This strategic assessment report provides a comprehensive analysis that reflects today’s tooling market realities and future possibilities for the composites industry for the forecast period of 2020 to 2025.
The report estimates the short- as well as long-term repercussions of the COVID-19 pandemic on the demand for tooling market for the composites industry at the global, regional, as well as country level. Also, the report provides the possible loss that the industry will register by comparing pre-COVID and post-COVID scenario. The vital data/information provided in the report can play a crucial role for market participants as well as investors in formulating short-term as well as long-term growth strategies.
Tooling Market for the Composites Industry: Highlights
Tooling for the composite industry refers to the tool or mold used as a base for shaping or manufacturing composite parts. It helps to reproduce complex shapes or textured parts numerous times. It is the most important but under-appreciated silent partner behind every designed part. Tooling has been widely used to shape or texture the shapes/structures for various industries including aerospace & defense, wind energy, transportation, construction, etc.
Composite materials have increasingly been adopted by various industries owing to their noteworthy benefits such as weight reduction, high performance, and corrosion resistance. Tooling materials used for composite parts’ fabrication are crucial elements to get desired efficiency, shape, design, and mechanical performance. Cost of tooling increases with the increase in complexity, part surface finish, mold’s ability to withstand repeated production cycles, dimensional accuracy, and mold’s ability to withstand integral heating under autoclave or oven curing. The selection of tooling material is dependent on several factors such as curing temperatures, required longevity, cost, part size to be formed, and compatible coefficient of thermal expansion (CTE) with the part material.
Impact of COVID-19 on the Tooling Market for the Composites Industry
The tooling market consecutively registered growth over the past five years in all the major markets except the transportation industry, the latter one is largely impacted by the USA-China trade war in 2019. Earlier, the industry stakeholders were estimating the year 2020 to be another impressive year for the tooling market participants. However, the pandemic flipped the entire market dynamics.
The pandemic devastated the market health and rang in the death knell by disrupting the supply chain including delays in B737 MAX approval, reduction in production rates of Boeing and Airbus, a huge dip in automotive production, hampered wind turbine blade production, and halted construction activities. The marine industry is projected to be among one of the worst-affected industries due to the pandemic. Aerospace & defense and transportation are the other two major markets that also record a huge plunge in demand in 2020. Years of excellent track record assisted tooling to earn a unique position in the composites industry but could not escape itself from such changing market dynamics and is anticipated to experience a huge decline in 2020, taking the market to below its 2014-level.
However, the impact of the pandemic proves to be transitory with demand is anticipated to quickly rebound from 2021 onwards and ultimately drive the market to reach US$ 1.2 billion in 2025. An expected recovery in the GDP across regions, expected increase in aircraft production, B737’s approval from FAA and other bodies, expected entries of COMAC and Irkut, increasing number of wind turbine installations, and resumption of construction activities, assist the fast recovery of the tooling market for the composites industry.
Tooling Market Share Analysis for the Composites Industry
Tooling Prepreg is the Dominant Material Type
Based on the material type, the market is segmented into invar, aluminum, other metals, tooling prepreg, infusion, epoxy boards, and others. Tooling prepreg is expected to remain the most dominant material type during the forecast period, owing to its excellent properties including outstanding surface finish, higher output with limited labor, consistent thickness, and lower lay-up time. Aerospace & defense is the biggest demand generator for tooling prepreg owing to its excellent coefficient of thermal expansion (CTE) match with fabricated composite parts.
Aerospace & Defense is the Most Dominant End-Use Industry Type
Based on the end-use industry type, the market is segmented as aerospace & defense, wind energy, marine, transportation, construction, and others. Aerospace & defense is expected to remain the dominant segment of the tooling market for the composites industry during the forecast period. In the aerospace & defense industry, wings, fuselage, control surfaces, nacelles, door, ribs, spars, and stringers are the key applications of tooling. An expected increase in commercial aircraft production, expected entries of COMAC and Irkut, B737 MAX’s approval from FAA and other bodies, and increasing penetration of composite materials are some of the driving factors for the segment.
Serial Production is the Major Usage Type
Based on the usage type, the market is segmented into serial production and prototype. Serial production is likely to remain the most dominant usage type during the forecast period, owing to its advantages such as an increase in productivity, uniformity, lower cost, and faster production cycle with minimal error. The aerospace & defense, wind energy, and transportation industries are the major users.
North America will maintain its Leading Position
The market is registering significant changes in regional dynamics in pre-COVID and post-COVID scenarios. All regions to mark significant declines in the tooling demand for the composites industry in 2020. Despite severely hit by the pandemic, among regions, North America is expected to remain the largest market during the forecast period. Post pandemic, the USA is expected to rebound quickly and will act as the growth engine of the region’s market. The USA is the manufacturing hub of the aircraft industry with the presence of major small- to large-sized composite part manufacturers.
Europe and Asia-Pacific are the other major markets and are also likely to experience hefty declines in the demand for tooling in the composites industry in 2020. The Asia-Pacific’s market is anticipated to witness the least decline in the demand and is expected to recover at the fastest pace compared to other regions. The region's demand will be driven by a host of factors including an expected increase in the demand for commercial aircraft to support rising passenger traffic, opening of assembly plants of Boeing and Airbus in China; upcoming indigenous commercial and regional aircraft (COMAC C919 and Mitsubishi SpaceJet; increase in wind turbine installation, increasing wind blade production, presence of major global players and raw material suppliers. China, Japan, and India are projected to be the growth engines of the region’s market.
The supply chain of this market comprises raw material suppliers, tooling manufacturers, composite part manufacturers, tier players, and OEMs/end users. The key tooling manufacturing companies for the composites industries are AIP Aerospace, Airtech Advanced Materials Group, Formaplex Ltd., Gurit Holding AG, Hexcel Corporation, Janicki Industries, Inc., Kaman Corporation, Toray Industries Inc., Solvay S.A., and TPI Composites, Inc.
Research Methodology
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with the publisher's internal database and statistical tools. More than 700 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles, have been leveraged to gather the data. The publisher conducted 15+ detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
Report Features
This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market.
The following are the key features of the report:
The global tooling market for the composites industry is segmented into the following categories:
Tooling Market for the Composites Industry, By Material Type
Tooling Market for the Composites Industry, By End-Use Industry Type
Tooling Market for the Composites Industry, By Usage Type
Tooling Market for the Composites Industry, By Region
The report estimates the short- as well as long-term repercussions of the COVID-19 pandemic on the demand for tooling market for the composites industry at the global, regional, as well as country level. Also, the report provides the possible loss that the industry will register by comparing pre-COVID and post-COVID scenario. The vital data/information provided in the report can play a crucial role for market participants as well as investors in formulating short-term as well as long-term growth strategies.
Tooling Market for the Composites Industry: Highlights
Tooling for the composite industry refers to the tool or mold used as a base for shaping or manufacturing composite parts. It helps to reproduce complex shapes or textured parts numerous times. It is the most important but under-appreciated silent partner behind every designed part. Tooling has been widely used to shape or texture the shapes/structures for various industries including aerospace & defense, wind energy, transportation, construction, etc.
Composite materials have increasingly been adopted by various industries owing to their noteworthy benefits such as weight reduction, high performance, and corrosion resistance. Tooling materials used for composite parts’ fabrication are crucial elements to get desired efficiency, shape, design, and mechanical performance. Cost of tooling increases with the increase in complexity, part surface finish, mold’s ability to withstand repeated production cycles, dimensional accuracy, and mold’s ability to withstand integral heating under autoclave or oven curing. The selection of tooling material is dependent on several factors such as curing temperatures, required longevity, cost, part size to be formed, and compatible coefficient of thermal expansion (CTE) with the part material.
Impact of COVID-19 on the Tooling Market for the Composites Industry
The tooling market consecutively registered growth over the past five years in all the major markets except the transportation industry, the latter one is largely impacted by the USA-China trade war in 2019. Earlier, the industry stakeholders were estimating the year 2020 to be another impressive year for the tooling market participants. However, the pandemic flipped the entire market dynamics.
The pandemic devastated the market health and rang in the death knell by disrupting the supply chain including delays in B737 MAX approval, reduction in production rates of Boeing and Airbus, a huge dip in automotive production, hampered wind turbine blade production, and halted construction activities. The marine industry is projected to be among one of the worst-affected industries due to the pandemic. Aerospace & defense and transportation are the other two major markets that also record a huge plunge in demand in 2020. Years of excellent track record assisted tooling to earn a unique position in the composites industry but could not escape itself from such changing market dynamics and is anticipated to experience a huge decline in 2020, taking the market to below its 2014-level.
However, the impact of the pandemic proves to be transitory with demand is anticipated to quickly rebound from 2021 onwards and ultimately drive the market to reach US$ 1.2 billion in 2025. An expected recovery in the GDP across regions, expected increase in aircraft production, B737’s approval from FAA and other bodies, expected entries of COMAC and Irkut, increasing number of wind turbine installations, and resumption of construction activities, assist the fast recovery of the tooling market for the composites industry.
Tooling Market Share Analysis for the Composites Industry
Tooling Prepreg is the Dominant Material Type
Based on the material type, the market is segmented into invar, aluminum, other metals, tooling prepreg, infusion, epoxy boards, and others. Tooling prepreg is expected to remain the most dominant material type during the forecast period, owing to its excellent properties including outstanding surface finish, higher output with limited labor, consistent thickness, and lower lay-up time. Aerospace & defense is the biggest demand generator for tooling prepreg owing to its excellent coefficient of thermal expansion (CTE) match with fabricated composite parts.
Aerospace & Defense is the Most Dominant End-Use Industry Type
Based on the end-use industry type, the market is segmented as aerospace & defense, wind energy, marine, transportation, construction, and others. Aerospace & defense is expected to remain the dominant segment of the tooling market for the composites industry during the forecast period. In the aerospace & defense industry, wings, fuselage, control surfaces, nacelles, door, ribs, spars, and stringers are the key applications of tooling. An expected increase in commercial aircraft production, expected entries of COMAC and Irkut, B737 MAX’s approval from FAA and other bodies, and increasing penetration of composite materials are some of the driving factors for the segment.
Serial Production is the Major Usage Type
Based on the usage type, the market is segmented into serial production and prototype. Serial production is likely to remain the most dominant usage type during the forecast period, owing to its advantages such as an increase in productivity, uniformity, lower cost, and faster production cycle with minimal error. The aerospace & defense, wind energy, and transportation industries are the major users.
North America will maintain its Leading Position
The market is registering significant changes in regional dynamics in pre-COVID and post-COVID scenarios. All regions to mark significant declines in the tooling demand for the composites industry in 2020. Despite severely hit by the pandemic, among regions, North America is expected to remain the largest market during the forecast period. Post pandemic, the USA is expected to rebound quickly and will act as the growth engine of the region’s market. The USA is the manufacturing hub of the aircraft industry with the presence of major small- to large-sized composite part manufacturers.
Europe and Asia-Pacific are the other major markets and are also likely to experience hefty declines in the demand for tooling in the composites industry in 2020. The Asia-Pacific’s market is anticipated to witness the least decline in the demand and is expected to recover at the fastest pace compared to other regions. The region's demand will be driven by a host of factors including an expected increase in the demand for commercial aircraft to support rising passenger traffic, opening of assembly plants of Boeing and Airbus in China; upcoming indigenous commercial and regional aircraft (COMAC C919 and Mitsubishi SpaceJet; increase in wind turbine installation, increasing wind blade production, presence of major global players and raw material suppliers. China, Japan, and India are projected to be the growth engines of the region’s market.
The supply chain of this market comprises raw material suppliers, tooling manufacturers, composite part manufacturers, tier players, and OEMs/end users. The key tooling manufacturing companies for the composites industries are AIP Aerospace, Airtech Advanced Materials Group, Formaplex Ltd., Gurit Holding AG, Hexcel Corporation, Janicki Industries, Inc., Kaman Corporation, Toray Industries Inc., Solvay S.A., and TPI Composites, Inc.
Research Methodology
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with the publisher's internal database and statistical tools. More than 700 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles, have been leveraged to gather the data. The publisher conducted 15+ detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
Report Features
This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market.
The following are the key features of the report:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trends and forecast
- Competitive landscape and dynamics: Market share, Product portfolio, New product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
The global tooling market for the composites industry is segmented into the following categories:
Tooling Market for the Composites Industry, By Material Type
- Invar (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Aluminum (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Other Metals (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Tooling Prepreg (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Infusion (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Epoxy Board (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Others material-based Tooling (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Tooling Market for the Composites Industry, By End-Use Industry Type
- Aerospace & Defense (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Wind Energy (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Marine (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Transportation (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Construction (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Other End-Use Industries (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Tooling Market for the Composites Industry, By Usage Type
- Serial Production (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
- Prototype (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
Tooling Market for the Composites Industry, By Region
- North America (Country Analysis: The USA, Canada, Mexico)
- Europe (Country Analysis: France, Germany, the UK, Russia, and Rest of Europe)
- Asia-Pacific (Country Analysis: China, Japan, India, and Rest of Asia-Pacific)
- Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)
Table of Contents
1. Executive Summary
2. Tooling Market for the Composites Industry: Overview and Segmentation
3. Tooling Market for the Composites Industry: The COVID-19 Impact Assessment
4. Competitive Analysis
5. Tooling Market Trend and Forecast for the Composites Industry by Material Type (2014-2025)
6. Tooling Market Trend and Forecast for the Composites Industry by End-Use Industry Type (2014-2025)
7. Tooling Market Trend and Forecast for the Composites Industry by Usage Type (2014-2025)
8. Tooling Market Trend and Forecast for the Composites Industry by Region (2014-2025)
9. Strategic Growth Opportunities
10. Company Profile of Key Players (Profiling, Financial Information, Competition, Strategies, etc.)
Samples
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Companies Mentioned
- AIP Aerospace
- Airtech Advanced Materials Group
- Formaplex Ltd.
- Gurit Holding AG
- Hexcel Corporation
- Janicki Industries, Inc.
- Kaman Corporation (Kaman AeroSystems)
- Toray Industries Inc.
- Solvay S.A.
- TPI Composites, Inc.
Methodology
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