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The global tooling board market grew at a CAGR of around 4% during 2015-2020. Looking forward, IMARC Group expects the global tooling board market to exhibit moderate growth during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end-use industries. These insights are included in the report as a major market contributor.
Tooling boards refer to modeling boards that are widely used for preparing prototype tools and master models. Mostly made from polyurethane and epoxy, they are widely replacing metal and wood counterparts for industrial tooling applications since these dimensionally stable boards assist in tooling jigs as well as building precise models and patterns. They offer a faster ramp rate, reduced operational costs and improved efficiency. These slabs are also characterized by enhanced machinability and can deliver improved outcomes within a limited time. As a result, they are increasingly being used in the manufacturing of various molds, models and master models, fixtures, laminates, castings, and other aids across the aerospace & defense, automotive, marine and construction sectors.
The global market is primarily driven by the increasing utilization of tooling boards for prototyping across various end use industries. This is facilitated by the reduced product lifecycles of numerous electronic products, continual technological advancements and the rising need for new product development. There is also an escalating demand for tooling boards in the automotive sector for prototyping advanced models of electric vehicles (EVs). Key automotive players are heavily investing in research and development (R&D) activities to enhance their products by technological augmentations. Supported by the inflating disposable income levels of the masses, changing lifestyle preferences and an enhanced focus on sustainable development, this is expected to provide an impetus to the market growth. Along with this, these boards are also being employed in the aerospace and defense industries due to the high dimensional stability and temperature resistance properties exhibited by them. Increasing defense budgets of various countries and a significant rise in air traffic are some of the factors contributing to the market growth. The market is further driven by the growing R&D spending in the marine sector for manufacturing models and prototypes of ships, boats, and vessels that are integrated with the latest technologies.
IMARC Group provides an analysis of the key trends in each sub-segment of the global tooling board market report, along with forecasts for growth at the global, regional and country level from 2021-2026. Our report has categorized the market based on region, material and application.
Breakup by Material:
Breakup by Application:
Breakup by Region:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Alchemie Ltd., Alro Steel Corporation, Base Materials Ltd, Coastal Enterprises, Curbell Plastics Inc., General Plastic Manufacturing Co., Goldenwest Manufacturing Inc., Huntsman Corporation, OBO-Werke GmbH, RAMPF Holding GmbH & Co.KG, Sika AG and Trelleborg AG.
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