Portland, OR, August 03, 2021 (GLOBE NEWSWIRE) – According to the report published by Allied Market Research, the tooling market generated $ 212.50 billion in 2020 and is expected to gross $ 439.99 billion by 2030, with a CAGR of 7.5% from 2021 to 2030. The report provides a comprehensive analysis of the changing dynamics market, major segments, value chain, key investment pockets, regional scenario, and competitive landscape.
Increasing consumption of consumer electronic and electrical devices, emphasis on product customization for automotive products, and increasing use of high-speed tools are driving the growth of the global market for automotive ‘tools. However, foreign currency fluctuations and the trade war between the United States and China are hampering the growth of the market. On the other hand, new advancements such as the penetration of automation and IoT present new opportunities in the years to come.
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- The manufacturing activities of tools such as dies and molds, machine tools, jigs and fixtures and gauges have been halted due to lockdown measures implemented in many countries. In addition, supply chain disruptions and shortage of raw materials have presented various challenges in manufacturing at full capacity.
- Demand from end-use industries such as automotive, aerospace, marine and defense, electronics and electrical, and others, has declined significantly due to the shutdown of daily operations during locking. However, demand is expected to increase steadily during post-containment.
- Equipment and machinery manufacturers are focused on protecting their people, operations and supply networks to respond to emergencies and establish new ways of working.
The report offers detailed segmentation of the global tooling market on the basis of product type, end-user industry, and region.
On the basis of product type, the die and mold segment accounted for the biggest part in 2020, contributing almost two-fifths of the total share, and is expected to maintain its leading position during the forecast period. However, the machine tools segment is expected to post the highest CAGR of 8.2% from 2021 to 2030.
Get a detailed analysis of the impact of COVID-19 on the Tooling market Ask here
Based on the end-user industry, the automotive segment contributed the highest market share in 2020, accounting for over two-thirds of the global tooling market, and is expected to retain its leading status over the course of the forecast period. However, the electronics segment is estimated to represent the fastest CAGR of 11.1% from 2021 to 2030.
Based on region, Europe held the highest share in 2020, contributing almost two-fifths of the total share, and is expected to maintain its income dominance by 2030. However, Asia- Pacific is expected to post the largest CAGR of 8.2% during the forecast period.
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The major players in the global tooling market analyzed in the research include Bharat Forge, Doosan Machine Tools, Carlson Tool & Manufacturing Corp., Omega Tool Corp, Godrej & Boyce Manufacturing Co. Ltd., Samvardhana Motherson Group, Parpas SpA (GRUPPO PARPAS), Sandvik AB, Unique Tool & Gauge Inc. and Yamazaki Mazak Corporation.
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