According to a new market research report published by sheer analytics and insights, “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", as per the latest market research report titled Global Tooling Board Market - Industry analysis, size, share, growth, trends, and forecast, 2021-2031.
Tooling boards or modeling boards are generally material boards used to make prototype tools and master models. Plastic tooling has replaced wood, metal, and other traditional materials in the industrial tooling sector to a faster ramp rate, improved efficiency, and reduce the overall cost for various industrial processes provided by the former. 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. With the stimulated pace of new product development and contracted product lifecycles, prototypes' demand has increased. The increasing aerospace and automotive industries are expected to propel the tooling board market growth.
However, in this current pandemic of COVID-19, the Tooling Board market is affected much. It changes the growth rate graph slightly in the Tooling Board market. But it has been expected that after the pandemic situation, the global Tooling Board market will reach a high position in the graph. Apart from that, the rising of the tooling board sector across the world is anticipated to offer a massive opportunity for market growth in the next forecast period of 2021 to 2031.
Geographically, The Tooling Board Market is divided into global regions like North America, Europe, Asia- Pacific, Latin America, Middle East, and Africa.
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