Composites Materials in Tooling Market By Resin Type (Epoxy, Polyurethane, Others) , By Material Type (Metal Alloys, Steel, Silicon, Rubber, Fiberglass, Others) By End-Use Industry (Aerospace, Automotive, Renewable Energy, Others) : Global Opportunity Analysis and Industry Forecast, 2024-2033
Composites Materials in Tooling Market
The composites materials in tooling market was valued at $552.5 million in 2023 and is projected to reach $935.7 million by 2033, growing at a CAGR of 5.5% from 2024 to 2033.
Composite materials are elements with exceptional properties formed by the combination of two or more components with distinguished characteristics. Composites are used to improve the performance and reduce the costs of tooling applications via their unique attributes such as high strength-to-weight ratio, dimensional stability, corrosion & thermal resistance, and manufacturing flexibility. The common types of composite materials used in tooling include glass fiber-reinforced polymer, metal matrix composites, carbon fiber-reinforced polymer, and ceramic matrix composites.
Increase in requirement for lightweight materials in the automotive and aerospace industries is a significant driver of the composites materials in tooling market as the materials offer remarkable strength with their lightweight property. In addition, the long-term cost-effectiveness offered by composite materials due to their durability and resistance to wear & tear fuels their demand, which propels the market growth. A significant trend gaining prominence in the market in recent times is the utilization of additive manufacturing for the development of composites. This manufacturing technique offers exceptional control over the composition and geometry of polymers, facilitating the development of intricate designs for tooling applications.
However, the inability of composite materials to perform in extreme situations such as high-impact stresses or sharp loading conditions limits their usage and hampers the development of the market. Moreover, lack of efficient workforce to handle the composite tooling restrains the market growth notably. On the contrary, as several manufacturing industries are striving to adopt sustainability in their workflow, the composites materials in tooling market is anticipated to witness lucrative opportunities. According to the Environmental Protection Agency, industrial activities contribute 24% of global carbon emissions annually. Composites materials increase the lifespan & energy efficiency of tooling by enhancing the heat resistance and facilitating efficient cooling of machinery. This results in reduced wastage and low emissions, indicating a promising future for the composites materials in tooling market.
Segment ReviewThe composites materials in tooling market is segmented into resin type, material type, end-use industry, and region. On the basis of resin type, the market is divided into epoxy, polyurethane, and others. According to material type, it is classified into metal alloys, steel, silicon, rubber, fiberglass, and others. By end-use industry, it is categorized into aerospace, automotive, renewable energy, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key FindingsOn the basis of resin type, the epoxy segment held the highest market share in 2023.
According to material type, the fiberglass segment acquired a notable stake in the market in 2023.
By end-use industry, the aerospace segment dominated the market in 2023.Region wise, North America was the highest revenue generator in 2023.
Competition AnalysisThe major players in the global composites materials in tooling market include Hexcel Corporation, Toray Industries, Inc., Solvay S.A., Huntsman Corporation, Mitsubishi Chemical Holdings Corporation, Owens Corning, Teijin Limited, Barrday Inc., SABIC, and Jushi Co., Ltd. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships to strengthen their foothold in the competitive market.
Key Market SegmentsBy Resin TypeEpoxy
Polyurethane
Others
By Material TypeMetal Alloys
Steel
Silicon
Rubber
Fiberglass
Others
By End-Use IndustryAerospace
Automotive
Renewable Energy
Others
By RegionNorth America
U.S.
Canada
Mexico
Europe
France
Germany
Italy
Spain
UK
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Brazil
South Africa
Saudi Arabia
Rest of LAMEA
Key Market PlayersHexcel Corporation
Toray Industries, Inc
Solvay S.A.
Huntsman Corporation
Mitsubishi Chemical Holdings Corporation
Owens Corning
Teijin Limited
Barrday Inc.
SABIC
Jushi Co., Ltd