is expected to open new opportunities for composite tooling manufacturers over the forecast period.
End User Segment
In terms of the end user, the market is segmented into Aerospace, Wind, Automotive, and Others. Automotive application dominated the global composite tooling industry in 2019 and is expected to remain dominant over the forecast period. Increasing automotive production followed by rising demand for reduction in overall weight of the automotive vehicle is further expected to drive the market. The composite tooling in wind application is increasingly used for wind blade master plug, wind blade mould, and wind blade hinge system. Emergence of 3D printing in aerospace industry will open new avenues for composite tooling over the coming years.
The North America region dominated the overall market in 2019 and it is projected to keep its position during the forecast years 2018-2028. The market growth in this region is mostly ascribed to the well-established automotive and aerospace industry followed by increasing government initiative to strengthen wind industry. Moreover, increasing investment in aerospace industry followed by technological enhancement in composite tooling industry will add market growth in this region.
The global composite tooling industry is competitive in nature as large number of well-established manufacturers are operating in this industry. Some key players engaged in this industry are Gurit Holding AG, Royal Tencate N.V., Hexcel Corporation, Airtech Advanced Materials Group, Solvay S.A. (Cytec Industries, Inc.), Janicki Industries, Inc., Formaplex, Hydrojet, Inc., Machinists, Inc., and AIP Aerospace, LLC. Manufacturers operating in this industry are adopting mergers & acquisitions, new product development, research & development, and facility expansion strategies in order to strengthen their geographical presence and market concentration.