Composite Tooling Market is Projected to reach USD 983.3 Million by 2034; Rising Investment in Next-gen Aircraft drives Demand: Report by TMR
Wilmington, Delaware, United States, Transparency Market Research. Inc. , July 02, 2024 (GLOBE NEWSWIRE) -- The composite tooling market was projected to attain US$ 528.0 million in 2023. It is likely to garner a 5.8% CAGR from 2024 to 2034, and by 2034, the market is expected to attain US$ 983.3 million.
Integration of automation and digital technologies, such as 3D printing and Industry 4.0, in composite tooling is a significant trend, enabling more precise and efficient production processes. Development and use of new composite materials, such as carbon fiber-reinforced composites, which offer superior performance characteristics, are on the rise.
The development of hybrid tooling solutions that combine traditional and composite materials to leverage the benefits of both can open new avenues for growth. Industries such as automotive and aerospace are increasingly focused on lightweighting initiatives to improve fuel efficiency and reduce emissions. Composite tooling plays a critical role in manufacturing lightweight components.
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Industries demand higher performance from their products, such as improved thermal stability, fatigue resistance, and impact resistance, which composites can provide. Advances in manufacturing processes and economies of scale are driving down the costs of raw materials used in composite tooling, making them more accessible.
Higher standards in quality control and consistency in manufacturing processes are promoting the use of composite tooling for its precision and reliability. Use of AI and machine learning to optimize the design and manufacturing processes of composite tooling, leading to improved efficiency and reduced waste.
Trend towards developing multi-material composites that combine different types of fibers and matrices to enhance specific properties like strength, flexibility, and thermal stability. The rise of Urban Air Mobility and electric vertical takeoff and landing (eVTOL) vehicles is creating new demands for composite tooling in the production of these advanced transportation solutions.
Increased use of high-temperature resins in composite tooling for applications requiring higher thermal performance. Expansion into medical and healthcare applications, where composites are used for prosthetics, implants, and medical device components, presents a significant growth opportunity.
Composite Tooling Market: Key Players
The competitive landscape of the composite tooling market is characterized by intense competition, technological innovation, and a focus on meeting the evolving needs of diverse industries.
Strategic partnerships, technological advancements, and a customer-centric approach are key factors driving success in this dynamic market. The following companies are well known participants in the composite tooling market:
- Hexcel Corporation
- Gurit Services AG
- Solvay
- TORAY INDUSTRIES INC.
- Axiom Materials
- Airtech Advanced Materials Group
- Janicki Industries, Inc.
- PARK AEROSPACE CORP
- SGL Carbon
Key Development
- In March 2024, Hexcel and Arkema forged a strategic alliance to engineer and produce an aerospace-grade composite structure demonstrator. Leveraging HexPly thermoplastic tapes, the collaboration utilized Arkema's Kepstan polyetherketoneketone (PEKK) resin and Hexcel's HexTow AS7 and IM7 carbon fibers. This partnership showcases a commitment to high-performance materials and innovative solutions tailored for aerospace applications.
Key Findings of the Market Report
- The growing robotics industry, which requires lightweight and high-strength materials, provides a new avenue for composite tooling applications.
- The construction industry’s move towards green building and sustainable construction practices opens opportunities for composite tooling in producing energy-efficient building materials.
- Increasing use of composites in the electronics and telecommunications industry for lightweight, durable, and heat-resistant components.
- The sporting goods industry’s demand for high-performance, lightweight equipment such as bicycles, tennis rackets, and golf clubs provides a growing market for composite tooling.
Market Trends for Composite Tooling
- By tooling material, the carbon fiber-reinforced polymer segment is anticipated to augment the growth of the composite tooling market.
- CFRP composites offer an excellent strength-to-weight ratio, making them highly desirable in industries such as aerospace, automotive, and wind energy, where reducing weight without compromising strength is crucial.
- In terms of form, the prepreg segment is expected to boost the market growth.
- Prepreg materials offer superior quality and consistency compared to fabrics because they are pre-impregnated with resin. This ensures a uniform resin distribution and reduces the chances of defects during the manufacturing process.
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Global Market for Composite Tooling: Regional Outlook
North America
- North America, particularly the United States, is a global leader in aerospace and defense. The high demand for lightweight, strong, and durable materials in this sector drives the growth of the composite tooling market.
- The push for fuel efficiency, emission reduction, and electric vehicles in the automotive industry leads to increased use of composite materials. Composite tooling is essential for manufacturing lightweight automotive components.
Asia Pacific
- Ongoing infrastructure projects and rapid urban development in Asia Pacific create a demand for durable, high-performance construction materials, boosting the composite tooling market.
- The thriving electronics and consumer goods industries in Asia Pacific require advanced composite materials for lightweight and durable products, driving the need for composite tooling.
Composite Tooling Market Segmentation
Tooling Material
- Carbon Fiber-reinforced Polymer (CFRP)
- Glass Fiber-reinforced Polymer (GFRP)
- Aramid Fiber-reinforced Polymer (AFRP)
- Other Fiber-reinforced Polymers
- Metal Alloys
- Others
Form
- Fabric
- Prepreg
End-use Industry
- Aerospace & Defense
- Automotive
- Wind Energy
- Marine
- Industrial
- Sporting Goods
- Construction
- Others
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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