Composite Tooling Market - Forecast(2023 - 2028)

Report Code: CMR 13480 Report Format: PDF + Excel

Composite Tooling Market Overview

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. 

Report Coverage 

The report: Composite Tooling Market Forecast (2022-2027)”, by IndustryARC, covers an in-depth analysis of the following segments of the Composite Tooling Industry.

By Material Type: Fiber, Carbon, Glass, Aramid, Resin, Thermoplastics, Polyetheretherketone, Polysulfones, Polyetherimide, Polyetherketoneketone, Thermosets, Epoxy, Phenolic, Polyamides, Polyester, Bismaleimide, Others.
By Form: Fabric, Prepreg.
By End Use Industry: Aerospace and Defense, Automotive, Construction, Industrial, Marine, Consumer Goods, Wind Energy, Healthcare, Electrical and Electronics, Others.
By Geography: North America (USA, Canada, Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Australia, and New Zealand, Indonesia, Taiwan, Malaysia, Rest of Asia Pacific), South America (Brazil, Argentina, Colombia and Rest of South America), and RoW (Middle East and Africa). 

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.

Figure: North America Composite Tooling Market Revenue, 2021-2027 (US$ Billion


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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. 

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. 

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. Teijin Automotive
  4. Carbonpress S.p.A.
  5. Solvay S.A
  6. Janicki Industries
  7. Metyx
  8. ARRK Europe
  9.  Pentaxia
  10. TPI Composites
  11. Toray Advanced Composites
  12. HP Composites
  13. 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.

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1. Composite Tooling Market- Market Overview
    1.1 Definitions and Scope
2. Composite Tooling Market- Executive Summary
    2.1 Key Trends by Material Type
    2.2 Key Trends by Form
    2.3 Key Trends by End Use Industry
    2.4 Key Trends by Geography
3. Composite Tooling Market- Comparative analysis
    3.1 Market Share Analysis- Major Companies
    3.2 Product Benchmarking- Major Companies
    3.3 Top 5 Financials Analysis
    3.4 Patent Analysis- Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4. Composite Tooling Market- Startup companies Scenario Premium Premium 
    4.1 Major startup company analysis:
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Product portfolio
        4.1.4 Venture Capital and Funding Scenario
5. Composite Tooling Market– Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing business index
    5.3 Successful Venture Profiles
    5.4 Customer Analysis - Major companies
6. Composite Tooling Market- Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters five force model
        6.3.1 Bargaining power of suppliers
        6.3.2 Bargaining powers of customers
        6.3.3 Threat of new entrants
        6.3.4 Competitive Rivalry
        6.3.5 Threat of substitutes
7. Composite Tooling Market-Strategic analysis
    7.1 Value chain analysis
    7.2 Opportunities analysis
    7.3 Product/Market life cycle
    7.4 Distributors Analysis - Major Companies
8. Composite Tooling Market– By Material Type (Market Size -US$ Million, Billion)
    8.1 Fiber
        8.1.1 Carbon
        8.1.2 Glass
        8.1.3 Aramid
        8.1.4 Others
    8.2 Resin
        8.2.1 Thermoplastics
            8.2.1.1 Polyetheretherketone
            8.2.1.2 Polysulfones
            8.2.1.3 Polyetherimide
            8.2.1.4 Polyetherketoneketone
            8.2.1.5 Others
        8.2.2 Thermosets
            8.2.2.1 Epoxy
            8.2.2.2 Phenolic 
            8.2.2.3 Polyamides
            8.2.2.4 Polyester
            8.2.2.5 Bismaleimide
            8.2.2.6 Others
    8.3 Others
9. Composite Tooling Market– By Form (Market Size -US$ Million, Billion)
    9.1 Fabric
    9.2 Prepreg
10. Composite Tooling Market– By End Use Industry (Market Size -US$ Million, Billion)
    10.1 Aerospace and Defense
    10.2 Automotive
    10.3 Construction
    10.4 Industrial
    10.5 Marine
    10.6 Consumer Goods
    10.7 Wind Energy
    10.8 Healthcare
    10.9 Electrical and Electronics
    10.10 Others
11. Composite Tooling Market - By Geography (Market Size -US$ Million / Billion)
    11.1 North America
        11.1.1 USA
        11.1.2 Canada
        11.1.3 Mexico
    11.2 Europe
        11.2.1 UK
        11.2.2 Germany
        11.2.3 France
        11.2.4 Italy
        11.2.5 Netherlands
        11.2.6 Spain
        11.2.7 Russia
        11.2.8 Belgium
        11.2.9 Rest of Europe
    11.3 Asia Pacific
        11.3.1 China
        11.3.2 Japan
        11.3.3 India
        11.3.4 South Korea
        11.3.5 Australia and New Zealand
        11.3.6 Indonesia
        11.3.7 Taiwan
        11.3.8 Malaysia
        11.3.9 Rest of Asia Pacific
    11.4 South America
        11.4.1 Brazil
        11.4.2 Argentina
        11.4.3 Colombia
        11.4.4 Chile
        11.4.5 Rest of South America
    11.5 ROW
        11.5.1 Middle East
            11.5.1.1 Saudi Arabia
            11.5.1.2 UAE
            11.5.1.3 Israel
            11.5.1.4 Rest of Middle East
        11.5.2 Africa
            11.5.2.1 South Africa
            11.5.2.2 Nigeria
            11.5.2.3 Rest of Africa
12. Composite Tooling Market-Entropy
    12.1 New Product Launches
    12.2 M&A’s, Collaborations, JVs and Partnerships
13. Composite Tooling Market-Industry/Segment Competition Landscape Premium
    13.1 Company Benchmarking Matrix- Major Companies
    13.2 Market Share at Global Level- Major companies
    13.3 Market Share by Key Region- Major companies
    13.4 Market Share by Key Country- Major companies
    13.5 Market Share by Key Application - Major companies
    13.6 Market Share by Key Product Type/Product category- Major companies
14. Composite Tooling Market- Key Company List by Country Premium Premium 
15. Composite Tooling Market Company Analysis- Business Overview, Product Portfolio, Financials, and Developments
    15.1 Company 1
    15.2 Company 2
    15.3 Company 3
    15.4 Company 4
    15.5 Company 5
    15.6 Company 6
    15.7 Company 7
    15.8 Company 8
    15.9 Company 9
    15.10 Company 10 and more
"*Financials would be provided on a best efforts basis for private companies"

LIST OF TABLES

1.Global Composite Tooling Market, By Resin Type Market 2019-2024 ($M)
1.1 Epoxy Market 2019-2024 ($M) - Global Industry Research
1.2 Bmi Market 2019-2024 ($M) - Global Industry Research
2.Global Composite Tooling Market, By Fiber Type Market 2019-2024 ($M)
2.1 Glass Fiber Market 2019-2024 ($M) - Global Industry Research
2.2 Carbon Fiber Market 2019-2024 ($M) - Global Industry Research
2.2.1 Continuous Carbon Fiber Market 2019-2024 ($M)
2.2.2 Chopped Carbon Fiber Market 2019-2024 ($M)
3.Global Composite Tooling Market, By Form Type Market 2019-2024 ($M)
3.1 Fabric Market 2019-2024 ($M) - Global Industry Research
3.2 Prepreg Market 2019-2024 ($M) - Global Industry Research
4.Global Composite Tooling Market, By Resin Type Market 2019-2024 (Volume/Units)
4.1 Epoxy Market 2019-2024 (Volume/Units) - Global Industry Research
4.2 Bmi Market 2019-2024 (Volume/Units) - Global Industry Research
5.Global Composite Tooling Market, By Fiber Type Market 2019-2024 (Volume/Units)
5.1 Glass Fiber Market 2019-2024 (Volume/Units) - Global Industry Research
5.2 Carbon Fiber Market 2019-2024 (Volume/Units) - Global Industry Research
5.2.1 Continuous Carbon Fiber Market 2019-2024 (Volume/Units)
5.2.2 Chopped Carbon Fiber Market 2019-2024 (Volume/Units)
6.Global Composite Tooling Market, By Form Type Market 2019-2024 (Volume/Units)
6.1 Fabric Market 2019-2024 (Volume/Units) - Global Industry Research
6.2 Prepreg Market 2019-2024 (Volume/Units) - Global Industry Research
7.North America Composite Tooling Market, By Resin Type Market 2019-2024 ($M)
7.1 Epoxy Market 2019-2024 ($M) - Regional Industry Research
7.2 Bmi Market 2019-2024 ($M) - Regional Industry Research
8.North America Composite Tooling Market, By Fiber Type Market 2019-2024 ($M)
8.1 Glass Fiber Market 2019-2024 ($M) - Regional Industry Research
8.2 Carbon Fiber Market 2019-2024 ($M) - Regional Industry Research
8.2.1 Continuous Carbon Fiber Market 2019-2024 ($M)
8.2.2 Chopped Carbon Fiber Market 2019-2024 ($M)
9.North America Composite Tooling Market, By Form Type Market 2019-2024 ($M)
9.1 Fabric Market 2019-2024 ($M) - Regional Industry Research
9.2 Prepreg Market 2019-2024 ($M) - Regional Industry Research
10.South America Composite Tooling Market, By Resin Type Market 2019-2024 ($M)
10.1 Epoxy Market 2019-2024 ($M) - Regional Industry Research
10.2 Bmi Market 2019-2024 ($M) - Regional Industry Research
11.South America Composite Tooling Market, By Fiber Type Market 2019-2024 ($M)
11.1 Glass Fiber Market 2019-2024 ($M) - Regional Industry Research
11.2 Carbon Fiber Market 2019-2024 ($M) - Regional Industry Research
11.2.1 Continuous Carbon Fiber Market 2019-2024 ($M)
11.2.2 Chopped Carbon Fiber Market 2019-2024 ($M)
12.South America Composite Tooling Market, By Form Type Market 2019-2024 ($M)
12.1 Fabric Market 2019-2024 ($M) - Regional Industry Research
12.2 Prepreg Market 2019-2024 ($M) - Regional Industry Research
13.Europe Composite Tooling Market, By Resin Type Market 2019-2024 ($M)
13.1 Epoxy Market 2019-2024 ($M) - Regional Industry Research
13.2 Bmi Market 2019-2024 ($M) - Regional Industry Research
14.Europe Composite Tooling Market, By Fiber Type Market 2019-2024 ($M)
14.1 Glass Fiber Market 2019-2024 ($M) - Regional Industry Research
14.2 Carbon Fiber Market 2019-2024 ($M) - Regional Industry Research
14.2.1 Continuous Carbon Fiber Market 2019-2024 ($M)
14.2.2 Chopped Carbon Fiber Market 2019-2024 ($M)
15.Europe Composite Tooling Market, By Form Type Market 2019-2024 ($M)
15.1 Fabric Market 2019-2024 ($M) - Regional Industry Research
15.2 Prepreg Market 2019-2024 ($M) - Regional Industry Research
16.APAC Composite Tooling Market, By Resin Type Market 2019-2024 ($M)
16.1 Epoxy Market 2019-2024 ($M) - Regional Industry Research
16.2 Bmi Market 2019-2024 ($M) - Regional Industry Research
17.APAC Composite Tooling Market, By Fiber Type Market 2019-2024 ($M)
17.1 Glass Fiber Market 2019-2024 ($M) - Regional Industry Research
17.2 Carbon Fiber Market 2019-2024 ($M) - Regional Industry Research
17.2.1 Continuous Carbon Fiber Market 2019-2024 ($M)
17.2.2 Chopped Carbon Fiber Market 2019-2024 ($M)
18.APAC Composite Tooling Market, By Form Type Market 2019-2024 ($M)
18.1 Fabric Market 2019-2024 ($M) - Regional Industry Research
18.2 Prepreg Market 2019-2024 ($M) - Regional Industry Research
19.MENA Composite Tooling Market, By Resin Type Market 2019-2024 ($M)
19.1 Epoxy Market 2019-2024 ($M) - Regional Industry Research
19.2 Bmi Market 2019-2024 ($M) - Regional Industry Research
20.MENA Composite Tooling Market, By Fiber Type Market 2019-2024 ($M)
20.1 Glass Fiber Market 2019-2024 ($M) - Regional Industry Research
20.2 Carbon Fiber Market 2019-2024 ($M) - Regional Industry Research
20.2.1 Continuous Carbon Fiber Market 2019-2024 ($M)
20.2.2 Chopped Carbon Fiber Market 2019-2024 ($M)
21.MENA Composite Tooling Market, By Form Type Market 2019-2024 ($M)
21.1 Fabric Market 2019-2024 ($M) - Regional Industry Research
21.2 Prepreg Market 2019-2024 ($M) - Regional Industry Research

LIST OF FIGURES

1.US Composite Tooling Market Revenue, 2019-2024 ($M)
2.Canada Composite Tooling Market Revenue, 2019-2024 ($M)
3.Mexico Composite Tooling Market Revenue, 2019-2024 ($M)
4.Brazil Composite Tooling Market Revenue, 2019-2024 ($M)
5.Argentina Composite Tooling Market Revenue, 2019-2024 ($M)
6.Peru Composite Tooling Market Revenue, 2019-2024 ($M)
7.Colombia Composite Tooling Market Revenue, 2019-2024 ($M)
8.Chile Composite Tooling Market Revenue, 2019-2024 ($M)
9.Rest of South America Composite Tooling Market Revenue, 2019-2024 ($M)
10.UK Composite Tooling Market Revenue, 2019-2024 ($M)
11.Germany Composite Tooling Market Revenue, 2019-2024 ($M)
12.France Composite Tooling Market Revenue, 2019-2024 ($M)
13.Italy Composite Tooling Market Revenue, 2019-2024 ($M)
14.Spain Composite Tooling Market Revenue, 2019-2024 ($M)
15.Rest of Europe Composite Tooling Market Revenue, 2019-2024 ($M)
16.China Composite Tooling Market Revenue, 2019-2024 ($M)
17.India Composite Tooling Market Revenue, 2019-2024 ($M)
18.Japan Composite Tooling Market Revenue, 2019-2024 ($M)
19.South Korea Composite Tooling Market Revenue, 2019-2024 ($M)
20.South Africa Composite Tooling Market Revenue, 2019-2024 ($M)
21.North America Composite Tooling By Application
22.South America Composite Tooling By Application
23.Europe Composite Tooling By Application
24.APAC Composite Tooling By Application
25.MENA Composite Tooling By Application
26.Gurit Holding Ag, Sales /Revenue, 2015-2018 ($Mn/$Bn)
27.Royal Tencate N V, Sales /Revenue, 2015-2018 ($Mn/$Bn)
28.Hexcel Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
29.Airtech Advanced Material Group, Sales /Revenue, 2015-2018 ($Mn/$Bn)
30.Solvay S A, Sales /Revenue, 2015-2018 ($Mn/$Bn)
31.Janicki Industries, Inc, Sales /Revenue, 2015-2018 ($Mn/$Bn)
32.Formaplex, Sales /Revenue, 2015-2018 ($Mn/$Bn)
33.Hydrojet, Inc, Sales /Revenue, 2015-2018 ($Mn/$Bn)
34.Machinists, Inc, Sales /Revenue, 2015-2018 ($Mn/$Bn)
35.Aip Aerospace, Llc, Sales /Revenue, 2015-2018 ($Mn/$Bn)