The global tooling composites market is expected to increase at a CAGR of 8.8% by 2019, according to a new report from Lucintel.
The major drivers of the tooling composites market are higher costs of metallic counterparts, increase in demand for low weight tools, and decrease in lead time for part manufacturers. The composite tools can provide lightweight, dimensionally accurate, and affordable tooling.
The increasing penetration of tooling composites in aerospace and other niche applications is the driving force of the global tooling composites market. The growing demand for lighter, larger, and more complex structures from end market applications such as wind energy, aerospace, and marine is anticipated to boost the market.
According to Growth Opportunities in the Global Tooling Composite Market 2014-2019: Customer, Competitor, and Market Analysis, the majority of the segments for tooling composites will grow at a robust rate during 2014-2019. Upcoming products and new manufacturing technologies are anticipated to support the market in the coming years.
The full report can be found here.
This story is reprinted from material from Lucintel, with editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.