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.
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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.
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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.
