Tooling Board Market Pegged for Robust Expansion by 2026
The Tooling Board Market is Segmented by End-Use Industry Type (Transportation, Aerospace, Wind Energy, Marine, and Others), by Product Type (Epoxy Tooling Board and Polyurethane Tooling Board), by Application Type (Composite Applications and Non-Composite Applications [Design & Styling, Model & Tooling, and Others]), by Density Type (600-800 kg/m3, 800-1000 kg/m3 and above 1000 kg/m3), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
Market Highlights
Tooling boards are generally made from polymer-filled materials, when these boards are bonded together, they shape larger blocks which are used to produce molds, prototypes, and master models. There are mainly two types of tooling boards widely used across industries, namely epoxy tooling boards and polyurethane tooling boards.
The impact of the COVID-19 pandemic on the demand for tooling boards varies from industry to industry. The transportation and aerospace industries, the two major markets, witnessed hefty declines amid the pandemic, whereas the wind energy and marine industries, relatively small markets, witnessed lesser declines over the same period. Overall, the global tooling board market experienced a low double-digit decline in 2020, reaching a value below US$ 0.3 billion.
An expected recovery in the economy coupled with the surge in vehicle productions is among the key factor signaling towards the industry’s take-off to a healthy recuperation, helping the market stakeholders to recoup at a promising rate of 6.1% to reach US$ 0.4 Billion in 2026.
Regional Analysis
In terms of regions, Europe is expected to remain the largest market for tooling boards during the forecast period. On the other hand, Asia-Pacific is rich with lucrative growth opportunities over the forecast period as China and India are the key emerging countries with soaring demand for tooling boards. Different regions are dominant in different market segments. For instance, the aerospace and marine market segments are dominated by the North American region, whereas the transportation (including motorsports) market segment is dominated by the European region.
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