The composite tooling market is projected to reach US$551.8 million by 2021, at a CAGR of 7.35% between 2016 and 2021, according to a report published by Research and Markets.

The major drivers stimulating the growth of the composite tooling market are the increasing demand for lightweight and high performance tooling materials in the aerospace and defense and automotive industries, the report suggests.

The usage of composite in tooling for the aerospace and defense industry is increasing due to the dimensional stability and precision tooling offered by the tools, following a requirement for high quality standards in structural parts in the aerospace industry.

North America is expected to be the fastest-growing market for composite tooling in the between 2016 and 2021.

This story is reprinted from material from Research and Markets, with editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.