According to IMARC Group latest report titled” Tooling Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global tooling market reached a value of US$ 217.3 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 339.1 Billion by 2027 exhibiting a CAGR of 7.20% during 2022-2027. Tooling represents the process of developing and engineering tools that are required for producing numerous parts of machines. It comprises of dies, sheet metals, work holding and cutting tools, forging and extrusion machines, etc. Tooling assists machines in functioning correctly, reaching accurate results, and minimizing man-hours. It also delivers finished products within a specific tolerance that cannot be broken or degraded easily. Furthermore, tooling enables manufacturers to offer high-quality and customized items. As a result, it is widely utilized across several sectors, such as automotive, consumer electronics, plastics, construction, mining, etc.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
The growing adoption of these processes in the manufacturing industry is among the primary factors driving the tooling market. In addition to this, the increasing consumer reliance on electrical devices for carrying out everyday tasks conveniently is further propelling the market growth. Moreover, the inflating demand for renewable energy systems, such as wind power, solar energy, hydroelectricity plants, etc., is acting as another significant growth-inducing factor. Besides this, the elevating popularity of artificial intelligence (AI) technologies is augmenting the global market. Furthermore, the expanding requirement for plastics and the development of advanced biodegradable polymer materials are also positively influencing the market growth. Apart from this, the escalating demand for light commercial vehicles (LCVs), owing to the rising global oil prices, is anticipated to bolster the tooling market in the coming years.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
- Agathon AG
- Bharat Forge Limited
- Carlson Tool Manufacturing Corp.
- Doosan Machine Tools Co. Ltd. (DTR Automotive)
- Godrej Boyce Manufacturing Co. Ltd.
- Omega Tool Corp
- Samvardhana Motherson Group
- Sandvik AB
- Siemens AG
- Stratasys Direct Inc.
- Unique Tool Gauge Inc.
- Yamazaki Mazak Corporation
Tooling Market Segmentation:
Our report has categorized the market based on region, product type, material type and end use industry.
Breakup by Product Type:
- Dies and Molds
- Jigs and Fixtures
- Machines Tools
Breakup by Material Type:
- Stainless Steel
Breakup by End Use Industry:
- Electronics and Electrical
- Aerospace, Marine and Defense
- Plastics Industry
- Construction and Mining
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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