The Global Tooling Board Market was valued at $10.2 Billion in 2020. Growing at a high CAGR of more than 4.5% between 2021 and 2031, it is estimated to reach $16.7 Billion by 2031. But, the current pandemic of COVID-19 might make a slight difference in the current year's growth rate. Tooling boards or modeling boards are generally material boards used to make prototype tools and master models. Tooling boards are applied in many industrial tooling applications to manufacturing models and master models, molds, fixtures, laminates, castings, and other industrial production aids. The increasing use of tooling boards for prototypes in end-use industries is one of the primary key factors driving the tooling board's growth. The increasing aerospace and automotive industries are expected to propel the tooling board market growth. Now, moving forward, the robust demand for the Global Tooling Board Market in the tooling board department is further estimated to create new necessities and augment the market of growth over the forecast period of 2021-2031.
Global Tooling Board Segment Is Estimated to Witness Remarkable Growth
Source: SAI Research
The Tooling Board market is segmented as product and application. Based on product, the global Tooling Board market is divided into Polyurethane, Epoxy, and Others. Based on Application, the global Tooling Board market has been bifurcated as Aerospace and Defense, Automotive, Marine, Wind Energy, and Others.
By Region, Europe is Holding the Major Market Share
The Tooling Board Market has been geographically segmented into North America, Asia Pacific, Latin America, Middle East, and Africa region. In addition to this, Europe has a significant share among those regions. The regional market comprises developing nations whose development rate is faster than most of the developing countries in the world. The availability of advanced technology, experienced and skilled employees and increasing demand for master board products are the prime factors for the market growth over the region. Apart from that, North America and the Asia Pacific are expected to increase the growth rate in the upcoming forecast period of 2021 to 2031.
Major Players in the Global Tooling Board Market
The report covers a detailed outlook about the company, and it includes the company or industry profiles and market share of key players operating in the global market. Key players in the report 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, Guangzhou LiHong Mould Material Co. Ltd., BCC Products, Inc., and Alro Steel Corporation among others.
The Global Tooling Board Market Has Been Segmented into:
Global Tooling Board Market: By Product
Global Tooling Board Market: By Application
Global Tooling Board Market: By Region