Expansions and New Product Launches Are the Key Development Strategies Adopted by the Leading Market Players to Drive the Composite Tooling Market
Composite tooling is becoming crucial in aerospace & defense and automotive applications due to the precise dimensional requirements of structural parts in these applications. 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 key companies offering composite tools are mainly involved in expansions and new product launches to strengthen their position in the composite tooling market. Expansion was the key strategy with a share of 42.86% of all growth strategies adopted by leading companies between 2011 and 2016. This strategy helped the companies to increase their presence in other regions and mobilize the distribution channel of composite tooling materials. Market players are coming up with new tooling solutions to meet the strong tooling requirements of these end-use industries. New product launches and agreements strategies accounted for a share of 21.43% each in the composite tooling market. The companies adopted these strategies to increase their product portfolio and gain access to new and high potential markets.
The key manufacturers profiled in this report are Gurit Holding AG (Switzerland), Royal TenCate N.V. (Netherlands), Hexcel Corporation (U.S.), Airtech Advanced Materials Group (U.S.), Solvay S.A. (Belgium), Janicki Industries, Inc. (U.S.), Formaplex (U.K.), Hydrojet, Inc. (U.S.), Machinists, Inc. (U.S.), and AIP Aerospace, LLC (U.S.). These companies have adopted various organic and inorganic growth strategies such as agreements and partnerships, expansions and investments, acquisitions, and new product launches to expand their global presence and increase their penetration in the composite tooling market.
Solvay S.A. Group and AIP Aerospace, LLC adopted maximum number of growth strategies between 2016 and 2021 in the composite tooling market. AIP Aerospace, LLC is one of the leading companies that accounted for the largest share of all the developmental activities undertaken in the composite tooling market between 2012 and 2016. The company follows dynamic growth strategies with expansion as their key strategy to enhance its geographical presence in the U.S. and its customer base. The company offers composite tooling primarily for aerospace applications. The presence of the company is limited to North America. Solvay S.A. Group became another major player with the acquisition of Cytec Industries, Inc. (U.S.) in 2015. This acquisition boosted Solvay’s growth by making it one of the major producers of composite tooling in the world for the wind industry.
Related Reports:
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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