Composite Tooling Market Size Forecast to Reach $705.3 Million by 2027

Composite Tooling Market Size Forecast to Reach $705.3 Million by 2027
Composite Tooling Market | IndustryARC
Fiber-based composite tooling is leading the composite tooling market. This type of tool helps in designing complex composite shapes in a cost-effective way, making it an excellent choice in the market.

The Composite Tooling Market size is forecast to reach US$ 705.3 million by 2027 after growing at a CAGR of 5.5% during 2022-2027. Composite tools are manufactured through similar methods used in the production of composites such as vacuum bagging, injection molding, among others. Composite tooling is an integral element in the manufacturing of high-quality composite parts for use in several industries. The demand for lightweight and precision tooling of composites is increasing in the aerospace and defense sector and this will drive the growth of the market in the forecast period. For instance, as per the March 2020 news by Formaplex, the lightweight composite materials market share is currently highest in aviation with almost 80%. Furthermore, composite tooling is gaining traction in the automotive industry owing to the increasing need for weight reduction and attaining fuel efficiency in vehicles, which composite parts help in achieving and this will drive the market’s growth in the forecast period. For instance, in September 2021, Hexcel Corporation joined hands with HP Composites to develop body panels for Supercars implementing advanced composites. The high production cycle time of composite tooling might hamper the market’s growth in the forecast period. The high production cycle time of composite tooling might hamper the growth of the market in the forecast period.

COVID-19 Impact

The composite tooling market was deeply affected by the COVID-19 pandemic with challenges like supply chain disruption and idling of factories surfaced due to the pandemic. Market players adopted new working patterns to maintain the continuity of their businesses and services but struggled due to the severity of the pandemic. For instance, as per the April 2020 report by Hexcel Corporation about its business update related to COVID-19, the company faced unprecedented challenges due to the COVID-19 pandemic. Hexcel had to terminate its merger agreement with Woodward Inc. owing to economic uncertainties in both the aerospace and industrial sectors which resulted from the pandemic. However, the market witnessed significant growth post the COVID-19 market opening with demand for composite tooling increased from aerospace and automotive industries. Going forward, the market is projected to witness robust growth in the forecast period due to the growing demand for lightweight composite part manufacturing in sectors like aerospace, automotive, and construction.

Composite Tooling Market – By Material Type

Fiber composite tooling dominated the composite tooling market in 2021 and is growing at a CAGR of 5.8% in the forecast period. The high demand for fiber composite tooling is attributed to the increasing use of fiber composite tooling, especially carbon fiber composite tooling in the manufacturing of composite parts in the aerospace, automotive, and wind energy sectors. Accordingly, market players are focusing on the expansion of fiber-based composite tooling. For instance, in March 2020, lightweight engineering specialist Formaplex opened its new facility centre in the UK to support its integrated tooling solutions program. The company deals with tooling of lightweight carbon fiber composite components for aerospace and automotive companies and with this new tooling centre, Formaplex can meet the advanced tooling needs of its various clients. Such development in the fiber-based composite tooling segment will increase its demand in the forecast period.

Composite Tooling Market – By Form

Prepreg dominate the form segment in the composite tooling market in 2021. The prepreg is composite materials, extensively used for the manufacturing of composite tools/molds. This form helps in achieving a high standard of surface finish, low void content, good fatigue performance, and low-temperature cure. Owing to such robust qualities, manufacturers in the aerospace and automotive sectors are engaging in the higher uses of this form of composite material. For instance, in July 2021, Mexico-based producer of composite vehicle suspension components Rassini selected Hexcel’s HexPly M901 prepreg for speeding up prototype and new product development cycles in a cost-effective way. Such implementation of prepreg form will increase its demand in the composite tooling market in the forecast period.

For More Information About Composite Tooling Market @

https://www.industryarc.com/Research/Composite-Tooling-Market-Research-505573

Report Price: $ 4500 (Single User License)

Composite Tooling Market – By End Use Industry

The automotive industry dominated the composite tooling market in 2021 and is growing at a CAGR of 6.1% in the forecast period. Processes such as vacuum bagging and injection molding are quite popular in composite tooling applications in the automotive industry. The growing emphasis on weight reduction in vehicles and enhanced fuel efficiency is increasing the higher implementation of composite parts, ultimately amplifying the higher need for composite tooling in the automotive industry. For instance, in September 2021, Solvay S.A. opened its new thermoplastic composites manufacturing facility in Greenville, US owing to the increasing demand for lightweight applications in the automotive sector. Similarly, in July 2021, Hexcel partnered with leading hydrogen fuel cell players to develop advanced composite solutions for more efficient fuel cells for the automotive sector. Such massive developments regarding lightweight composite parts in the automotive sector will increase the need for composite tooling and this will drive the growth of the composite tooling market in the forecast period. The aerospace industry will drive the growth of the market significantly in the forecast period owing to the efficient tooling of composite parts.

Composite Tooling Market – By Geography

The North American region dominated the composite tooling market in 2021 with a market share of up to 32%. The high demand for composite tooling is attributed to the new product launch by various leading players in the region. For instance, in November 2019, Toray Advanced Composites introduced a superior prepreg system in California, US. The new prepreg system Toray TC346 provides a new flagship structural composite material for applications in the high-end automotive market. Similarly, in March 2021, US-based Hexcel Corporation showcased its new advanced composite innovations for customer applications in automotive, aerospace, recreation, wind energy, and marine markets at the JEC Composites Connect event. Such massive composite product innovations will increase the implementation of composite tooling in the North American region in the forecast period. The Asia-Pacific region will witness significant demand for composite tooling in the forecast period owing to the growing demand for making lightweight composite components in the region’s aerospace and automotive sector.

Composite Tooling Market Drivers

Increasing use of composites in the aerospace sector will drive market’s growth

The demand for efficient tooling of composite parts in aerospace is increasing with the expansion of the aerospace sector globally and this will drive the growth of the market. For instance, in September 2019, Solvay SA expanded its aerospace thermoplastic composite capacity through a new production line in the US to meet the strong demand from aerospace customers. Similarly, in July 2021, Hexcel Corporation along with the University of Applied Sciences Upper Austria developed a lightweight composite-based camera drone in Austria. Such innovations regarding increasing composite applications in the aerospace sector will increase the uses of composite tooling and this will drive the growth of the market in the forecast period.

Growing developments of composite parts for the automotive sector will drive the market’s growth

Composite tooling which involves processes such as vacuum bagging and injection molding is gaining traction in the global automotive sector owing to the growing demand for making lightweight composite components and attaining better fuel efficiency in vehicles. For instance, in December 2020, Teijin Automotive along with Continental Structural Plastics (CSP) introduced an innovative multi-material electric vehicle battery enclosure that can be molded in any number of Continental Structural Plastics proprietary composite formulations. Similarly, in May 2021, HP Composites joined hands with Sauber Engineering to develop and mass-produce carbon composite parts for the automotive sector. Such growing developments of composite parts for the automotive sector will stimulate the higher implementation of composite tooling and this will drive the growth of the market in the forecast period.

Direct Purchase @ https://www.industryarc.com/purchasereport.php?id=505573

Composite Tooling Market Challenges

The high production cycle time of composite tooling might hinder the market’s growth

The production cycle time of composite tooling is high which might affect the growth of the market in the forecast period. The lack of durability for high-volume runs has been a challenge in the market for years. Market players and research organizations focus on the reduction of production cycle time and enhance the overall composite tooling system through innovations. For instance, according to the European Commission’s September 2021 data, the European Union’s Horizon 2020 research and innovation program has approved funding for the new SEER project. This project will look for new composite tooling technology for enhancing productivity and reducing the curing cycle time. The requirement for composite tooling is increasing from several end-use industries but the high production cycle time of composite tooling is restricting the end-use composite parts manufacturers to ramp up the production process and this might affect the growth of the market in the forecast period.

Composite Tooling Market Industry Outlook

Investment in R&D activities, acquisitions, product and technology launches are key strategies adopted by players in the composite tooling market. Major players in the composite tooling market are:

1. Formaplex

2. Hexcel Corporation

3. TeijinAutomotive

4. Carbonpress S.p.A.

5. Solvay S.A

6. Janicki Industries

7. Metyx

8. ARRK Europe

9. Pentaxia

10. TPIComposites

11. Toray Advanced Composites

12. HP Composites and Others

Recent Developments

In June 2021, Solvay S.A collaborated with Italian UAM company Novotech to develop the structure of Novotech’s hybrid Seagull water landing aircraft using its thermoset and thermoplastic composites. Such developments will increase the higher uses of composite tooling in the forecast period and this will contribute to the growth of the market.

Key Takeaways:

Fiber-based composite tooling is leading the composite tooling market. This type of tool helps in designing complex composite shapes in a cost-effective way, making it an excellent choice in the market.

The automotive sector will drive the growth of the market in the forecast period. For instance, in January 2021, Carbonpress collaborated with Ingegneria Italia to provide advanced composite solutions to automotive customers.

The North American region will witness the highest demand for composite tooling in the forecast period owing to the increasing product innovation and launch by market players in this region. For instance, in May 2021, Hexcel Corporation announced the plan of building its flagship Center of Excellence for Research & Technology (R&T) that will support next-generation innovations in advanced composites technologies in Utah.

Relevant Reports

Composite Pipes Market 

https://www.industryarc.com/Report/19105/composite-pipes-market

For more Chemicals and Materials related reports, please click here

About IndustryARC:

IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to sales@industryarc.com to discuss more about our consulting services.

Media Contact
Company Name: IndustryARC
Contact Person: Mr. Venkat Reddy
Email: Send Email
Phone: (+1) 970-236-3677
Address:Madhapur
City: Hyderabad
Country: India
Website: https://www.industryarc.com/