Composite Tooling Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028

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Composite Tooling Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028

Status : April, 2020 | Chemical & Materials | PPT format

Report Digest


Composite Tooling Market Introduction

Composite parts are formed in the molds also known as tools. Composite tools are also called soft tools and it is easy to construct composite tools as compared to metal tools, as they are made using composite materials. Composite tools are constructed using similar materials and methods as composites production. Fiber reinforcement and resins are used in composite tooling. These tools are in the form of fabric and prepreg. Majority of the manufacturers offer composite tooling in the form of prepreg in the range of reinforcement such as carbon and glass as per the requirement.

Composite tooling is gaining popularity across industries including automotive, aerospace, wind energy generation, etc. These industries are using composite tooling owing to the increasing focus on lightweight design and the precision tooling offered by composite tools.

Composite Tooling Market: Notable Highlights

  • L3 Technologies sold its Vertex Aerospace Businesses to Aerospace Industrial Partners for $540 million. The sales included TCS business and Crestview Aerospace units.
  • Machinists Inc. has added new gear cutting abilities as a part of expansion with the recent acquisition of assets from the Gear Works. With new equipment known as Mazik Integrex e-670, Machinists can improve quality and manufacture accurate parts as per the demand.
  • Airtech Advanced Materials Group has launched a new line of LTC3 carbon prepregs to lower the effects of thermal expansion and provide tooling accuracy with less rework. Prepregs are offered in LTC3-G1600, LTC3-G1400, and LTC3-G1800 weights.
  • Solvay has entered into a partnership with the National Institute of Advanced Science and Technology in Japan to explore new ways to produce next-gen chemical synthesis. Solvay plans to develop new ways to produce materials and chemicals to minimize environmental footprint.

Some of the most prominent competitors operating in the competitive landscape of global composite tooling market include –

  • Formaplex
  • AIP Aerospace, LLC
  • Hexcel Corporation
  • Machinists, Inc.
  • Airtech Advanced Materials Group
  • Janicki Industries, Inc.
  • Solvay S.A.
  • Cytec Industries, Inc.
  • Gurit Holding AG
  • Royal Tencate N.V.  

Composite Tooling Market Dynamics

Growing Demand for Lightweight Design and High Performance

One of the major factor influencing the demand for composite tooling is the need for lightweight design in the automotive and aerospace industry. Manufacturers in the aerospace industry are using carbon fiber tooling materials on a large scale as these materials can withstand autoclave cure cycle such as invar can in the aerospace industry. In order to increase the durability of composite tooling, vendors in the composite materials market have started offering hybrid tool designs for the aerospace and automotive industry.

Owing to the high quality standards for various structural parts in the aerospace industry, there has been a significant demand for composite tooling in recent years. In addition, to the growing demand in the aerospace sector, the defense industry is also moving towards using composite tooling as it offers a high coefficient of thermal expansion, that can help manufacturers in the defense sector to produce strong composite materials and parts.

Carbon Fiber to Gain Immense Popularity Owing to Higher Strength and Lightweight

The demand for carbon fiber is likely to increase in the composite tooling market as fiber reinforcement due to the increased strength and reduced weight. High temperature performance or high temperature resistance is the key advantage of carbon fiber, making it useful across various industries including automotive, defense, and aerospace.  

Composite tooling manufacturers are using carbon fiber on a large scale owing to the cost-effectiveness and high strength offered as compared to other conventional materials including iron, steel, and aluminum. High chemical resistance is also one of the key factors driving demand for carbon fiber in composite tooling in the internal components in the automotive and aerospace industry. Another material used by manufacturers in composite tools is Bismaleimide (BMI) resins as it increases the tool life, offers design flexibility of the composite tools. 

High Vulnerability to Wear and High Competition from Other Materials is hampering the Growth of Composite Tooling

Despite increasing demand for composite tooling from various industries, composite tools are increasingly vulnerable to wear owing to the soft tooling they are finding service in relatively low-volume production. Moreover, increasing competition from invar and other materials is expected to impact the growth in the composite tooling market.

Another key issue with composite tooling is the mismatch in the phenomenon in the Coefficient of Thermal Expansion (CTE). Meanwhile, invar coated carbon fiber is new material in tooling, which has low CTE value and lightweight. However, when compared to hard tools, several tools can be produced using composite materials for less cost as compared to a single hard tool, thus, making larger volumes of composite tools affordable.

Composite Tooling Market Segmentation

Based on fiber reinforcement type, the composite tooling market is segmented into

  • Carbon Fiber
  • Glass Fiber

On the basis of resin type, the composite tooling market is segmented into

  • Bismaleimide (BMI)
  • Epoxy
  • Others

Based on the form, the composite tooling market segments include

  • Fabric
  • Prepreg

Based on the application, the composite tooling market is segmented into

  • Automotive
  • Aerospace
  • Defense
  • Wind Energy
  • Other 

The study presents a granular assessment and quantitative evaluation of:

  • Key growth factors and prominent trends
  • Size and share of key segments in overall market
  • Key challenges and winning imperatives
  • Factors shaping competitive landscape
  • Insights into how contours of market will change in coming years
  • Technological advances
  • New avenues and imminent investment pockets
  • Regulatory landscape shaping current and future strategies of companies

The region-wise assessment includes market dynamics in:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The study is prepared with the help of an extensive primary and secondary research. Primary research includes but not limited to interactions, interviews, surveys, and events. Opinions of policy makers and industry experts are carefully integrated into the insights to complement primary research. Volumes of secondary data gleaned through renowned paid sources, annual statements, reputed journals, and government documents offer insights into current dynamics and key evolution trajectories the market is likely to assume. The research employs various industry-wide analytics methods and well-established methodologies to ascertain the attractiveness of key segments. Further, it evaluates the lucrativeness of key regions and factors underlying their maturity. The insights notably include a detailed analysis of forces behind vendor differentiation and offers insight into investment-decision making by prominent players.

The report strives to enlighten businesses and industry stakeholders on multiple facets of the growth dynamic of the market, the key of which include answers to:

  • Which key factors will shape the competitive landscape?
  • Which trends will stimulate research and development activities in different geographies?
  • Which are the lucrative growth areas and what is the size of potential they are likely contribute to the overall market?
  • Which disruptions in market growth are likely to come with the new business models?
  • Which are some of the recent overhauls in policies that may change the course of the market significantly?
  • Which are the geographies that will form sizable sources of new streams to new and established players alike?
  • How are top players likely to realign their strategy to counter the forces of competition?
  • Which key strategies emerging players are likely to focus on to consolidate their position?
  • Which changes in end-user preferences might affect the status quo held by the leading players?
  • Which are some of the game-changing innovations influencing the projected share and revenue of the market and its segments?

Note: Utmost care has invariably been taken to present data and arrive at statistics at all the TMR Research reports. Meanwhile, some recent developments and new industry trends may take time to be included in the reports.

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