USD 11.25 billion
Global Tooling Board Market Size, Share, Growth Analysis, By Product(Polyurethane, Epoxy), By Application(Aerospace and defense, Automotive) - Industry Forecast 2024-2031
Report ID:
SQMIG15A2243 |
Region:
Global |
Published Date: March, 2024
Pages:
184
|
Tables:
65 |
Figures:
75
Global Tooling Board Market Insights
Global Tooling Board Market size was valued at USD 11.25 billion in 2022 and is poised to grow from USD 11.7 billion in 2023 to USD 16.01 billion by 2031, growing at a CAGR of 4% during the forecast period (2024-2031).
Anticipated market growth in the aerospace, defense, transportation, and construction sectors is driven by the escalating demand for prototypes. Tooling boards, often referred to as slabs, serve as machinable and modeling materials. These boards, primarily composed of polyurethane and epoxy, possess low density while exhibiting remarkable dimensional stability. In the realm of master models, jigs, fixtures, molds, patterns, and prototype modeling, polyurethane (PU) and epoxy tooling products are increasingly supplanting conventional metal and wood materials. In the North American market, the United States is poised to achieve the highest compound annual growth rate (CAGR) of 3.7% in terms of revenue throughout the projected period. The expansion is driven by augmented expenditures in the aerospace and defense sector and the incorporation of advanced technology vehicles, offering prospects for future growth. Additionally, the surge in research and development for efficient electric vehicles is projected to amplify the utilization of prototype models, consequently boosting product demand.
Global automotive enterprises are directing their focus towards augmenting their capabilities by integrating technologically enhanced machinery and tools. Diverse automotive segments necessitate varied model construction before implementation. Furthermore, industries like marine are anticipated to elevate their production endeavors due to increased activities in oil and gas transportation.
US Tooling Board Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Polyurethane
Fastest Growth
Polyurethane
Growth Rate
4% CAGR
Global Tooling Board Market ($ Bn)
Country Share for Europe Region (%)
Global Tooling Board Market By Product ($ Bn)
Global Tooling Board Market By Product (%)
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Global Tooling Board Market Segmental Analysis
The global tooling board market is segmented on the basis of application, product, region. By product, the market is segmented into polyurethane, epoxy, and others. By application, the market is segmented into aerospace and defense, automotive, marine, wind energy, others. By region, the market is segmented into North America, Europe, Latin America, Asia- Pacific, Middle East and Africa.
Tooling Board Market Analysis By Application
Dominating the market, the aerospace and defense sector commanded a share exceeding 30.0% of the global revenue in 2021. The escalating need for cost-effective and dimensionally steady tooling boards exhibiting high-temperature resistance, serving as viable alternatives to the conventionally expensive metal and wooden molds, stands as a pivotal driver for projected product demand.
Within the automotive domain, PU and epoxy tooling boards find utility, fostering enhanced creativity and flexibility in design pursuits. In the United States, the automotive industry sustained its rapid momentum, witnessing the sale of 16.9 million light vehicles in 2022. Despite a slight retreat from the record-breaking vehicle sales of 2021, the market's trajectory is projected to continue upward during the forecast period, thereby contributing to market expansion.
Anticipated in the upcoming years, the marine application segment is poised to secure a substantial market share due to escalated research and development investments in crafting models and prototypes for ships, boats, and vessels. Furthermore, the demand for lightweight, water-absorbing surfing boards is expected to drive product requisition, particularly in regions like the U.S. and Europe, where water sports such as surfing hold prominence.
Tooling Board Market Analysis By Product
The polyurethane product segment spearheaded the market, commanding a share surpassing 60.0% of the global revenue in 2021. Renowned for its exceptional machinability, safety within workshops, and temperature stability, polyurethane finds widespread use in model and prototype applications across various industries. This widespread usage is anticipated to exert a favorable influence on product demand.
A prominent application area lies in the swiftly burgeoning field of composite manufacturing, where polyurethane is extensively employed in molds and CNC-machined plugs. The utilization of CNC equipment enables the creation of molds with remarkable precision. Notably, molds crafted from polyurethane exhibit enduring dimensional accuracy over years of storage due to their resistance to shrinkage and moisture-related impacts. A contemporary shift in trend is steering towards lower density PU foam to enhance economic viability.
In the realm of prototyping, epoxy-based products shine, leveraging their distinctive blend of attributes including high-temperature resistance, superior surface finishing, and a notable capacity for absorbing water. The mounting demand for prototypes in domains like aircraft, wind turbine fans, and Formula One cars constitutes a pivotal driver for market growth.
Global Tooling Board Market By Product, 2023 (%)
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Global Tooling Board Market Regional Insights
Europe exerted its dominance over the market, commanding more than 34.0% of the global volume in 2022. This ascendancy is attributed to Germany and Belgium, which stand as the foremost producers of polyurethane as a raw material. Furthermore, the region operates within a framework of rigorous regulations and legislation, compelling manufacturers to meticulously adhere to stringent guidelines, thus ensuring comprehensive sustainable development.
In 2022, the Asia Pacific emerged as the second-largest regional market and is poised for notable expansion throughout the forecast period. This growth trajectory owes much to the presence of pivotal markets, encompassing aerospace and defense, automotive, and wind energy sectors. Additionally, the region's rapid industrialization, coupled with its substantial population relative to developed economies, is anticipated to fuel growth in the coming forecast period.
The North American market is projected to experience a revenue-based CAGR of 3.6% during the forecast period. This projection is primarily underpinned by the region's substantial aerospace and defense expenditure. Furthermore, an upswing in marine and automotive production activities in Canada and Mexico is anticipated to propel the regional market forward throughout the forecast duration.
The global pandemic acted as a catalyst for heightened product demand, prompting numerous manufacturers to redirect their production preferences towards countries in South and Southeast Asia, such as India, Thailand, and Vietnam. These regions offer a potent combination of a lucrative market, cost-effective labor, and a pool of skilled employees, all of which are expected to vigorously bolster market growth in the Asia Pacific.
Global Tooling Board Market By Geography, 2024-2031
- Largest
- Fastest
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Global Tooling Board Market Dynamics
Tooling Board Market Drivers
Rise in Prototype Demand
- The growing demand for prototypes across industries like aerospace, defense, automotive, and more is a significant driver for the tooling board market. These boards are used extensively in the production of prototypes, leading to increased demand.
Substitution of Traditional Materials
- Tooling boards, particularly polyurethane and epoxy variants, are replacing traditional materials like metal and wood due to their advantageous properties, including dimensional stability, machinability, and temperature resistance.
Tooling Board Market Restraints
Limited Customization
- While tooling boards offer precise machinability, there might be limitations in terms of intricate design customization compared to some other materials.
Material Characteristics
- Certain specific applications might require properties that are not optimally provided by tooling boards, such as extreme high-temperature resistance or unique chemical compatibility.
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Global Tooling Board Market Competitive Landscape
The tooling board market on a global scale is characterized by intense competition, where a small number of prominent contenders dominate the field. Noteworthy names among these leaders are Huntsman International LLC, General Plastics Manufacturing Company, Curbell Plastics, Inc., Alchemie Ltd., and Sika AG. These corporations boast robust product portfolios, extensive distribution networks, and a worldwide presence.
Several other participants in this market, such as Trelleborg AB, Axson Technologies, Inc., and Alro Steel Corporation, are concentrating their efforts on crafting inventive products and broadening their geographical scope to secure a competitive advantage.
Anticipated growth in this market stands at a CAGR of 4.3% throughout the projection period. This expansion is fueled by escalating demand for tooling boards across industries like aerospace and defense, automotive, marine, and wind energy. Furthermore, the rising adoption of additive manufacturing technologies is expected to exert an influence on this market. Additive manufacturing, which involves fabricating three-dimensional objects from digital models, is gaining traction in manufacturing due to its capacity to produce intricate and tailored components.
Tooling Board Market Top Player’s Company Profiles
- Huntsman Corporation
- Trelleborg AB
- Sika AG
- General Plastics Manufacturing Co.
- Axson Technologies (now part of Sika AG)
- Alro Steel Corporation
- Coastal Enterprises Co.
- RAMPF Group, Inc.
- CMT Materials, Inc.
- Alchemie Limited
- Carbon-Core Corp.
- REN Shape Solutions (part of Avient Corporation)
- Urethane Services, Inc.
- Technifoam
- Jinan Chenghao Technology Co., Ltd.
- OBO-Werke GmbH & Co. KG
- BCC Products, Inc.
- Tekcast Industries
- Argosy International Inc.
- Northern Composites
Tooling Board Market Recent Developments
- In May 2023, Huntsman International LLC announced a new line of tooling boards for the aerospace industry.
- In April 2023, General Plastics Manufacturing Company launched a new line of tooling boards for the automotive industry.
- In March 2023, Curbell Plastics, Inc. introduced a new line of tooling boards for the wind energy industry.
- In February 2023, Alchemie Ltd. launched a new line of tooling boards for the medical device industry.
Global Tooling Board Key Market Trends
- Shift towards Lightweight Solutions: With the increasing emphasis on lightweighting in various industries, there's a trend toward using lower density polyurethane and epoxy tooling boards to achieve cost savings and improved efficiency.
- Increasing Role in Electric Vehicle Development: As the electric vehicle market expands, the need for efficient prototyping and modeling using tooling boards is growing, as these materials help in crafting lightweight and aerodynamic designs.
Global Tooling Board Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Product types team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global tooling board market analysis, the global tooling board market exhibits a robust growth trajectory driven by escalating demand for prototypes across diverse industries. The market is led by established players, leveraging their extensive product portfolios and strategic partnerships. Innovative collaborations between key players and research institutions are fostering advancements in tooling board technology. Startups are entering the scene with novel solutions targeting specific applications, contributing to market diversification. Geographical expansion remains a strategic focus, particularly in regions like Asia Pacific, where burgeoning economies drive demand.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 11.25 billion |
| Market size value in 2031 | USD 16.01 billion |
| Growth Rate | 4% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Tooling Board Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Tooling Board Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Tooling Board Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Tooling Board Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Tooling Board Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Tooling Board Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Tooling Board Market Report Snapshots
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