The global tooling composites market is expected to grow at a CAGR of close to 8% during the forecast period, according to Technavio's latest market research.
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Technavio has published a new report on the global tooling composites market from 2017-2021. (Photo: Business Wire)
In this market research report, Technaviocovers the market outlook and growth prospects of the globaltooling compositesmarketfor 2017-2021. The market is further categorized into five application segments comprising of aerospace, automotive, construction, wind energy, and military and marine.
"The global tooling composites market is growing rapidly due to high industrial usage and rise in demand from the aerospace, automotive, construction, wind energy, military, marine, consumer goods, electrical, and electronics sectors. The aerospace industry consumes the highest share of tooling composites, followed by the automotive industry," says Mohd Shakeel Iqbal, a lead metals and minerals research expert from Technavio.
Technavio's research analysts segment the global tooling composites market into the following regions:
- Americas
- APAC
- EMEA
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Tooling composites market in the Americas
The Americas accounted for the largest share of approximately 42% in the global tooling composites market in 2016. North America is likely to be the fastest-growing market during the forecast period. Vendors in the tooling composites market are considering North America for the expansion of their businesses through strategies such as new product launches and alliances with OEMs of automotive and aircraft manufacturers.
The increasing demand for the use of composites in the aerospace, automotive, wind energy, military, and marine industries in North America is driving the overall market. The US and Canada are the largest consumers in the tooling composites market in the Americas.
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Tooling composites market in APAC
APAC accounted for the second-largest share of the tooling composites market. The region will grow rapidly during the forecast period owing to major changes like increase in economic power, growing demand for air transportation, rise in the defense budgets of emerging countries, and changes in travel habits. Globalization and an increase in foreign investments in emerging markets have also contributed to the growth of the automotive, aerospace, and other sectors. This has resulted in higher demand for the use of tooling composites in various application segments in the region.
Most of the demand is from emerging countries like China, India, and ASEAN countries due to the high rate of consumption of tooling composites for diverse applications. China will continue to lead the market, along with India contributing significantly in 2016.
Tooling composites market in EMEA
EMEA had the smallest share of around 29% in the global tooling composites market in 2016, because the key economies in the region are mature markets for tooling composites. However, major vendors are increasing their R&D to develop products for new applications.
Some of the factors that are expected to drive the market in Europe are increase in defense budgets of countries, steady demand from Asian countries for military jets and automobiles, and increased demand for renewable energy.
"The availability of advanced manufacturing facilities in the automotive, aerospace, and other sectors will generate demand for tooling composites in countries like Russia, France, and Germany over the next five years. The rise in the number of large-scale investment projects and the growing infrastructural development in Middle East countries will also contribute toward the growth of the region's tooling composites market," says Shakeel.
The top vendors in the global tooling composites market as highlighted in this market research analysis are:
- Airtech Advanced Materials Group
- Hexcel
- Koninklijke Ten Cate
- Solvay
- Sika
- TEIJIN
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