Tooling Board Market Size, Share & Trends Analysis Report By Product (Polyurethane, Epoxy), By Application (Aerospace & Defense, Automotive), By Region, And Segment Forecasts, 2020 - 2027

Report Overview

The global tooling board market size was valued at USD 9.68 billion in 2019 and is expected to expand at a compound annual growth rate (CAGR) of 3.9% from 2020 to 2027. The rise in demand for prototypes in the aerospace and defense, transportation, construction, and other application industries is expected to boost market growth over the forecast period. Tooling boards, often known as slabs, are machinable and modeling boards. These are typically made from polyurethane and epoxy and exhibit low density with very high dimensional stability. PU and epoxy tooling products are replacing the traditional metal and wood in master models, jigs, fixtures, molds, patterns, and prototype modeling.

In the North American market, the U.S. is expected to expand at the fastest CAGR of 3.7% in terms of revenue over the forecast period. Increasing spending in the aerospace and defense industry, coupled with the adoption of the latest technology vehicles, is likely to propose growth opportunities in the years to come. Moreover, increasing R&D for efficient electric vehicles is expected to increase the use of prototypes models, thereby aiding product demand.

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.

The product offers various advantages that distinguish them from the wood and metal boards. The product offers high dimensional stability, temperature resistance, larger block availability, easy bonding, and easy surface finishing. Furthermore, different density boards such as high-density boards, medium-density boards, and low-density boards are available for different applications in the industries.

Polyurethane-based products are widely accepted on account of their suitability for lower temperature use than epoxy-based products. In addition, the former is cheaper, much stable, and possesses easy-material cut and handling when compared with the epoxy tooling boards. Moreover, the polyurethane boards are more commonly used in colder regions of the U.S. and Europe, which expands the scope of the market on a positive note.

Product Insights

The polyurethane product segment led the market and accounted for more than 60.0% share of the global revenue in 2019. Polyurethane exhibits high ease of machinability, shop safety, and temperature stability in its model and prototype applications that are highly utilized in all the application industries. This, in turn, is expected to have a positive impact on product demand.

They are widely used in molds and CNC-machined plugs in the speedily emergent composites manufacturing. CNC equipment allows the fabrication of highly accurate molds. Molds that are made from PU are dimensionally accurate in storage for years because they do not shrink with time and get less affected by moisture. Lately, the trend has been shifted toward lower density PU foam to improve economics.

Epoxy-based products are used for prototyping applications owing to their unique combination of high-temperature resistance, excellent surface finish, and high water-absorbing capacity. Increasing demand for prototypes of aircraft, wind turbine fans, and formula one car is a major factor driving the market.

Epoxy tooling boards are often used in all forms of materials and carbon fiber production, including molds, composites, and preparation tools. The versatile product exhibits strong and resilient internal consistency, allowing the producer to form highly accurate molds and patterns.

Application Insights

The aerospace and defense application segment led the market and accounted for over 30.0% share of the global revenue in 2019. Growing demand for affordable and dimensionally stable tooling boards with high-temperature resistance that act as a suitable alternative to the traditional expensive metal and wooden dies is a key factor expected to drive the product demand.

PU and epoxy tooling boards are used in the automotive sector owing to increase creativity and flexibility in design purposes. The U.S. automotive sector remained at an elevated pace with 16.9 million light vehicles sold in 2019 and despite a pull-back from record-high vehicle sale as compared to 2018, the market is expected to ascend at a higher level during the forecast period, thereby contributing to the growth of the market.

The marine application segment is expected to gain a notable market share in the years to come owing to the rise in R&D spending for manufacturing models and prototypes of ships, boats, and vessels. Moreover, sports activities such as surfing that require lightweight and high water-absorbing surfing boards in the U.S. and Europe are expected to propel the product demand.

The product is extensively used in wind energy turbine blades owing to its low thermal inertia and coefficient of thermal expansion property. These products are effectively replacing the traditional metal blades, which are quite heavy and unwieldy in the sizes required by the turbine or multi-megawatt machines.

Regional Insights

Europe dominated the market and accounted for over 34.0% share of the global volume in 2019 owing to Germany and Belgium being the largest producers of polyurethane as a raw material. Moreover, the region is extensively regulated by various regulations and legislation, which has compelled the manufacturers to adhere to the stringent guidelines to ensure overall sustainable development.

The Asia Pacific emerged as the second-largest regional market in 2019 and is expected to witness significant growth over the forecast period owing to the presence of key markets, such as aerospace and defense, automotive, and wind energy. In addition, rapid industrialization, coupled with a large population in the region as compared to the developed economies, is expected to aid the growth over the forecast period.

The market in North America is expected to expand at a revenue-based CAGR of 3.6% over the forecast period on account of the highest aerospace and defense spending. Moreover, an increase in the marine and automotive production activities in Canada and Mexico is expected to drive the regional market over the forecast period.

The global pandemic had spurred the product demand and various manufactures have shifted their preference for production in South and Southeast Asian countries, such as India, Thailand, and Vietnam. The lucrative market and low labor cost, coupled with skilled employees in these countries, are expected to boost the market growth in the Asia Pacific.

Key Companies & Market Share Insights

The industry has been witnessing an increasing trend in R&D in the aerospace and defense and automobile industries through expansion and mergers and acquisitions. Companies are trying to adopt several strategies, including collaborations, expanding production capacities, and regional expansion, to facilitate the respective markets.

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

Tooling Board Market Report Scope

Segments Covered in the Report

This report forecasts volume and revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2027. For the purpose of this study, Grand View Research has segmented the global tooling board market report on the basis of product, application, and region:

• Product Outlook (Volume, Thousand Square Feet; Revenue, USD Million, 2016 - 2027)

  • Polyurethane

  • Epoxy

  • Others

• Application Outlook (Volume, Thousand Square Feet; Revenue, USD Million, 2016 - 2027)

  • Aerospace and defense

  • Automotive

  • Marine

  • Wind Energy

  • Others

• Regional Outlook (Volume, Thousand Square Feet; Revenue, USD Million, 2016 - 2027)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • U.K.

    • Germany

    • France

  • Asia Pacific

    • China

    • India

    • Japan

  • Central & South America

    • Brazil

  • Middle East & Africa (MEA)

    • Saudi Arabia