- Rise in consumption of consumer electronics and electrical devices, progress of the renewable energy industry, and growth in focus on product customizations for the automotive products drive the growth of the global tooling Market
- On the other hand, new advancements such as penetration of automation and IoT are is expected to create a number of lucrative opportunities in the near future
PORTLAND, Oregon, Oct. 8, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "Tooling Market by Product Type (Dies & Molds, Forging, Jigs & Fixtures, Machine Tools, and Gauges) and End-User Industry (Automotive, Electronics & Electrical, Aerospace, Marine & Defense, Plastics, Construction & Mining, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global tooling industry garnered $200.8 billion in 2018, and is estimated to reach $368.5 billion in 2026, growing at a CAGR of 8.0% from 2019 to 2026. The report also provides an in-depth analysis of the drivers & opportunities, top investment pockets, top winning strategies, market size & estimations, competitive landscape, and wavering market trends.
Drivers, restraints and opportunities-
Rise in consumption of consumer electronics and electrical devices, progress of the renewable energy industry, and growth in focus on product customizations for the automotive products drive the growth of the global tooling Market. On the other hand, surge in adoption of 3D printing and China and U.S. trade war impede the growth to some extent. However, new advancements such as penetration of automation and IoT are expected to create a number of lucrative opportunities in the near future.
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The dies and molds segment to lead the trail by 2026-
Based on product type, the dies and molds segment contributed to nearly two-fifths of the global tooling market share in 2018 and is expected to dominate during 2019–2026. This is due dieing and molding is the most utilized production technique for the manufacturing of important automotive and aerospace parts. On the other hand, machine tools segment is projected to grow at the fastest CAGR of 9.0% throughout the study period. The constant technological developments in the machine tooling industry have driven the growth of the segment.
The automotive segment held the largest share in 2018-
Based on end user, the automotive segment held the lion's share in 2018, garnering more than two-thirds of the global tooling market. The segment holds the maximum share due to considerable growth in the manufacturing of automotive vehicles all over the globe. At the same time, the electronics and electrical segment would cite the fastest CAGR of 11.6% by 2026. The increased consumption of electronics in normal household activities is expected to drive the market of tools required for the production of electronics and electrical end-user industry.
Europe to rule the roost in terms of revenue, North America to follow-
Based on geography, Europe accounted for nearly two-fifths of the global tooling market revenue in 2018 and is projected to lead the trail by 2026. This is because Europe produces and consumes tools for the large automotive industry located in Germany, France, and Italy. Simultaneously, the Asia-Pacific region would cite the fastest CAGR of 9.0% till 2026. This is due to the availability of labor and increase in industrialization drive the growth of manufacturing hubs for the tooling industry. On the other hand, North America would be growing at a CAGR of 8.6%.
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Leading market players-
- Doosan Machine Tools
- Godrej & Boyce Manufacturing Co. Ltd.,
- Omega Tool Corp
- Bharat Forge, Carlson Tool & Manufacturing Corp.,
- Parpas S.p.A (GRUPPO PARPAS)
- Yamazaki Mazak Corporation.
- Unique Tool & Gauge Inc.
- Samvardhana Motherson Group
- Sandvik AB
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SOURCE Allied Market Research