Metalworking Tool Holder Market to Reach $1.19 Bn, Globally, by 2030 at 4.5% CAGR: Allied Market Research
Increase in manufacturing activities of defense equipment in the private sector and surge in defense expenditure drive the growth of the global metalworking tool holder market.
PORTLAND, Ore., Aug. 16, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Metalworking Tool Holder Market by Type (Milling Chucks, Collet Chuck, Hydraulic Toolholders, and Others), Machine Type (Machining Centers, Lathe Machines, Gear Cutting Machines, Laser Cutting Machines, and Others), and End User (Automobile, Aerospace & Defense, Electronics, Power & Energy, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030." According to the report, the global metalworking tool holder industry generated $815.3 million in 2020, and is estimated to garner $1.19 billion by 2030, witnessing a CAGR of 4.5% from 2021 to 2030.
Prime determinants of growth
Increase in manufacturing activities of defense equipment in the private sector, surge in defense expenditure, and growth of manufacturing machinery and automotive industries drive the growth of the global metalworking tool holder market. However, variations in foreign currencies and rise in penetration of laser cutting technology hinder the market growth. On the other hand, rise of the machinery and equipment manufacturing sectors present new opportunities in the coming years.
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Covid-19 Scenario
- Manufacturing activities of different types of metalworking tool holders halted due to lockdown restrictions across many countries. Moreover, disruptions in the supply chain and shortage of raw materials posed challenges in production with full capacity.
- The demand from end users such as automobiles, electronics, aerospace & defense, and others reduced considerably due to halt in disruptions in daily operations during the lockdown. However, the demand is expected to grow slowly during post-lockdown as daily operations resume.
- There has been a ban on import-export activities in many countries. This led to the supply-demand gap. However, the supply chain will be back on track as the ban is lifted off.
The collet chuck segment to maintain its leadership status during the forecast period
Based on type, the collet chuck segment held the largest market share in 2020, accounting for nearly half of the global metalworking tool holder market, and is projected to maintain its leadership status during the forecast period. This is attributed to wide application in medical equipment, automotive, and defense sectors for its low cost, compact size, and working efficiency. However, the hydraulic tool holders segment is projected to witness the largest CAGR of 4.9% from 2021 to 2030. This is due to its features such as vibration dampening, easy handling, repeat accuracy, flexible camping range, and compatibility.
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The automobile segment to maintain its lead position during the forecast period
Based on end user, the automobile segment accounted for the highest share in 2020, contributing to around one-third of the global metalworking tool holder market, and is projected to maintain its lead position during the forecast period. This is due to increase in adoption of tool holder in CNC metal cutting machines for their working efficiency and speed. However, the electronics segment is expected to portray the highest CAGR of 4.7% from 2021 to 2030. This is attributed to its usage in manufacturing components and precision metal cutting applications.
Asia-Pacific, followed by Europe and North America, to maintain its dominance by 2030
Based on region, Asia-Pacific, followed by Europe and North America, contributed to the highest market share in 2020, holding nearly half of the global metalworking tool holder market, and is estimated to maintain its dominance in terms of revenue by 2030. Moreover, this region is expected to manifest the fastest CAGR of 4.3% during the forecast period. This is due to increase in investments from major producers for infrastructure, defense, and aerospace and rise in urbanization.
Leading market players
- Sandvik AB
- Guhring Inc.
- Kennametal Inc.
- Ceratizit S.A.
- Kyocera Unimerco Tooling A/S
- Ingersoll Cutting Tool Company
- Haimer GmbH
- Schunk GmbH & Co KG
- Collis Toolholder Corp.
- BIG KAISER Precision Tooling Inc.
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