Market Highlights
Tooling for the composites industry refers to the tool or mold used as a base for shaping or manufacturing composite parts. It helps to reproduce complex shapes or textured parts numerous times. It is the most important but under-appreciated silent partner behind every designed part. Tooling has been widely used to shape or texture the shapes/structures for various industries including aerospace & defense, wind energy, transportation, construction, etc.
Composite materials have increasingly been adopted by various industries owing to their noteworthy benefits such as weight reduction, high performance, and corrosion resistance. Tooling materials used for composite parts’ fabrication are crucial elements to get desired efficiency, shape, design, and mechanical performance. Cost of tooling increases with the increase in complexity, part surface finish, mold’s ability to withstand repeated production cycles, dimensional accuracy, and mold’s ability to withstand integral heating under autoclave or oven curing. The selection of tooling material is dependent on several factors such as curing temperatures, required longevity, cost, part size to be formed, and compatible coefficient of thermal expansion (CTE) with the part material.
Different materials used for toolings, such as tooling prepreg, aluminum, invar, infusion, and epoxy tooling board, have different degrees of impact amid the pandemic. Also, the impact varies from industry to industry. For instance, the demand for tooling materials in aerospace, transportation, marine, and industrial composite applications witnessed a severe decline, whereas wind energy was not impacted by the pandemic.
Overall, the tooling market for the composites industry recorded a colossal decline of -22.7% in 2020, creating a lag of 5 years in the market. However, the long-term market outlook looks promising backed by an expected recovery in the economy, the rebound of vehicle and aircraft production, increasing penetration of composites across end-use industries, an increasing number of wind turbine installations, and resumption of construction activities. As a result of that Stratview Research estimates the global tooling market for the composites industry may record an impressive CAGR of 7.9% over the next five years to reach US$ 1.6 Billion in 2026.
Market Segments' Analysis
Based on the material type, the tooling market for the composites industry is segmented as invar, aluminum, other metals, tooling prepreg, infusion, epoxy board, and others. Tooling prepreg is expected to remain the largest as well as the fastest-growing segment of the market during the forecast period due to its excellent properties including outstanding surface finish, higher output with limited labor, consistent thickness, and lower lay-up time. Aerospace is the biggest demand generator for tooling prepreg owing to its excellent coefficient of thermal expansion (CTE) match with fabricated composite parts.
Based on the end-use industry type, the market is segmented as aerospace, wind energy, marine, transportation, industrial, and others. Aerospace is expected to remain the dominant as well as the fastest-growing end-use industry type in the market during the forecast period. In the aerospace industry, wings, fuselage, control surfaces, nacelles, doors, ribs, spars, and stringers are the key applications of tooling. An expected recovery in commercial aircraft production, expected entries of COMAC and Irkut, returning in service of B737Max, and increasing penetration of composite materials will drive the demand for advanced composites and so will tooling materials.
Based on the usage type, the market is segmented as serial production and prototype. Serial production is likely to remain the dominant usage type during the forecast period, owing to its advantages such as an increase in productivity, uniformity, lower cost, and faster production cycle. The aerospace, wind energy, and transportation industries are the major users.
In terms of regions, North America is expected to remain the largest tooling market for the composites industry during the forecast period. The USA is the growth engine of the region’s market with the presence of major aircraft OEMs, tier players, raw material suppliers, and composite part manufacturers.
Asia-Pacific is likely to recoup at the fastest rate during the same period. The highest growth of Asia-Pacific is mainly attributable to the increasing aircraft fleet to support rising passenger traffic; the opening of assembly plants of Boeing and Airbus for multiple aircraft programs, upcoming indigenous aircraft, C919, and increase in wind turbine installation. There has been a growing presence of all the leading players in the key Asian markets to tap the growing market potential. China, Japan, and India are projected to be the growth engines of the region’s market.
Key Players
The following are the key players in the tooling market for the composites industry. Most of the major players are providing composite tools and tooling solutions to various industries.
- Ascent Aerospace (Part of AIP Aerospace Tooling Group)
- Janicki Industries, Inc.
- Toray Advanced Composites
- Hexcel Corporation
- Solvay SA
- Rampf Group, Inc.
- Sika Axson
- Weber Manufacturing Technologies Inc.
- Airtech Advanced Materials Group
- Huntsman Advanced Materials
- Gurit Holding AG
- Trelleborg AB
Research Methodology
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s tooling market realities and future market possibilities for the composites industry for the forecast period of 2021 to 2026. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
- Market structure: Overview, industry life cycle analysis, supply chain analysis.
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
- Market trend and forecast analysis.
- Market segment trend and forecast.
- Competitive landscape and dynamics: Market share, Product portfolio, New Product Launches, etc.
- Attractive market segments and associated growth opportunities.
- Emerging trends.
- Strategic growth opportunities for the existing and new players.
- Key success factors.
The tooling market for the composites industry is segmented into the following categories.
Tooling Market for the Composites Industry, by Material Type
- Invar (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Aluminum (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Other Metals (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Tooling Prepreg (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Infusion (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Epoxy Board (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Tooling Market for the Composites Industry, by End-Use Industry Type
- Aerospace (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Wind Energy (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Marine (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Transportation (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Industrial (Construction) (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Tooling Market for the Composites Industry, by Usage Type
- Prototype (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Serial Production (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Tooling Market for the Composites Industry, by Region
- North America (Country Analysis: the USA, Canada, and Mexico)
- Europe (Country Analysis: Germany, France, the UK, and Rest of Europe)
- Asia-Pacific (Country Analysis: Japan, China, India, and Rest of Asia-Pacific)
- Rest of the World (Country Analysis: Brazil, and Others)
Report Customization Options
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
- Detailed profiling of additional market players (up to three players)
- SWOT analysis of key players (up to three players)
Competitive Benchmarking
- Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances
Custom Research: Stratview research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to [email protected]
