Global Tooling Composites Market 2017-2021
About Tooling Composites
The molds utilized for shaping composites are known as tools. These tools are made using materials including polymers, metals, and ceramics. The designs of the various applications vary from each other and the selection of composite materials is based on the properties of thermal expansion, desired requirement, method of cure, transition temperature of the material being molded, cost, and various other considerations. High-end production tools are made of strong metals that can withstand numerous cycles and retain surface and dimensional accuracy. Carbon fiber, epoxies, ceramics, and metals are primarily used in these production types.
Technavio’s analysts forecast the global tooling composites market to grow at a CAGR of 7.69% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global tooling composites market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Tooling Composites Market 2017-2021
Technavio recognizes the following companies as the key players in the global tooling composites market: Airtech Advanced Materials Group, Hexcel, Koninklijke Ten Cate, Solvay, Sika, and TEIJIN.
Other Prominent Vendors in the market are: BASF, Celanese, Formaplex, GKN Aerospace, Gurit Holding, Honeywell, HYOSUNG, Kaman Aerosystems, KOLON, Magna International, PRF Composite Materials, TPI Composites, The Dow Chemical, and SGL Group.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Tooling composites in 3D printing. 3D printing in tooling composites has brought significant changes. The major advantage is direct part production without the need for tooling. The growing demand from the automotive, aerospace, and other application sectors necessitates the fast delivery of components and the custom building of composites. This is leading to demand for alternative methods for faster manufacturing. However, vendors are facing many challenges in 3D printing like heat generation, low-quality surface finishing, and tool porosity. As a result, the technology is not widely used by vendors.”
According to the report, one of the major drivers for this market is Demand from aerospace and automotive industries. Tooling composites are primarily used in the automotive and aerospace industries. These two segments together accounted for a share of 53.59% in terms of volume consumption in the global tooling composites market in 2016. The demand in these segments has grown significantly over the last few years because of the cost effectiveness, dimension stability, light weight, and high strength of these materials.
Further, the report states that one of the major factors hindering the growth of this market is Volatility in raw material prices and high manufacturing costs. The highly unstable prices in the commodities market have put heavy financial pressure on many producers. There are several methods for producing composite components. Autoclaves cure composites with heat and pressure and are important tools for curing parts made with thermoset resins. Limitations on the supply or increase in the prices of raw materials like epoxy, aluminum foil, carbon fiber, phenolic resins, fiberglass yarns, and aramid paper will impact vendor margins. Some of the raw materials for composites are 30%-35% more expensive than steel, aluminum, and Invar. These metals, therefore, stand as competitors to composites.
Airtech Advanced Materials Group, Hexcel, Koninklijke Ten Cate, Solvay, Sika, TEIJIN, BASF, Celanese, Formaplex, GKN Aerospace, Gurit Holding, Honeywell, HYOSUNG, Kaman Aerosystems, KOLON, Magna International, PRF Composite Materials, TPI Composites, The Dow Chemical, and SGL Group.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook