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Composite Tooling Market worth 551.8 Million USD by 2021
The report "Composite Tooling Market by Fiber Type (Carbon and Glass), Resin Type (Epoxy, BMI, and others), Form (Fabric and Prepreg), and Application (Aerospace & Defense, Wind, Automotive, and Others) - Global Forecast to 2021", The composite tooling market is projected to reach USD 551.8 Million by 2021, at a CAGR of 7.35%, between 2016 and 2021. The demand for lightweight and precision tooling propelled growth of the composite tooling market. This demand is further driven by the increasing use of composites in the aerospace and automotive industries.
Browse 75 market data Tables and 43 Figures spread through 123 Pages and in-depth TOC on "Composite Tooling Market by Fiber Type (Carbon and Glass), Resin Type (Epoxy, BMI, and others), Form (Fabric and Prepreg), and Application (Aerospace & Defense, Wind, Automotive, and Others) - Global Forecast to 2021"
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Carbon fiber type comprises a major share in the composite tooling market in terms of value
Carbon fibers have the highest share in the composite tooling market due to their lightweight and high strength. These properties make them a suitable tooling material for various applications in the aerospace & defense industry. The parts made from carbon fibers are much stronger than traditional materials such as steel, aluminum, and iron. Carbon fibers have various unique properties like electrical conductivity, high tensile strength, low weight, high temperature tolerance, and high chemical resistance. Owing to lightweight, tools made from carbon fibers provide better dimensional stability to structural composites part.
Aerospace & defense is the largest application for the composite tooling market, in terms of volume
There is a mass usage of composites in the aerospace industry, with 50% of composites being used in construction of some commercial aircrafts. The use of composites has continuously increased in the composite tooling due to their lightweight, dimensionally stability, and high strength. Due to the increasing use of composites in the aerospace industry, the demand for superior composite tooling is all set to rise. Composite tooling helps in having tool design freedom and high flexibility.
North America accounts for a major share of the composite tooling market
The growth of the composite tooling market in this region is driven by growing the aerospace and automotive industries due to presence of established players and stringent environmental regulations stressing on the use of lightweight composite materials. The rising demand for more complex, large, and light parts in the aerospace industry has increased the importance of composite tooling. Some of the leading players of the market such as Janicki Industries (U.S.) and Hexcel Corporation (U.S.) have accelerated their R&D efforts to provide good quality composite tooling materials.
Some of the key global players prevailing in the composite tooling market are Royal TenCate N.V. (Netherlands), Hexcel Corporation (U.S.), Gurit (Switzerland), Solvay S.A. (Belgium), and others. These players have adopted various organic and inorganic developmental strategies between 2011 and 2016.
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