Global Epoxy Tooling Board Market Report, Overview, Insight, and Forecast to 2028

Epoxy Tooling Board Market Overview

The global epoxy tooling board market was valued at USD 8677.8 million in 2021 and is expected to reach USD 10541 million in 2028 with a CAGR of 3.4% during 2022-2028. The global epoxy tooling board market is being driven by increased demand from end-use industries and a spike in demand for lightweight composites in aerospace and wind turbine applications. Carmakers use lightweight composite materials to address the demand for design freedom, flexibility, high strength, and reduced vehicle weight. Epoxy resins also provide better mechanical performance in wind turbine blades, notably tensile and flexural strength. As a result, market growth is likely to be aided by increased acceptance of this resin in the wind power industry. Due to increased affluence, urbanization, and a surge in technology-intensive activities, end-use sectors are increasing, boosting global demand for epoxy tooling boards. The global epoxy tooling board market is predicted to grow due to steady economic advances and increased industrialization.

What is Epoxy Tooling Board?

Epoxy tooling board is a solid, hard substance created from epoxy resin. To create precise patterns and molds, epoxy tooling boards are employed. Epoxy is a key ingredient in epoxy resins. This system is utilized in the tooling process to create fixtures, molds, castings, master molds, and more in the manufacturing industry. Polyurethane, epoxy resins, and other materials can create these boards. Laminating and casting are the two fundamental techniques used to make them. These goods have an excellent surface finish, heat resistance, thermic resistance, low thermic expansion, polishability, and high compression resistance, among other properties.

Growth Driver

Rising in Development of Prototype

Tooling boards are perfect for prototype production, but they’re also used in the aerospace and automotive industries for vacuum forming, machining, prepreg composite layup tools, pattern manufacturing, high-temperature curing prepreg, and another limited-run tooling. Epoxy tooling boards are widely utilized in developing prototypes for race cars, motorsports vehicles, and the aerospace industry. Epoxy tooling boards have grown in popularity across industries because they are lightweight and less expensive than aluminum and steel. Rapid prototyping is gaining popularity in the automotive and aerospace industries for its ability to simplify and shorten the product development cycle while also reducing costs. As a result, demand for epoxy tooling boards with quick tooling techniques is increasing.

Opportunity

New Product Offerings by Market Leaders

For the fabrication of prototypes, epoxy tooling boards are the most suitable solution. Race cars achieve their astonishing speeds because of superior tooling block technology and extensive testing and experimenting on prototypes. The primary goal of race car designers is to create lighter and stronger vehicles. This product’s distinguishing feature is its capacity to deliver a dust-free machining process, which results in less machine maintenance, increasing production efficiency and lowering costs. Market leaders’ new product offerings with enhanced features might have a beneficial impact on the epoxy tooling board market’s growth in the coming years.

Restraint

Volatile Raw Material Prices and Fluctuations

Between 2010 and 2020, raw materials were scarce, mostly base chemicals used to make resins. A spike caused the scarcity in oil prices, followed by a demand and supply gap, which resulted in greater competition from other resin-based sectors, including adhesives and sealants and composites. It pushed prices up, eventually replacing main resins including epoxy, polyurethane, acrylic, alkyd, and vinyl with alternative resins like cellulose, phenolic, and vinyl esters. In comparison to other parts of the world, resin market prices in Europe were relatively high. As a result, European coating resin manufacturers planned to restructure their purchasing operations, resulting in the substitution of coating resins for other raw materials. These problems hamper the market for coating resins.

Pre-Covid-19 impact on the global Epoxy Tooling Board market

Before the pandemic, with potential in the automotive, aerospace, marine, and other industries, the global epoxy tooling board market appeared promising. Because of its unique mix of superior surface smoothness and high-temperature resistance, epoxy tooling board is used for prototyping applications.

Covid-19 impact on the global Epoxy Tooling Board market

Early on, governments all over the world realized this. They wanted to impose lockdowns and quarantines because of this. These were just temporary because they didn’t work in terms of preventing the virus from spreading. Many businesses in various industries were forced to shut down or drastically reduce production. The epoxy resin business around the world was no exception. Because the cost of the raw ingredients used to make epoxy resin has increased significantly, less epoxy resin is being produced. As a result, in 2020, the global epoxy tooling board market is likely to suffer a setback.

Post Covid-19 impact on the global Epoxy Tooling Board market

Following the epidemic, sustainability in building developments is a broad topic that includes several procedures that must be done early in the construction process due to the potential for considerable environmental effects. As a result of increased expenditures on smart energy-efficient business and residential structures, green buildings are progressively entering the construction market.

Material Type Segmental Analysis

Based on the segmental analysis, The global Epoxy Tooling Board market is classified into Polyurethane, Epoxy resins, and Others based on Material Type. The Polyurethane segment is expected to hold a significant share in the global Epoxy Tooling Board market during the forecast period by 2028. Polyurethane-based compounds are often utilized because they may be used at lower temperatures in comparison to epoxy-based polymers. Furthermore, the expanding use of polyurethane in CNC machined plugs and molds in the composites industry and the growing preference for low-density polyurethane due to its moisture barrier features are likely to drive the market growth. Figure: Global Epoxy Tooling Board Market, by Type, Market Share, 2021

Application Segmental Analysis

Based on Application, the global Epoxy Tooling Board market is segregated into Automotive, Wind Energy, Aerospace & Defense, Marine, and Others. The Wind Energy segment accounts for a significant share in the global Epoxy Tooling Board market over 2022-2028. The use of wind turbines to generate electricity is known as wind power or wind energy. Wind energy is a popular, renewable energy source with a far lower environmental impact than burning fossil fuels. To form wind farms, many individual wind turbines are connected to the electric power transmission network.

Region Segmental Analysis

Based on the regional segmental analysis, the Epoxy Tooling Board market is characterized by North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America accounts for a significant share in the global Epoxy Tooling Board market over 2022-2028. Epoxy resin is mostly utilized in the North American region to produce second-hand cars and improve used cars’ appearance and functionality. For these reasons, the North American region has a significant market share. Many automobile and other motor vehicle manufacturers, particularly in the United States and Canada, wish to employ epoxy tooling board as a topcoat to make them look brighter, more appealing, more robust, stronger, last longer, and work better. The result is a stylish and safe automobile.

Competitor Analysis

Base Group, Axson Technologies, Huntsman Corporation, Sika, Guangzhou LiHong Mould Material Co., Ltd, Stevik, Trelleborg AB, RAMPF Tooling Solutions GmbH & Co. KG, BCC Products, Inc., Other prominent players. Key Stakeholders

• Market research and consulting firms
• Industry associations
• Global Epoxy Tooling Board manufacturing firm
• Local Governments
• Regulatory bodies
• Suppliers
• Retailers

Recent Development

• In October 2021, Azelis, a leading innovation service provider in the specialty chemicals and food additives industries, is pleased to announce the latest distribution deal with BASF in Vietnam for its resins portfolio. If BASF’s resin portfolio permits Azelis to give superior solutions for the CASE, printing, and packaging markets, the collaboration will begin on November 1st, 2021. The collaborations strengthen the company’s lateral value chain by adding market-leading goods in various industry areas while also expanding the company’s global alliance with BASF into new markets. It builds on Azelis and BASF’s successful partnership in the Americas, Turkey, New Zealand, and Australia.
• In June 2021, Aditya Birla Group’s Advanced Materials company planned to invest in a brownfield expansion at its Vilayat, Gujarat, India, to increase business capacity by 125 KTPA. Specialty and regular epoxy materials, as well as curing agents, will be available. This is in addition to the current production facilities in Thailand and Germany, located in Rayong and Russelsheim, respectively. The Advanced Material division of the Aditya Birla Group plays a critical role in driving and supporting demand development.

Scope of the Report

Report Attribute	Details
Revenue in 2021	USD 8677.8 million
The revenue forecast in 2028	USD 10541 million
CAGR	3.4%
Historical data	2017 – 2020
Base Year	2021
Forecast period	2022 – 2028
Region covered	North America, Europe, Asia-Pacific, South America, and Middle East & Africa
Key companies Profiled	Base Group, Axson Technologies, Huntsman Corporation, Sika, Guangzhou LiHong Mould Material Co., Ltd, Stevik, Trelleborg AB, RAMPF Tooling Solutions GmbH & Co. KG, BCC Products, Inc., Other prominent players.

Market Modelling

By Material type

• Polyurethane
• Epoxy resins
• Others

By Application

• Automotive
• Wind Energy
• Aerospace & Defense
• Marine
• Others

By Density

• 800-1000 kg/m3 A
• 600-800 kg/m3
• Above 1000 kg/m3

By Region

• North America
• Europe
• Asia Pacific
• South America
• Middle East & Africa

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