Tooling composite: Key market research findings
- Growing emphasis on Nanotechnology-based composites
- Rising demand for lightweight fiberglass composites
Technavio has released a new market research report on the global tooling composites market, which is expected to grow at a CAGR of 7% between 2016 and 200. Tooling composites are expected to replace carbon and glass fibers and steel reinforcements over the next four years. High abrasion resistance, high tensile strength, zero conductivity, low flammability, and the excellent heat and cut resistance properties of tooling composites make it an ideal material for use in many applications. APAC dominates the tooling composites market, which is expected to occupy 40% of the overall market share. Innovations in design and molding of composites has led to increased consumption of tooling composites in the region.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“Nanotechnology-based composites are more durable hence find usage in several applications. The nano-filled resins are engineered to possess characteristics such as enhanced thermal and electrical conductivity, and fire-resistant properties. For instance, Applied Nanotech Holdings provides carbon nanotube-enhanced composites. The composites are used in the manufacture of windmills and in other applications. Moreover, the market for fiberglass composites is expanding significantly owing to the growing design and construction of energy-efficient buildings that use these composites for ambiance,” says Chandrakumar Badala Jaganathan, Lead Analyst, Chemicals & Materials, Technavio Research
The rising demand for eco-friendly products is increasing the use of fiberglass composites. The vendors in automotive, construction and aerospace sectors are increasingly looking for composite materials that can be used to create cheaper and energy-efficient products that are lightweight and durable. These materials find applications in the manufacture of automotive components and hoods. In the construction industry, composites are used in the production of walls, roofs, flooring, windows, doors, and as substitutes for traditional materials. The evolution of the nanomaterials industry is also elevating the demand for tooling composites, especially for aramid fibers.
The key vendors in the global tooling composites market are Cytec Solvay Group, Hexcel, Airtech International, TenCate, and SikaAxson. This market is monopolistic in nature and leading players account for a major proportion of the tooling composites production. Intense competition prevails in this market owing to proprietorship over technology, economies of scale, R&D capabilities, and level of downstream integration. The entry barriers are high for new players in the industry due to the limited access to the manufacturing technologies.
A more detailed analysis is available in the Technavio report, Global Tooling Composite Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
Other related reports:
