Tooling Board Market Set to Witness an Uptick during 2020 to 2027

Posted by Mrudula Anil Karmarkar on February 1st, 2022

Covid-19 Update: The impact of covid-19 on Tooling Board Market differs from industry to industry.  While wind energy & marine industries found a lesser downfall in the growth. At the same point, transportation and aerospace industries witnessed a hefty decrease in the revenue.

The global tooling board market size is expected to reach USD 13.11 billion by 2027, according to a new report by Grand View Research Inc. It is expected to expand at a CAGR of 3.9% from 2020 to 2027. Increasing enhancements in aerospace and defense equipment are expected to drive the demand for tooling board over the forecast period.

Adoption of vacuum forming at elevated temperature for medium and high temperature curing prepreg application in the aerospace and defense, automotive, and marine industries is expected to have a positive impact on the market growth. These highly developed PU and epoxy models are gaining popularity owing to their significant advantages over wood, steel, and other medium products.

Technological advancements, coupled with the unique properties offered by the product such as ease of machining, dimensional stability, temperature resistance, and larger block availability, are expected to drive the product demand. In addition, the lesser cost of the overall system for excellent performance and durability resulting in fewer labor inputs and high finish quality is expected to benefit the market growth.

To Request Sample Copy of this report, click the link:

https://www.grandviewresearch.com/industry-analysis/tooling-board-market/request/rs1

Automotive companies across the globe are focusing on enhancing their abilities by embracing machinery and tools with technological augmentations. Different automobile segments require different types of model build-up before execution. Moreover, other applications such as marine are expected to increase their production activities owing to the increase in oil & gas transportation.

Tooling Board Market Report Highlights

• By product, polyurethane is expected to expand at the fastest CAGR over the forecast period on account of its high dimensional and accurate molds, which permits high machining operations
• The aerospace and defense application segment dominated the market in 2020 with a revenue share of over 30.0% and is likely to grow at a significant rate in the forecast period. This can be attributed to increasing government spending on domestic aerospace and defense manufacturing
• The market in North America is anticipated to gain a greater share in the upcoming period on account of rising demand for lightweight and fuel-efficient aircraft and automotive vehicles
• Asia Pacific emerged as the second-largest consumer of tooling board and is expected to witness significant growth over the forecast period on account of increasing demand from key emerging markets, including aerospace and defense, automotive, and wind energy, in China, India, and South Korea
• Prominent players in the market are collaborating with the key chemical and raw material manufacturers to keep intact the outflow of production. Moreover, government regulations and legislation to reduce the consumption of wood and metal as a primary product for the tooling board are expected to influence the market growth

The industry is characterized by the presence of established players operating on the international fronts. These players are engaged in acquiring contracts from leading application industries and developing customized boards of different thicknesses and densities as per the application usage. Some prominent players in the global tooling board market include:

• Huntsman Corp.
• Alro Tooling board Corp.
• Alchemie Ltd.
• Curbell Plastics Inc.
• General Plastic Manufacturing Co.
• Axson Technologies
• OBO-Werke GmbH & Co. KG
• Coastal Enterprises
• Trelleborg AG
• Base Group
• RAMPF Holding GmbH & Co.
• KGSika AG

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.