The market size of composite tooling was worth USD 361.0 Million in 2015, and is projected to reach USD 551.8 Million by 2021, at a CAGR of 7.35%. Composite tooling is becoming crucial in automotive, aerospace, wind, and among others. The need for superior quality tooling and strong and rigid composite components is increasing the demand of composite tooling.
The closed molding composites is estimated to grow from USD 46.48 Billion in 2016 to USD 66.58 Billion by 2021, at a CAGR of 7.45% between 2016 and 2021. The base year considered for the study is 2015 and the market size is projected between 2016 and 2021. Increase in use of composites in aerospace & defense and wind energy applications are driving the market.