Tooling Board Market Analysis | 2021-2026

Tooling Board Market Analysis | 2021-2026

Tooling Board Market Analysis | 2021-2026
Report code - SR1009 Published On : Jul,2021 No. of Pages: 220
Tooling Board Market Size, Share, Trends, Dynamics, Forecast, & Growth Analysis: 2021- See more...

Market Highlights

The tooling board market is likely to grow at a CAGR of 6.1% during 2021-2026 to reach USD 0.4 billion in 2026. 

Tooling-Board-Market-Insights

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Market Dynamics

Introduction

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.

Covid-19 Impact

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 production is among the key factor signaling towards the industry’s take-off to a healthy recuperation.

Market Drivers

  • To meet the growing population demand, electricity generation is also growing. For instance, global renewable electricity generation is forecast to climb to over 17,000 TWh by 2030, an increase of almost 90% from 2023, with wind energy being one of the leading energy sources. To enhance turbine productivity, manufacturers are developing larger blades and taller towers, which in turn drives the demand for tooling boards used in producing molds and related components for these turbines
  • The automotive and the aerospace industries are the major end users of the tooling board. Tooling boards are utilized in both the industries extensively since they are essential to keep these specific tools organised and stored. As these sectors expand, there will be an increasing focus on efficient tools and reliable tooling solutions to support advanced manufacturing technologies and enhance production capabilities.

Tooling Board Market Challenges:

  • High cost of tooling boards – Manufacturing tooling boards requires expensive materials like polyurethane, epoxy, etc., leading to significant initial capital investments. Fluctuations in raw material prices can further impact profitability, making it challenging for manufacturers of tooling boards to maintain cost-effective production.
  • Tooling boards are recognized for their precision in machining, making them valuable in industries such as aerospace and automotive. Despite this, they may face restrictions when it comes to complex design customization in comparison to other materials. This inherent limitation could pose challenges for manufacturers and designers who require highly intricate and tailored solutions for their projects.

Segment Analysis

Segmentations

List of Sub-Segments

Segments with High Growth Opportunity

End-Use Industry Type Analysis

Transportation, Aerospace, Wind Energy, Marine, and Others

Transportation is expected to remain the largest segment of the market during the forecast period.

Application Type Analysis

Composite Applications and Non-Composite Applications [Design & Styling, Model & Tooling, and Others]

Non-Composite application is expected to remain the larger segment of the market during the forecast period.

Density Type Analysis

600-800 kg/m3, 800-1000 kg/m3 and above 1000 kg/m3

The 600-800 kg/m3 segment is likely to maintain its dominance during the forecast period.

Regional Analysis

North America, Europe, Asia-Pacific, and Rest of the World

Europe is expected to remain the largest market for tooling boards during the forecast period.

By End-Use Industry Type

"Transportation is expected to remain the largest segment of the market during the forecast period"

The tooling board market is segmented as transportation, aerospace, wind energy, marine, and others. Despite a massive nosedive in 2020, transportation is expected to remain the largest segment of the market during the forecast period. The wide usage of tooling boards for making composite tools, parts, and molds for automotive and motorsports have led to a huge dominance of the segment in the total market. The aerospace industry also holds a sizeable market demand with substantial usage of epoxy tooling boards in the industry for composite applications.

Tooling-Board-Market-Segment-Analysis-by-End-Use

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By Application Type

"Non-Composite application is expected to remain the larger segment of the market during the forecast period"

The market is segmented as composite applications and non-composites applications. Non-Composite application is expected to remain the larger segment of the market during the forecast period in the wake of their wide use in tooling applications. The non-composite application segment is further divided into the use type as design & styling, model & tooling, and others. Among non-composite applications, the model & tooling segment holds a significant dominance and will continue to dominate due to its suitability for making master models and molds for different end-use industries. Composite tooling board holds a smaller share but represents strong growth potential during the forecast period.

By Density Type

"The 600-800 kg/m3 segment is likely to maintain its dominance during the forecast period"

The market is segmented as 600-800 kg/m3, 800-1000 kg/m3, and above 1000 kg/m3.  The 600-800 kg/m3 segment is likely to maintain its dominance during the forecast period due to its suitability towards a wide range of temperatures for making master models and patterns in different end-use industries, making it the most suitable tooling board segment.

Regional Analysis

"Europe is expected to remain the largest market for tooling boards during the forecast period"

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.

Tooling-Board-Market-Regional-Analysis

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Key Players

The market for tooling boards is highly consolidated with the presence of a handful number of players. Furthermore, there has been a continuous consolidation in the market with the big fish acquiring the smaller ones. For instance, Polytek Development Corporation, Inc., a leading global supplier of tooling boards for a wide range of industries, acquired BCC Products, Inc. After the acquisition, Polytek Development Corporation successfully leaped ahead in the market with the added capabilities and expansion of its product portfolio.

The supply chain of this market comprises several nodes including raw material suppliers, tooling board manufacturers, distributors, tier players, and OEMs. The following are the key players in the market.

  • AIP Aerospace, Inc. (American Industrial Partners)
  • Trelleborg AB (Trelleborg Applied Technologies)
  • Base Group
  • Rampf Group, Inc.
  • Huntsman Advanced Materials
  • Sika Axson
  • Polytek Development Corporation (BCC)
  • China Guangzhou Lihong Mould Material Co. Ltd.
  • Alchemie Ltd
  • Elantas (Part of Atlanta)
  • Coastal Enterprises (Precision Board).

Note: The above list does not necessarily include all the top players in the market.

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Research Methodology

  • This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s tooling board market realities and future market possibilities for the forecast period of 2021 to 2026.
  • After a continuous interest in our tooling board market report from the industry stakeholders, we have tried to further accentuate our research scope to the tooling board market in order to provide the most crystal-clear picture of the market.
  • The report segments and analyses the market in the most detailed manner in order to provide a panoramic view of the market.
  • The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.
  • This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
  • More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. 
  • We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

  • Market structure: Overview, industry life cycle analysis, supply chain analysis.
  • Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
  • Market trend and forecast analysis.
  • Market segment trend and forecast.
  • Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
  • COVID-19 impact and its recovery curve
  • Attractive market segments and associated growth opportunities.
  • Emerging trends.
  • Strategic growth opportunities for the existing and new players.
  • Key success factors.

Market Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The tooling board market is segmented into the following categories-

By End-Use Industry Type

  • Transportation
  • Aerospace
  • Wind Energy
  • Marine
  • Others

By Product Type

By Application Type

  • Composite Applications
  • Non-Composite Applications

By Density Type

  • 600-800 kg/m3
  • 800-1,000 kg/m3
  • Above 1,000 kg/m3

By Region

  • North America (Country Analysis: The USA, Canada, and Mexico)
  • Europe (Country Analysis: Germany, France, the UK, and the Rest of Europe)
  • Asia-Pacific (Country Analysis: Japan, China, India, and the Rest of Asia-Pacific)
  • Rest of the World (Country Analysis: Brazil, and Others)

Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

  • Detailed profiling of additional market players (up to three players)
  • SWOT analysis of key players (up to three players)

Competitive Benchmarking

  • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.

Frequently Asked Questions (FAQs)

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 600-800 kg/m3 segment is expected to remain dominant in the market during the forecast period.

Non-Composite application is expected to remain the larger segment in the market in the coming years.

The tooling board market is estimated to grow at a healthy CAGR of 6.1% by 2026.

The tooling board market will reach 0.4 Billion US$ by 2026.

Transportation is expected to remain the largest segment in the market during the next five years.

AIP Aerospace, Inc. (American Industrial Partners), Trelleborg AB (Trelleborg applied technologies), Base Group, Rampf Group, Inc., Huntsman Advanced Materials, Sika Axson, Polytek Development Corporation (BCC)., Guangzhou Lihong, Alchemie Ltd, Elantas (Part of Atlanta), and Coastal Enterprises (Precision Board) are the leading players in the tooling board market.

Europe is estimated to remain dominant in the market in the foreseen future.