The global composite tooling market is anticipated to grow at a considerable CAGR 3% during the forecast period (2022-2028). The increasing application of composite tooling in the automotive sector owing to government investments in auto components coupled with the rising production of automobiles is driving the growth of the market. According to the data published by India Brand Equity Foundation (IBEF) in 2022, India has sold 3.49 million units in passenger and commercial vehicle categories. In October 2021, the total production volume of passenger vehicles reached 2,214,745 units. The luxury car market had registered sales between 28000-33000 units in 2021, up from 20000-21000 units sold in 2020. Moreover, the automotive industry attracted foreign direct investment worth $30.51 billion between April 2000 and June 2021 accounting for 5.5% of the total FDI during the period according to the data released by the Department of Promotion of Industry and Internal Trade (DPIIT). Additionally, in September 2021, the Indian Government issued a notification regarding a PLI scheme for automobile and auto components worth $3.49 billion. Further, the Government of India projects the automobile sector to attract $8-10 billion in local and foreign investment by 2023.
The presence of major players in the aerospace industry coupled with government support is anticipated to drive the growth of the global composite tooling market. For instance, in February 2020, the Boeing Australia Team completed a major fuselage structural assembly for the first Loyal wingman. The aircraft is one of three prototypes that will be developed as a part of the Loyal Wingman Advanced Development Program in Partnership with the Royal Australian Air Force (RAAF). The Australian team has applied advanced composite materials and digital engineering to achieve cost and agility goals for the 38-foot aircraft, which is designed to use artificial intelligence in teaming with other manned and unmanned platforms. As per Boeing, the next major milestone is anticipated to be on weight on wheels, when the fuselage structure moves from the assembly jig to the aircraft’s landing gear to continue system installation and functional testing. Thus, collaborations are anticipated to fuel the demand for the global composite tooling market during the forecast period.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Fiber Type
- By Resin Type
- By Form
- By Application
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- Royal TenCate N.V, Hexcel Corp., and Solvay S.A among others
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Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
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Global Composite Tooling Market Report by Segment
By Fiber Type
- Carbon
- Glass
By Resin Type
- Epoxy
- BMI
- Others
By Form
- Fabric
- Prepreg
By Application
- Aerospace & Defense
- Wind
- Automotive
- Others
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