Composite Tooling Market Trends and Forecasts
Lucintel finds that the future of composite materials material in the tooling market looks promising with opportunities in the wind energy, automotive, aerospace, marine, consumer goods, and construction industry. The global composite tooling material market is expected to reach an estimated $861 million by 2030 with a CAGR of 6% from 2023 to 2030. The major drivers for this market are increase in demand for light weight tools, decrease in lead time for part manufacturing, and increasing penetration of composite tooling in various end uses.
The raw materials are mainly composed of reinforcing fibers which have been selected due to the fact that they exhibit strength and stability in dimensions. In order to be held together and acquire proposed structural integrity, these fibers are “soaked” with resin systems like epoxy, polyester or vinyl ester. There is also an addition of additives and fillers that enable other characteristics like heat resistance, stiffness and surface finish so as to how these properties can be used for respective requirements in relation to tooling applications in areas such as aerospace, automotive or even manufacturing.
• Lucintel forecasts that wind energy will remain the largest application and it is also expected to witness highest growth over the forecast period due to increasing wind MW installation in US and Asia Pacific region and increase in length of blade.
• North America is expected to remain the largest region over the forecast period due to growth in wind energy, aerospace, and marine industry. ROW is expected to witness highest growth over the forecast period.
Country wise Outlook for the Composites Tooling Market
Emerging Trends in the Composites Tooling Market
1. Advanced Materials Development: The resin formulations and fiber reinforcements used to improve tooling performance by increasing dimensional stability, thermal properties have been advanced.
2. Increase in Additive Manufacturing: Increased uptake of rapid prototyping and manufacture of composite employing additive manufacturing methods like 3D Printing for complex geometries tooling.
3. Hybrid Tooling Solutions: Hybridizing traditional metallic tooling with composites in order to achieve cost efficiency benefits and weight savings is a new trend in this industry.
4. Digital Design and Simulation: Utilization of computer-aided design (CAD) tools and simulators forms part of the design process that is aimed at enhancing accuracy and achieving faster product development life cycles using such digital tools as computer-aided engineering (CAE).
5. Sustainability Initiatives: In an effort to mitigate their effects on environmental balances, it is possible for tool manufacturing processes to be eco-friendly through the use of recyclable materials as well as biodegradable resins since manufacturers are increasingly focusing on sustainability in their settings.
These trends indicate a shift towards more sustainable, innovative, and technologically advanced solutions in the composites tooling industry to meet evolving consumer and regulatory demands globally.
A total of 82 figures / charts and 58 tables are provided in this 150 -page report to help in your business decisions. Sample figures with some insights are shown below.
Recent Developments in the Composites Tooling Market
manufacturing practices to reduce waste and environmental impact so as to comply with global sustainability goals.
Strategic Growth Opportunities for Composite Materials in the Tooling Market
The composite materials in the tooling market is very dynamic due to its unique properties of being lightweight, strong and thermally stable. Some key strategic growth opportunities for this market include:
Expansion in Aerospace and Defense
• Lightweight and High Strength: Aerospace manufacturing has a high demand for lightweight and high strength materials to make fuel-efficient airplanes and defense systems that will last long.
• Advanced Manufacturing Processes: Use the resources of such processes as automated tape laying (ATL) and automated fiber placement (AFP) in improving the quality of production.
Growth in Automotive Sector
• Electric Vehicles (EVs): Focus on supplying composite tooling materials to EV manufacturers where lighter weight is crucial in increasing battery life and vehicle range.
• Mass Production Capabilities: Provide composite tooling solutions that support mass production of automotive components, thus enabling scalability and efficiency in this industry.
Renewable Energy Applications
• Wind Turbine Blades: The wind energy sector can be served by producing composite tooling materials for manufacturing these large, strong, yet light blades.
• Solar Panel Frames: Composite tooling materials can be used in making lightweight solar panel frames and supports. These are utilized when producing those that are durable from solar energy sector point of view.
Medical and Sports Equipment
• High-Performance Sports Gear: Therefore, sports equipment like bicycles, tennis rackets or golf clubs require ultra-lightweight ultra-strong performance material to allow the players to increase their chances of winning games by coming out better than any other sportsman using ordinary equipment..
• Medical Devices: As a result of this, new markets should open up by creating composites molding compounds which have been developed for lightness strength but resist corrosion for medical devices as well as instruments.
Technological Advancements
• Innovative Materials: Newer forms of hybrid composites or high temperature resistant composites are some examples of innovative composite materials whose development would help them meet future demands arising from different industries.
• Digital Manufacturing: So designs could be turned into precision machined parts through additive manufacturing techniques like 3D printing or moulds for thermoplastic injection moulding by digitalized manufacturing systems.
Global Market Expansion
• Emerging Markets: Expanding into emerging markets in Asia-Pacific, Latin America, and the Middle East which are rapidly industrializing and focusing on developing infrastructures to raise the demand for advanced materials.
• Local Partnerships: To penetrate these niche markets, strategic alliances should be established with local manufacturers and distributors where knowledge of the market is critical.
Sustainability and Environmental Impact
• Recyclable Composites: They are also useful for coming up with composite tooling materials that can be recycled as this is important reason why markets have continued to grow in recent years due to increased awareness regarding recycling environmentally friendly products by governments.
• Eco-Friendly Manufacturing: Moreover, a more environmentally friendly approach to fabricating composite tooling such as eco-friendly manufacturing process will help win over clients who concern about climate change and environmental concerns while ensuring compliance with several legislations.
Composite Materials in the Tooling Market Driver and Challenges
The driving force behind the composites in the tooling material market is the increasing need for lightweight and long-lasting tooling for use across sectors such as aerospace, automotive, and renewable energy. These materials have a better strength-to-weight ratio than all others thus enabling complex part geometries to be formed. The number of challenges that face widespread adoption include their high initial costs, complexities in manufacturing processes as well as specialized skills required. To overcome these challenges and sustain growth on the market it is necessary to innovate within materials and manufacturing technologies.
The drivers of composites in the tooling material market include:
1.Lightweight and High Strength: Composites are adopted in tooling applications due to increasing demand by industries include aerospace, automotive, and wind energy for light weight materials with high strength-to-weight ratios.
2.Complex Geometry Capability: By allowing production of complex geometries and intricate molds not possible with conventional materials such as metals; composite enhances design flexibility.
3.Cost Efficiency: Low cost production through reduced material wastage during manufacturing process, lesser energy usage when compared to metal tooling has made composites be used more widely.
Challenges in Composite Materials in Tooling Market:
1.High Initial Costs: Comparatively large investments are usually made during purchase of composite tooling materials, equipment and training of workers compared to traditional metal tools.
2.Process Complexity: The skill acquisition and workforce training challenges posed by composite tooling’s requirement for specialized expertise in Design, Manufacturing & Maintenance.
Materials innovation is at a tipping point for composites in the tooling market. However, there are obstacles such as huge upfront costs or regulatory requirements that present challenges including difficulties related to labor supply. Ensuring sustainability via embracing sustainability initiatives coupled with improving hybridization will ease these obstacles while meeting evolving industry demands effectively.
Global Composites Tooling Suppliers and Their Market Shares
In this globally competitive market, several key players such as, Gurit, Solvay S.A, Hexcel Corporation, Airtech Advanced Materials Group, and Toray and etc. dominate the market and contribute to industry’s growth and innovation. These players capture maximum market share. To know the current market share of each of major players, contact us.
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies carbon fiber companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the global composites tooling companies profiled in this report include.
• Gurit
• Solvay S.A
• Hexcel Corporation
• Airtech Advanced Materials Group
• Toray
These companies have established themselves as leaders in the global composites tooling industry with extensive product portfolios, global presence, and strong research and development capabilities. They continually strive to enhance their market positions through strategic partnerships, mergers and acquisitions, and product innovations.
The market share dynamics within the global composites tooling market are evolving, with the entry of new players and the emergence of innovative technologies. Additionally, collaborations between material suppliers, manufacturers, and end-users are fostering technological advancements and expanding market opportunities.
Composite Materials in the Tooling Market by Segment
Aerospace and automotive industries are some of the key areas in composites tooling market where major segments are experiencing expansion. The aerospace sector needs light but strong tools to make planes. Similarly, the car industry uses composites tooling in producing weightless components for autonomous and electric vehicles.
This composites tooling market report provides a comprehensive analysis of the marketÄX%$%Xs current trends, growth drivers, challenges, and future prospects in all major segments like above. It covers various segments, including end use, material form, and raw material. The report offers insights into regional dynamics, highlighting the major markets for global composites tooling and their growth potentials. The study includes trends and forecast for the composites in global composites tooling market by end use, material form, raw material and region as follows:
Composite Materials in the Tooling Market by End Use [Volume (M lbs) and Value ($ Million) from 2018 to 2030]:
• Transportation
• Marine
• Wind Energy
• Aerospace
• Construction
• Consumer Goods
• Others
Composite Materials in the Tooling Market by Raw Material [Volume (M lbs) and Value ($ Million) from 2018 to 2030]:
• Glass Fiber
• Carbon Fiber
• Epoxy Resin
• BMI Resin
• Others
Composite Materials in the Tooling Market by Material Form [Volume (M lbs) and Value ($ Million) from 2018 to 2030]:
• Fabric
• Prepreg
Composite Materials in the Tooling Market by Region [Volume (M lbs) and Value ($ Million) from 2018 to 2030]:
• North America
• Europe
• Asia Pacific
• ROW
Features of Global Composites Tooling Market
• Market size estimates: Composites materials in tooling market size estimation in terms of value ($M) and volume (M lbs) shipment.
• Trend and forecast analysis: Market trend (2018-2023) and forecast (2024-2030) by end use, material form, raw material .
• Segmentation analysis: Composites materials in tooling market size by various applications such as end use, raw material, and material form type in terms of value and volume shipment.
• Regional analysis: Composites materials in tooling market breakdown by North America, Europe, Asia Pacific, and the Rest of the World.
• Growth opportunities: Analysis on growth opportunities in different applications and regions of composites materials in tooling market.
• Strategic analysis: This includes M&A, new product development, and competitive landscape of composites materials in tooling market.
• Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
If you are looking to expand your business in composites materials in tooling market or adjacent markets, then contact us. We have done hundreds of strategic consulting projects in market entry, opportunity screening, due diligence, supply chain analysis, M & A, and more.
FAQ
Q1. What is the composites material in tooling market size?
Answer: The global balsa core material market is expected to reach an estimated $861 million by 2030.
Q2. What is the growth forecast for composites material in tooling market?
Answer: The balsa core material market is expected to grow at a CAGR of 6% from 2023 to 2030.
Q3. What are the major drivers influencing the growth of the composites material in tooling market?
Answer: The major drivers for this market are complex geometry capability, lightweight and high strength, and cost efficiency
Q4. What are the major end uses for composites material in tooling market?
Answer: Wind Energy and Aerospace are the major end uses for composites material in the tooling market.
Q5. What are the emerging trends in composites material in tooling market?
Answer: Emerging trends, which have a direct impact on the dynamics of the industry, includes adoption of hybrid core solutions, rising demand for advanced processing technologies, sustainable and ethical sourcing, increasing use in renewable energy, and technological integration.
Q6. Who is the key composites material in the tooling companies?
Answer: Some of the key balsa core companies are as follows:
• Gurit
• Solvay S.A
• Hexcel Corporation
• Airtech Advanced Materials Group
• Toray
Q7. In composites material in the tooling market, which region is expected to be the largest in next 7 years?
Answer: North America is expected to remain the largest region over next 7 years
Q8. Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% Customization Without any Additional Cost.
This report answers following 10 key questions
Q1.What are some of the most promising, high-growth areas of composite materials in the tooling market by application (transportation, marine, wind energy, aerospace, construction, consumer goods, and others), raw material (glass fiber, carbon fiber, epoxy, BMI, and others), material form (fabric and prepreg), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q2.Which application segments will grow at a faster pace and why?
Q3.Which region will grow at a faster pace and why?
Q4.What are the key factors affecting market dynamics? What are the drivers and challenges of composite materials in the tooling market?
Q5.What are the business risks and competitive threats of composite materials in the tooling market?
Q6.What are emerging trends of composite materials in the tooling market and the reasons behind them?
Q7.What are some changing demands of customers of composite materials in the tooling market?
Q8.What are the new developments of composite materials in the tooling market and which companies are leading these developments?
Q9.Who are the major players of composite materials in the tooling market? What strategic initiatives are being implemented by key players for business growth?
Q10. What are some of the competitive products of composite materials in the tooling market and how great of a threat do they pose for loss of market share through product substitution?
Q11. What M & A activities have transpired in the last 5 years of composite materials in the tooling market and how have they affected the industry?