A key factor driving the market’s growth is the growing use of tooling boards for prototypes in end-use industries. The demand for tooling board prototypes is high as tooling boards provide the opportunity for process development and verification early in the project timeline. They also shorten the production approval process, which results in timely delivery of the final product.
This market research report on the global tooling board market 2018-2022 provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio predicts an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the growing automotive and aerospace industries as one of the key emerging trends in the global tooling board market:
Global tooling board market: Growing automotive and aerospace industries
The automotive industry is exhibiting remarkable growth, especially in APAC, with China, Japan, and South Korea emerging as the leading automotive producers. Similarly, the commercial aerospace sector is expected to emerge stronger and experience growth which will fuel the demand for tooling boards over the forecast period. Tooling boards are also known as machinable slabs and modeling boards that are used for prototype modeling, and creating molds, patterns, jigs, and fixtures in the automotive and aerospace and defense industries.
“The ease of machinability and relatively high strength of tooling boards enables their use in applications such as styling, foundry, and modeling in diverse end-user industries such as the automotive and aerospace industries. The growth of the end-user industries will boost the demand for tooling boards,” says a senior analyst at Technavio.
Global tooling board market: Segmentation analysis
This market research report segments the global tooling board market by application (aerospace, automotive, marine, wind energy, and others) and key regions (the Americas, APAC, and EMEA).
The aerospace segment held the largest market share in 2017, accounting for over 32% of the market. The aerospace segment is expected to witness a further increase of close to 1% in its market share over the forecast period. This aerospace segment is followed by the automotive and marine segments respectively.
EMEA held the highest share of the global tooling board market in 2017, accounting for a market share of more than 38%, followed by APAC and the Americas. The market share occupied by the three regions is expected to remain steady during the forecast period with very small variations.
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