Tooling Board Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI2259
Tooling Board Market size may register significant gains over the forecast period owing to positive application scope in transportation, wind energy and marine industries. They are useful for creating prototypes, patterns, models, durable and reusable tools, which are used in automotive and motor sport sectors.
Strong application outlook in modelling and prototyping in automotive industries along with superior properties such as low density and high dimensional stability will stimulate PU tooling board market size. Global polyurethane market size was valued at over USD 45 billion in 2016 and may surpass USD 90 billion by 2024, registering over 5.5% growth. They are lightweight and can be glued together for bigger size models.
Increased product usage in CNC machined molds and plugs in composites industry along with shift in trend towards usage of low density polyurethane owing to moisture barrier properties will trigger PU tooling board market growth. CNC machine allows manufacturing of highly accurate molds and they do not shrink with time, thereby remaining dimensionally accurate over the years.
Epoxy is widely used in prototyping applications and are designed to offer dimensionally stable board for tooling jigs, prepreg lay-up tools, and building precise models and patterns. Increased product usage for small scale development in public and private sectors along with rise in demand for prototypes of aircraft and formula one cars may drive tooling board market size.
Global epoxy market may exceed USD 12 billion by 2024, with gains at over 6%. Positive indicators towards automotive, motor sport and aerospace sectors will stimulate epoxy tooling board market size. High dimensional stability, superior surface finish and ability to withstand temperature variations will boost product demand.
Tooling board market size from automotive applications may register an uptrend over the foreseeable timespan. Global vehicle production may exceed 140 million units by 2024, with gains at over 4%. Growth in automotive industries and higher demand for vehicles will spur industry growth. A unique tool is designed for every single part of a new car. With design of a new part in a vehicle, an appropriate tool for that specific part must be designed, thereby resulting into higher product demand.
Development of technologically advanced vehicles with higher fuel efficiency, light weight, high performance in wind tunnel testing and perfect streamlining along with growth in R&D spending and increase in car sales owing to rise in consumer disposable income will positively influence industry growth.
North America led by the U.S. tooling board market size should witness steady gains owing to technological advancements in automotive and aerospace sectors. Stringent regulations regarding improvement in vehicle efficiency along with demand for sustainable materials should stimulate regional industry growth. Increasing renewable & recyclable resources demand for manufacturing these products coupled with improvement in living standard of consumers will propel industry growth resulting into higher product demand.
Increasing application outlook in aerospace sector should drive tooling board market demand. Global aerospace materials market is likely to surpass USD 30 billion by 2024. Increase in passenger transportation along with growing demand for dimensionally stable, heat resistant and affordable aircraft tools over its counterparts will stimulate tooling boards market size. The product is widely used for prototype production, machining, pattern making, prepreg composite layup tools, vacuum forming and high-temperature curing prepreg applications in the aerospace industry.
Asia Pacific, led by China, Japan and India tooling board market size may grow significantly over the foreseeable timeframe. Growing automotive production bases in this region owing to easy availability of low-cost labour along with rising consumer disposable income and burgeoning population will promote advanced composites & materials demand, thereby propelling product demand.
Europe tooling board market size, driven by France, UK and Germany may register significant growth by 2024. Automotive giants such as Mercedes BMW, and Audi and aircraft manufacturer Airbus are based in Europe, which should positively impact regional product demand. Growth in industrialization rate accompanied with rising government support to encourage domestic production will propel industry growth.
Key raw material, polyurethane and epoxy resins are used in tooling board manufacturing process. Fluctuating raw material prices owing to wide product usage in automobile, construction, paints & coatings and adhesives industries may hinder industry profitability and affect tooling board market price trend.
Global tooling board market share is moderately consolidated with key manufacturers include Axson Technologies, Sika AG, Huntsman, General Plastic Manufacturing, Curbell Plastics, Trelleborg AG, Coastal Enterprises, Alro Steel, Alchemie Ltd, Base Group, OBO-Werke GmbH and RAMPF Holding GmbH.
Curbell Plastics have developed tooling board manufactured from recycled materials. RAKU-TOOL WB-1450 is a tooling board produced using polyols, which is designed to be an alternative to red foundry boards and has a density of 90.5 lb/cu-ft.
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