Tooling Resin Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028
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.
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
Based on the Type of Product
By End Use Industry
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