Tooling Board Market Size, Share, Growth Analysis, By Product(Polyurethane, Epoxy, Others), By Application(Aerospace and defense, Automotive, Marine, Wind Energy), By Region - Industry Forecast 2024-2031

Europe exerted its dominance over the market, commanding more than 34.0% of the global volume in 2022. This ascendancy is attributed to Germany and Belgium, which stand as the foremost producers of polyurethane as a raw material. Furthermore, the region operates within a framework of rigorous regulations and legislation, compelling manufacturers to meticulously adhere to stringent guidelines, thus ensuring comprehensive sustainable development.

In 2022, the Asia Pacific emerged as the second-largest regional market and is poised for notable expansion throughout the forecast period. This growth trajectory owes much to the presence of pivotal markets, encompassing aerospace and defense, automotive, and wind energy sectors. Additionally, the region's rapid industrialization, coupled with its substantial population relative to developed economies, is anticipated to fuel growth in the coming forecast period.

The North American market is projected to experience a revenue-based CAGR of 3.6% during the forecast period. This projection is primarily underpinned by the region's substantial aerospace and defense expenditure. Furthermore, an upswing in marine and automotive production activities in Canada and Mexico is anticipated to propel the regional market forward throughout the forecast duration.

The global pandemic acted as a catalyst for heightened product demand, prompting numerous manufacturers to redirect their production preferences towards countries in South and Southeast Asia, such as India, Thailand, and Vietnam. These regions offer a potent combination of a lucrative market, cost-effective labor, and a pool of skilled employees, all of which are expected to vigorously bolster market growth in the Asia Pacific.