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

Global Tooling Board Market size was valued at USD 11.25 billion in 2022 and is poised to grow from USD 11.7 billion in 2023 to USD 16.01 billion by 2031, growing at a CAGR of 4% during the forecast period (2024-2031).

Anticipated market growth in the aerospace, defense, transportation, and construction sectors is driven by the escalating demand for prototypes. Tooling boards, often referred to as slabs, serve as machinable and modeling materials. These boards, primarily composed of polyurethane and epoxy, possess low density while exhibiting remarkable dimensional stability. In the realm of master models, jigs, fixtures, molds, patterns, and prototype modeling, polyurethane (PU) and epoxy tooling products are increasingly supplanting conventional metal and wood materials. In the North American market, the United States is poised to achieve the highest compound annual growth rate (CAGR) of 3.7% in terms of revenue throughout the projected period. The expansion is driven by augmented expenditures in the aerospace and defense sector and the incorporation of advanced technology vehicles, offering prospects for future growth. Additionally, the surge in research and development for efficient electric vehicles is projected to amplify the utilization of prototype models, consequently boosting product demand.

Global automotive enterprises are directing their focus towards augmenting their capabilities by integrating technologically enhanced machinery and tools. Diverse automotive segments necessitate varied model construction before implementation. Furthermore, industries like marine are anticipated to elevate their production endeavors due to increased activities in oil and gas transportation.

US Tooling Board Market is poised to grow at a sustainable CAGR for the next forecast year.