Global Tooling Composite Market will register a 7.5% CAGR in terms of revenue; the global market size will reach US$ 793.54 million by 2026, from US$ 448.24 million in 2018. The composite tools are made either from glass fiber or carbon fiber mixed with a suitable matrix (resin) such as epoxy, BMI, and others. The composite tools provide lightweight, dimensionally accurate, and affordable tooling. The increasing penetration of tooling composites in aerospace and other niche applications is the driving force of the global tooling composites market.
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The tooling composites market has been witnessing substantial growth rate over the past few years owing to rise in usage of composite tools in key application areas, and growth in the availability of light weight composites coupled with decreasing prices of these lighter composites. However, high competition from substitute products is likely to restraint the market growth to a certain extent during the forecast period.
Based on the type, the tooling composites market was segmented into epoxy resins, BMI and others. The epoxy resins segment contributed to the largest share of 63.9% in 2018, and is expected to dominate through 2026.
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Based on the application areas, the tooling composites market can be segmented into aerospace, other transportation, marine, wind energy, and others. The aerospace & other transportation segments held the largest share among the application areas of tooling composites in 2018. Some of the factors responsible for the largest share of this segment include, increasing automobile industry, and rising disposable income to invest in automobiles across the globe.
The global tooling composites market based on the region can be segmented into four key regions as Americas, Europe, Asia Pacific and Middle East & Africa. In 2018, Americas held the largest share of the global market and contributed to about 41.8% market. US followed by Germany are the top two regions with largest markets in the global market. However, Asia Pacific is likely to grow at the highest growth of 8.1% during the forecast period.
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Top players performance based on their overview, product offerings, prices, financial performance and key strategies have been profiled in the report. Some of the key players in the tooling composites market include, Cytec, Hexcel, TenCate, Sika AG, Airtech International, Gurit, Teijin, PRF Composite Materials, and SGL Group, among others.
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