The new report by Expert Market Research titled, ‘Tooling Board Global Market Share, Size, Price, Trends, Report and Forecast 2023-2028’, gives an in-depth analysis of the Global Tooling Board Market, assessing the market based on its segments like product, application and major regions like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2020): USD 9.72 billion
• Forecast CAGR (2023-2028): 4.3%
• Forecast Market Size (2026): USD 12.7 billion
The Global Tooling Board market witnessed a decent growth in the historical period, due to the technological advancements in order to increase the efficiency of prototypes in the end use industries.
Tooling Board Industry Definition and Major Segments
Tooling boards, also known as modelling boards, are material boards that are used to create master models and prototype tools. Plastic tooling has replaced metal, wood, and other traditional materials in the industrial tooling industry due to the greater efficiency, faster ramp rate, and total cost savings provided by the former for various industrial operations. Its market is further divided into segments such as:
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By product, the market is divided into:
The market is divided based on application into:
• Aerospace and Defence
• Wind Energy
The regional market for Tooling Board includes:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Tooling Board Market Trends
Globally, North America, led by the United States, is predicted to grow gradually due to technological developments in the automobile and aerospace industries. The combination of severe regulation aimed at increasing vehicle performance and a demand for environmentally friendly products may stimulate regional industry development.
Furthermore, rising demand for sustainable and recyclable materials used in the production of these goods, as well as rising consumer living standards, are likely to fuel market expansion throughout the forecast period.
The increased need for tooling boards in major application industries such as automotive, maritime, and aerospace, among others, has propelled the worldwide tooling business. The growing desire in various businesses to cut manufacturing costs and enhance production rates is driving up product demand even further. The ability of epoxy or polyurethane tooling boards to shorten autoclave curing time required for manufacturing sophisticated composites parts and moulds, particularly in the aerospace industry, is further driving the market.
The manufacture of mined mineral composites, on the other hand, could be a constraint for the industry. The development of technologically sophisticated vehicles with improved fuel efficiency, lighter weight, high performance, and perfect streamlining, as well as an increase in R&D investment and an increase in automobile sales volume, are predicted to positively effect industry growth over the forecast period.
Key Market Players
The major players in the global market Huntsman International LLC, General Plastics Manufacturing Company, Curbell Plastics, Inc., Alchemie Ltd., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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