Tooling Resin Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028

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Tooling Resin Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028

Status : May, 2021 | Chemical & Materials

Report Digest

Widely consumed by manufacturers of composite molds and tooling boards, tooling resin is currently witnessing notably growing demand in tooling boards manufacturing segment that prominently serves companies designing prototypes of automotive and aerospace parts and components. The advent of additive manufacturing and widespread penetration of 3D printing technology also advocate for positive revenue growth prospects of tooling resin market.

In addition to a strong impetus by thriving automotive and aerospace manufacturing industries, tooling resin continues to enjoy elevating demand from the spectacularly expanding electronic products industry. Exponentially growing demand for tooling resin as a high-performance potting and encapsulating compound for electronic device components will remain one of the most significant push factors associated with the revenue growth of tooling resin marker over the foreseeable future.

Competition Analysis: Global Tooling Resin Market

While the competitive landscape of global tooling resin market appears to be fairly fragmented, a majority of strategic developments remain concentrated at the top ranking companies in tooling resin market. Product innovations and new launches are observed to be among the key strategies adopted by a number of players active across the tooling resin market structure.

Several manufacturers of tooling resins are also increasing their R&D investments in innovative formulations with an intent to achieve functional superiority over conventional tooling resin types, which points to widening scope of growth for the global tooling resin market.

  • Solvay S.A. recently signed an agreement with Boeing over the materials supply for the 777X Airplane Production Program. The company has recently entered strategic partnership with Composites One LLC, North America’s leader in composites material distribution. While this regional distribution network agreement is supposed to enhance the former’s ability in terms of serving the entire composites landscape, it will prominently focus on strengthening distribution network for tooling product lines (including tooling prepreg and thereby tooling resins) and process materials across North America.
  • Huntsman Corporation recently acquired the Hampshire-based Miralon manufacturer - Nanocomp Technologies Inc. With this deal, the former intends to extend their existing specialty chemicals portfolio that prominently includes tooling resins. More recently, Huntsman Advanced Materials Americas LLC announced increase in the prices of their entire epoxy resins line.
  • Sika AG announced the new name of their SikaAxon business unit - Sika Advanced Resins. The company has taken this step to reposition the brand in global specialty chemicals and tooling marketplaces. Sika with this deal aspires a leading position across the competitive landscape of high-performance polyurethane and epoxy tooling resins that would also reflect substantial consumption potential across other segments including dielectrics and composites.
  • In response to the challenges related to future primary structures facing OEMs, Hexcel Corporation recently launched a novel trademark lineup of next-generation tooling resins - HiFlow™ Resins. These high performance-reinforcing liquid resins that prominently find high applicability in manufacturing of aerospace structures are also designed to cater to application demands of automotive, marine, and wind energy segments.

Automotive, aerospace, & wind energy storing major opportunities

In addition to significant growth of automotive and aerospace manufacturing industries, growing use of tooling resin by the wind turbine manufacturing industry is prompting at a positive revenue growth outlook of the tooling resin market. Elevating production of composite materials, coupled with a flourishing outlook of the automotive production, is spurring demand for protective, anti-corrosive tooling resins in vehicle manufacturing applications. In recent years, escalating resin consumption has been observed in applications for wind turbine blades manufacturing.

Epoxy tooling resins gathering manufacturing interests

While tooling resin remains a preferred choice among manufacturers attributed to its excellent bonding ability with a host of materials including wood, glass ceramics, metals, stone & concrete, and leather, research affirms that the non-toxic attribute remains a major competitive benefit for the types of tooling resin. Epoxy-based tooling resin especially makes an excellent manufacturing material that has exceptional tensile, mechanical, flexural, and compressive strength; the resultant applicability in an extensive range of end use verticals thus accounts for the growth of tooling resin market.

In addition to high dimensional stability, excellent chemical, solvent, and impact resistance of epoxy tooling resin enable it to reflect an outstanding potential in terms of adoption, says research. Typically, high-temperature epoxy tooling resins experience better traction in coating applications owing to their superior chemical resistance that helps manufacturers improve chemical resistance and strength of coating products.

On the other side, polyurethane tooling resin is also discovering attractive consumption opportunities owing to the relatively lower thermal expansion coefficient, in addition to a shorter cycle time and excellent surface finish that it offers to coatings.

Low-VOC trend swaying tooling resin market

Some of the prominent manufacturers are modifying conventional epoxy tooling resin formulations. Emergence of low-VOC epoxy tooling resin is trending across the tooling resin landscape, according to research.

Low/zero-VOC materials have been taking industries by storm since the recent past. Low-VOC epoxy tooling resins are thus experiencing high traction in multiple end use industries including coatings manufacturing, as a result of which low-VOC resins are rapidly mainstreaming – specifically in architectural coatings industry.

Research reveals that certain MEA and European countries strictly mandate the use of zero-VOC resins to raise the sustainability quotient. Increasing need for maintaining indoor air quality is also an important factor pushing adoption of low-VOC resins in coating applications such as wood finishing.

Sustainability-driven innovation shaping future of tooling resins

Bio-based tooling resins are currently on the strategic radar of some of the leading manufacturing companies operating in tooling resin market. While players are investing efforts in development of high quality, high clarity, bio-based resins that also have superior UV stability, innovation in terms of base material is likely to emerge as a popular trend among manufacturers in coming years. Sicomin Bags ECOBOARD recently received the Gold Level Qualification for their bio-based epoxy resins.

Moreover, the global sustainable drive accounting for growing preference for high fuel efficiency and thereby lightweight material components used in automotive and transportation industries is cited as a major impact factor encouraging demand for tooling resin. Manufacturers of lightweight passenger vehicles, motorsports vehicles, and Formula One cars top the list of prime consumers of lightweight composites that are made from high quality tooling resins.

Another prominent trend in global tooling resin market includes visibly growing demand for high temperature polyurethane thermoset resin in applications related to tooling boards manufacturing. The tooling resins landscape is thus witnessing a rising price point of reliable, versatile thermoset resins, in the course of recent past.

Global Tooling Resin Market Segmentation

On the Basis of Resin Type

  • Polyurethane
  • Epoxy
  • Others

Based on the Type of Product

  • Paste
  • Board Tooling
  • Mold Tooling

By End Use Industry

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

This study provides a particularized anatomy according to the L.E.A.P mechanism

  • Latest trends and cardinal growth prospects
  • Existing and future insights in growth
  • Ascensions in technology
  • Pain points

The regional analysis offers market assays across:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The study, prepared through the L.E.A.P mechanism adds a dimension of infallibility and assures precise information on all the growth dynamics.

Latest Trends and Cardinal Growth Prospects

The study assists in burnishing the knowledge of the stakeholder in terms of the emerging trends. The study provides an expansive coverage on the latest developments and novel profit-yielding sources that augur well with the market. A dedicated and determined team of experts conduct an out-and-out research on diverse aspects to offer ultimate breakthroughs in the market.

Existing and Future Insights in Growth

The interfusion of ubiquitous primary and secondary research through modern tools invites perfection and accuracy in every aspect. Primary research is circumspectly conducted through exhaustive interactions and interviews of experts. These valuable opinions are then neatly inducted in the report to allow the stakeholder for reaping the benefits. A treasure of secondary data is extracted via famed paid sources, yearly estimates and statements, renowned journals, and government documents. These sources assist in creating a robust database comprising existing and subsequent growth dynamics.

Ascensions in Technology

Diverse technological advancements and cutting-edge innovations in the market have been covered in this study to assist the stakeholder in research and development activities. Recent upgrades have also been added in the study, thus helping the stakeholder to paint the strokes of growth on the canvas of the market.

Pain Points

The study presents a plethora of challenges and obstacles that can hinder the growth of the market to allow the stakeholder to prepare their strategies accordingly.

The world ushered in the new decade with the shadow of the COVID-19 pandemic. The outbreak has damaged the growth prospects of several businesses and has crippled the entire economy. The study is in tandem with the changing dynamics of the market due to the SARS-CoV-2 outbreak. The study focuses on the coronavirus pandemic and analyses every aspect that impacts the growth positively or negatively.

An aerial perspective of the regions covered in this study enables the stakeholder to design strategies accordingly. The 360-degree assessment of every aspect associated with growth offers information on a rainbow of growth opportunities available across the market.

The exhaustive study motivates the stakeholder to take the 'LEAP' of faith and achieve success!

This report is the key to questions such as:

What are the prominent factors that will help in reshaping the market growth?

Which trends have the potential to bring expansive growth for the market?

What are the necessary strategies to overcome the ill-effects of the COVID-19 pandemic?

Which regions will emerge as champion growth contributors for the market?

Which aspects will serve as game-changers for the market?

What are the latest innovations in the market?

Which factors will hinder the growth of the market?