Global Tooling Board Market Overview
The key driver impacting the tooling board market is the growing aerospace and defense sector. the growing aerospace and defense sector is estimated to boost market demand in the coming years as tooling board has immense applications in the aerospace industry. It is widely used in prototype production, machining, pattern making, prepreg composite layup tools, vacuum forming, and high-temperature curing prepreg applications across the aerospace industry. for instance, as per the aerospace industry association (AIA), the U.S. Aerospace & Defense (A&D) industry, is the global leader in developing, designing, and manufacturing technologically advanced aircraft space systems and defense capabilities. the yearly growth of the A&D industry with joint industry sales revenue amounting to $909 billion at the end of 2019. It is a 6.7% augment from 2018. In 2019, A&D accounted for $909 billion in sales, increasing 6.7% from the prior year. moreover, the growth of technologically advanced lightweight vehicles with higher fuel efficiency and high performance in wind tunnel testing is also estimated to be a significant determinant that adds growth to the market.
According to Value Market Research, the global tooling board market was valued at around USDxxx million in 2020 and is estimated to grow at a CAGR of about 4% during the forecast period of 2020 to 2026.
The growing automotive sector worldwide is estimated to improve market demand in the forecast period due to its strong application outlook in prototyping and modeling across automotive industries. for instance, as per crescendo worldwide organization, automobile production in 2019 globally was estimated as 92 MN Vehicles, and it is expected to grow by a CAGR of 20.78% by 2028. however, the development of mined mineral composites may hamper the global tooling board industry in the long run. The current industry trends, such as the growing need for low manufacturing costs and increased production rate in various sectors such as automotive, marine, etc., are expected to provide beneficial market opportunities for the market players.
The tooling board market is vast, with many local and global players. the key leaders follow several strategies to improve their market position, such as acquisitions, mergers, expansions, product innovations, and extending product portfolio, to enhance their market share globally. The major players included in the report are Huntsman Corp., Alchemie Ltd., Axson Technologies, General Plastic Manufacturing Co., Coastal Enterprises, Trelleborg AG, OBO-Werke GmbH & Co. KG, RAMPF Holding GmbH & Co., Alro Tooling board Corp, Curbell Plastics Inc, Coastal Enterprises, Base Group, RAMPF Holding GmbH & Co., and KGSika AG.
In this research report, the tooling board market is segmented by product, application, and region.
Analysis by Product:
By product, the report is categorized into Polyurethane, Epoxy, and Others. The polyurethane segment dominates the application segment with a 35% market share in 2020. It is due to the extensive usage in end user industries as it displays high ease of machinability, shop safety, and temperature stability in its model and prototype applications. Moreover, the growing adoption in molds and CNC-machined plugs in the speedily emergent composites manufacturing are contributing to the polyurethane segment growth in the forecast period.
Analysis by Application:
By application, the report is categorized into aerospace and defense, automotive, marine, wind energy, and others. The aerospace and defense segment dominates the application segment with a 30% market share in 2020. It is due to the high demand for dimensionally stable and affordable and tooling boards with high-temperature resistance that acts as a suitable alternative to the traditional expensive metal and wooden dies. Moreover, technological advancement and the rise in defense expenditure contribute to the vast market demand in the forecast period.
Analysis by Region:
In the regional outlook of the global tooling board market, the Asia Pacific region dominates with a 25% market share during the forecast period. It is due to the rapidly expanding key markets, such as aerospace and defense, automotive, and wind energy, in India, Japan, and China. Moreover, rising automotive production bases in this region due to easy availability of low-cost labor with increasing consumer disposable income and escalating population contribute to the development of the tooling board market across the Asia Pacific.
Market Segmentation covered in the Report:
- Aerospace and Defense
- Wind Energy
- North America
- The Asia Pacific
- Latin America
- The Middle East and Africa
This market research report has been produced by gathering information on the basis of primary and secondary research. Secondary research has been done by using various sources which include (but not limited to) Company Websites, Paid Data Sources, Technical Journals, Financial Reports, SEC Filings, and other different industry publications.
If specific information is required which is not currently within the scope of the report, it can be provided as a part of customization.