Global Composite Tooling Market Overview
The Composite Tooling Market Size was estimated at 13.43 (USD Billion) in 2022.The Composite Tooling Industry is expected to grow from 14.76(USD Billion) in 2023 to 34.47 (USD Billion) by 2032. The Composite Tooling Market CAGR (growth rate) is expected to be around 9.89% during the forecast period (2024 - 2032).
Key Composite Tooling Market Trends Highlighted
The Composite Tooling Market is enjoying robust growth worldwide as the demand for lightweight and strong materials increases in industries such as aerospace and automotive, among others. Leading market trends are the increasing need for fuel efficiency and compliance with strict pollution norms. Risks associated with developing ultra-lightweight composite parts for electric cars and developing environmentally friendly composite tooling technologies are also opportunities. Current advancements include the enhancement of robotized composite tooling, the application of additive production technologies for fabricating intricate tooling, and the implementation of green materials.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Composite Tooling Market Drivers
Increasing Demand for Lightweight and High-Performance Composites in Aerospace and Automotive Industries
The aerospace and automotive industries are major drivers of the growth of the Composite Tooling Market Industry. Composite materials are increasingly being used in aircraft and automobiles due to their lightweight, high strength, and durability. This is in line with the growing demand for fuel-efficient and lightweight vehicles, as well as the need for improved performance and safety in the aerospace industry. As a result, there is a growing demand for composite tooling that can be used to manufacture these composite components.The Composite Tooling Market Industry is expected to grow significantly over the next few years as the aerospace and automotive industries continue to adopt composite materials.
Rising Adoption of Composite Tooling in Wind Energy and Marine Applications
The wind energy and marine industries are also major drivers of the growth of the Composite Tooling Market Industry. Composite materials are being increasingly used in wind turbine blades and marine vessels due to their lightweight, corrosion resistance, and ability to withstand harsh environments. This is in line with the growing demand for renewable energy and the need for more efficient and durable marine vessels. As a result, there is a growing demand for composite tooling that can be used to manufacture these composite components.The Composite Tooling Market Industry is expected to grow significantly over the next few years as the wind energy and marine industries continue to adopt composite materials.
Government Regulations and Standards for Composite Tooling
The growth of the Composite Tooling Market Industry is also driven by government regulations and standards. In this regard, it is important to note that governments across the world are increasingly implementing regulations and, in extensions, standards that define when composite materials will be used in various applications. Therefore, because safety concerns have currently become a central discourse, it is apparent that the current and expected growth of the industry would be facilitated by a shift towards safety.This is because such a shift results in a growing demand for composite tooling to produce components that meet set regulations and standards, which in turn accelerates the growth of the industry. The growth of the Composite Tooling Market Industry is also anticipated in the coming years through a 70% increase in the use of composites to produce new aircraft. This would result in an additional 135,000 aircraft, and 58,000 of such will be introduced in the Asia-Pacific region.
Composite Tooling Market Segment Insights
Composite Tooling Market Composite Tooling Type Insights
The Composite Tooling Market is segmented based on Composite Tooling Type into Matched Metal Tooling, Invar Tooling, Composite Tooling, and Kirksite Tooling. The Composite Tooling segment dominated this market segment with a Market Share of 45.00% in 2023 and is poised to lead till the end of the period of assessment. Demand for lightweight and durable tooling solutions in various end-use industries, such as aerospace and transportation, has fueled the growth of Composite Tooling. It is highly beneficial if compared to conventional tooling materials as they are lightweight, durable, and offer better surface finish.Composite Tooling is made using carbon fiber-reinforced polymers or CFRP and glass fiber-reinforced polymers or GFRP and offers outstanding strength-to-weight ratio and wear and tear resistance. These tools help manufacturers fabricate complex shapes and forms that are unachievable by conventional tools. Growing demand for lightweight and high-strength tooling in various industry verticals combined with the increasing use of composite materials has benefitted the composite tooling market. Requirement for fuel efficiency and reduced carbon foot print in vehicle is expected to increase the demand in aerospace and automobile applications.Currently, the Composite Tooling Type segment offers huge growth opportunities to the existing as well as new Market Participants. Increased adoption of composite materials in various applications and different end users combined with advancements in manufacturing technologies are considered to be the prominent drivers for the growth of the Composite Tooling Type segment for the next decade.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Composite Tooling Market Raw Material Insights
The Composite Tooling Market is segmented based on raw material into carbon fiber reinforced polymer, glass fiber reinforced polymer, aramid fiber reinforced polymer, and thermoplastic composite. Among these, the carbon fiber reinforced polymer segment is expected to hold the largest market share during the forecast period. Carbon fiber reinforced polymers offer high strength, stiffness, and lightweight properties, making them suitable for various applications in the aerospace, automotive, and other industries. The glass fiber reinforced polymer segment is also projected to witness significant growth due to its cost-effectiveness and ease of processing.In 2023, the Composite Tooling Market for carbon fiber reinforced polymer was valued at 4.25 billion USD and is projected to reach 7.84 billion USD by 2030, growing at a CAGR of 7.9%. The market for glass fiber reinforced polymer was valued at 3.56 billion USD in 2023 and is expected to reach 6.42 billion USD by 2030, exhibiting a CAGR of 8.3%. Aramid fiber reinforced polymer is anticipated to grow from 1.92 billion USD in 2023 to 3.47 billion USD by 2030, with a CAGR of 8.7%. Thermoplastic composite is projected to grow from 1.67 billion USD in 2023 to 3.01 billion USD by 2030, with a CAGR of 8.5%.The growth of the composite tooling market is attributed to the increasing demand for lightweight and durable materials in various industries. Composite tooling offers advantages such as high strength-to-weight ratio, corrosion resistance, and design flexibility. The growing adoption of composites in the aerospace industry, particularly for aircraft components, is expected to drive the demand for composite tooling. The automotive industry is also witnessing increased use of composites for lightweight and fuel-efficient vehicles. Additionally, the growing demand for composite tooling in the construction, marine, and wind energy sectors is expected to contribute to market growth.
Composite Tooling Market Tooling Application Insights
The Tooling Application segment plays a critical role in the Composite Tooling Market. In 2023, the Aerospace & Defense segment held the largest market share, driven by the increasing demand for lightweight and high-strength materials in aircraft manufacturing. The Automotive Transportation segment is projected to witness significant growth over the forecast period due to the rising adoption of composite materials in vehicle production. The Marine segment is poised to expand at a steady pace, fueled by the growing demand for composite materials in boat building and repair.The Wind Energy segment is expected to gain traction as wind power generation becomes more prevalent. The Medical segment is anticipated to grow at a moderate rate, supported by the rising demand for composite materials in medical devices and prosthetics. Overall, the Composite Tooling Market is poised for robust growth, driven by the increasing adoption of composite materials across various industries.
Composite Tooling Market Molding Process Insights
The Composite Tooling Market is expected to reach USD 34.47 billion by 2032, exhibiting a CAGR of 9.89% during the forecast period. The molding process is a crucial segmentation in the composite tooling market. Key molding processes include open molding, closed molding, vacuum infusion, and resin transfer molding (RTM). Open molding is a simple and cost-effective process suitable for low-volume production. Closed molding, on the other hand, offers higher quality and precision but requires more complex tooling and higher investment. Vacuum infusion involves infusing resin into a mold under vacuum, resulting in excellent surface finish and reduced void content.RTM involves injecting resin into a closed mold under pressure, providing high strength and dimensional accuracy. The choice of molding process depends on factors such as product complexity, production volume, and desired quality and performance.
Composite Tooling Market Regional Insights
Regionally, North America currently dominates the market, accounting for over 35% of the global revenue in 2023. The region's dominance is attributed to the presence of major aerospace and automotive industries, along with government support for advanced manufacturing initiatives. Europe is another significant market, driven by the strong presence of automotive and wind energy industries. The APAC region is anticipated to witness substantial growth over the coming years, fueled by rising demand from the aerospace and automotive sectors in emerging economies like China and India.South America and MEA are expected to contribute modest shares to the overall market, with growth opportunities in the automotive and construction industries.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Composite Tooling Market Key Players And Competitive Insights
Major players in the Composite Tooling Market industry are constantly striving to gain a competitive edge over their rivals. Leading Composite Tooling Market players adopt various strategies, including product innovation, expansion into new markets, and mergers and acquisitions, to strengthen their position in the market. The Composite Tooling Market is highly competitive, with a number of key players operating on a global scale. These players are vying for market share by offering innovative products and services, as well as by expanding into new geographical markets. The Composite Tooling Market industry is expected to witness significant consolidation in the years to come as smaller players are acquired by larger, more established companies.The Composite Tooling Market Competitive Landscape is characterized by the presence of a few large, well-established players and a number of smaller, niche players. The leading players in the market include Hexcel Corporation, Chomarat Group, Toray Industries, Inc., SGL Carbon SE, and Solvay SA. These companies offer a wide range of composite tooling products, including prepregs, resins, and reinforcements. They also provide technical support and engineering services to their customers. The smaller, niche players in the market typically focus on specific applications or product types. These players often have a strong understanding of the needs of their customers and are able to offer tailored solutions.Henkel AG Co. KGaA is a leading player in the Composite Tooling Market. The company offers a wide range of composite tooling products, including adhesives, sealants, and coatings. Henkel AG Co. KGaA has a strong global presence and serves a diverse customer base. The company is committed to innovation and is constantly developing new products to meet the evolving needs of its customers. Henkel AG Co. KGaA is a major supplier to the automotive industry and a leading provider of composite tooling products to the aerospace and marine industries. The company has a strong focus on sustainability and is committed to reducing its environmental impact.
Key Companies in the Composite Tooling Market Include
- Scala Composite Solutions
- TenCate Advanced Composites
- Hexcel Corporation
- L Products
- Owens Corning
- Solvay
- Huntsman Corporation
- TPI Composites, Inc.
- Toray Industries, Inc.
- Prepreg Technologies
- Chomarat Group
- Zyvex Technologies
- Plascore, Inc.
- Evonik Industries AG
Composite Tooling Market Industry Developments
Recent developments and current affairs in the Composite Tooling Market indicate a growing adoption of composites in various industries, driven by their lightweight, durability, and versatility. The automotive industry, in particular, is embracing composites for lightweight vehicle components to improve fuel efficiency and performance. Additionally, the aerospace and defense sectors are increasingly utilizing composites for aircraft structural components and defense applications due to their superior strength-to-weight ratios. These trends are expected to contribute to the market's growth in the coming years. Furthermore, technological advancements in composite materials and manufacturing processes are anticipated to drive innovation and expand the market's applications.
Composite Tooling Market Segmentation Insights
- Composite Tooling Market Composite Tooling Type Outlook
- Matched Metal Tooling
- Invar Tooling
- Composite Tooling
- Kirksite Tooling
- Composite Tooling Market Raw Material Outlook
- Carbon Fiber Reinforced Polymer
- Glass Fiber Reinforced Polymer
- Aramid Fiber Reinforced Polymer
- Thermoplastic Composite
- Composite Tooling Market Tooling Application Outlook
- Aerospace & Defense
- Automotive Transportation
- Marine
- Wind Energy
- Medical
- Composite Tooling Market Molding Process Outlook
- Open Molding
- Closed Molding
- Vacuum Infusion
- Resin Transfer Molding
- Composite Tooling Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
13.43(USD Billion) |
| Market Size 2023 |
14.76(USD Billion) |
| Market Size 2032 |
34.47(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
9.89% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Scala Composite Solutions, TenCate Advanced Composites, Hexcel Corporation, L Products, Owens Corning, Solvay, Huntsman Corporation, TPI Composites, Inc., Toray Industries, Inc., Prepreg Technologies, Chomarat Group, Zyvex Technologies, Plascore, Inc., Evonik Industries AG |
| Segments Covered |
Composite Tooling Type, Raw Material, Tooling Application, Molding Process, Regional |
| Key Market Opportunities |
Growing demand for lightweight materials Advancements in automation and digitalization Rising demand for composite materials in aerospace industry Increasing adoption in automotive and transportation sector Expanding use in wind energy applications |
| Key Market Dynamics |
Increasing demand for composites, technological advancements, rising automotive and aerospace industries, focus on lightweight materials, expanding wind energy sector |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Composite Tooling Market is estimated to be worth USD 14.76 billion in 2023 and is projected to grow to USD 34.47 billion by 2032, exhibiting a CAGR of 9.89% during the forecast period.
Asia-Pacific is expected to dominate the Composite Tooling Market throughout the forecast period due to the rising demand for composite materials in various industries, including aerospace, automotive, and wind energy.
Composite tooling is primarily used in the manufacturing of composite parts for various applications, such as aircraft components, automotive parts, wind turbine blades, and sporting goods.
Major players in the Composite Tooling Market include Owens Corning, Hexcel, Cytec Industries, SGL Carbon, and Toray Industries.
The Composite Tooling Market is projected to grow at a CAGR of 9.89% from 2024 to 2032.
The growth of the Composite Tooling Market is driven by factors such as the increasing demand for lightweight and high-performance materials, the rising adoption of composite materials in various industries, and the growing need for efficient and cost-effective manufacturing processes.
Challenges faced by the Composite Tooling Market include the high cost of raw materials, the complexity of manufacturing processes, and the need for specialized expertise.
Composite tooling offers environmental benefits such as reduced energy consumption, lower greenhouse gas emissions, and the ability to recycle and reuse materials.
Emerging trends in the Composite Tooling Market include the adoption of advanced manufacturing technologies, the development of new composite materials, and the increasing use of automation and robotics.
The future outlook for the Composite Tooling Market is positive, with continued growth expected due to the increasing demand for composite materials and the adoption of advanced manufacturing technologies.
