Newark, NJ, Aug. 11, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global tooling board market is expected to grow from USD 10.45 billion in 2020 and to reach USD 13.98 billion by 2028, growing at a CAGR of 4.2% during the forecast period 2021-2028.
The tooling board market is witnessing significant growth from the past years. This growth is attributed to increased demand for prototypes in the aerospace and defence, transportation, construction and other applications, low production costs and increased production rate, widely accepted for their suitability. Growing improvements in aerospace and defence equipment are expected to stimulate demand for instrument panels over the forecast period, will propel the tooling board market. The growing adoption of transportation industry that helps to develop prototypes for motorsport vehicles, and aerospace applications will influence the market.
The tool boards are made from loaded polymer materials. When joined together, these boards form larger blanks and blocks used to create CNC machined tool models. Due to their wide use, the demand for tool panels is high. Tool tables are used for bending light metals, CNC fasteners, fasteners RTM tools, models, prototypes, and essential tools. Tool boards can be found in many industries, such as automotive, aerospace, and packaging, as well as in FRP, metal stamping, and sign shops. The Precision Panel is a high-density urethane tool panel explicitly designed to meet a wide range of tool and tool manufacturing applications. This type of tool table is popular in aerospace, automotive, wind, power and other industries. Instrument panels are designed and manufactured to meet the broad range of tooling, modelling, prototyping and fabrication applications and can meet the specific needs of multiple industries, including: aerospace, construction, consumer recreation, defence, industry, infrastructure, Solid Surface, nautical, transport, wind/energy and signage.
The global tooling board market is expected to witness significant growth, owing to increasing demands for prototypes in the aerospace and defence, transportation, construction and other applications. The low production costs and increased production rate also helps to propel the market. Several properties such as ease of machining, dimensional stability, temperature resistance, and larger block availability in addition with lower cost of the system for better performance and to make the system durable resulting in less labour demands and provides the best finish quality benefits the market growth. The factors restraining the market growth are development of extracted mineral composites in developing regions. Increasing spending in the aerospace and defense industry, in addition with the adoption of the latest technology vehicles will provide market growth opportunities.
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Key players operating in global tooling board market include Alro Tooling board Corp., Curbell Plastics Inc., General Plastic Manufacturing Co., Alchemie Ltd., Axson Technologies, Huntsman Corp., OBO-Werke GmbH & Co. KG, RAMPF Holding GmbH, Trelleborg AG, Base Group Co., KGSika AG, Coastal Enterprises. . To gain a significant market share in the global tooling board market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership.
Polyurethane segment dominated the market and held the largest market share of 70.9% in the year 2020
On the basis of Product, the global tooling board market is segmented into polyurethane, epoxy. Polyurethane segment dominated the market and held the largest market share of 70.9% in the year 2020. This growth is attributed to the exhibition of high ease of machinability, shop safety, and temperature stability by polyurethane in all its application which are utilized further by all application industries. Molds that are made from polyurethane are accurate in dimensions to store it for years because they have property to not shrink with time and do not get affected by moisture.
Aerospace & Defence segment dominated the market and held the largest market share of 35.15% in the year 2020
On the basis of application, the global tooling board market is segmented into aerospace & defence, automotive, marine, and wind energy. Aerospace & Defence segment dominated the market and held the largest market share of 35.15% in the year 2020. This growth is attributed to the increasing demand for affordable and dimensionally stable tooling boards with high-temperature resistance.
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Regional Segment of Tooling Board Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global tooling board market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Europe region held the largest market share of 39.16% in the year 2020. This growth is ascertained by the Germany and Belgium region owing to largest producer of polyurethane as a raw material in the country. The market in Asia-Pacific is expected to witness significant growth, owing to the key markets, such as aerospace and defence, automotive and wind in addition with rapid industrialization, combined with a large population in the region will propel the region's market growth. The North America region is witnessing significant growth on increased spending on aerospace and defence, as increase in shipbuilding and automotive manufacturing activities in the region.
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About the report:
The global tooling board market is analysed on the basis of value (USD billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors’ position grid analysis.
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